Dos prejuízos no regime de participation exemption: a relação entre estabelecimento estável e filial

Mestrado em Fiscalidade

The impact of tenure type on the desire for retirement village living

In 2005 17.3% of Australians were aged 60 years and older (Australian Bureau of Statistics). A consequence of this aging population is the increased use of self-contained independent living units (SCILU) in Retirement Villages by older Australians. The retirement village sector has thus become a significant sector within the residential property market. In seeking to determine the impact of tenure type on the desirability of RV living this paper first profiles a typical SCILU in Australia, before explaining and examining the various tenure types offered by the market. This paper concludes that the multiplicity of offerings of the SCILU product with respect to tenure type, when combined with deferred management fees and participation in capital gains/losses, may be contributing to a lack of clarity in what the SCILU product entails and the security of investment it offers. This perception is supported by litigated disputes and may be damaging the reputation, ongoing viability and desirability of SCILUs.

Making apartments affordable: Moving from speculative to deliberative development

Urban planning policies in Australia presuppose apartments as the new dominant housing type, but much of what the market has delivered is criticised as over-development, and as being generic, poorly-designed, environmentally unsustainable and unaffordable. Policy responses to this problem typically focus on planning regulation and construction costs as the primary issues needing to be addressed in order to increase the supply of quality, affordable apartment housing. In contrast, this paper uses Ball’s (1983) ‘structures of provision’ approach to outline the key processes informing apartment development and identifies a substantial gap in critical understanding of how apartments are developed in Australia. This reveals economic problems not typically considered by policymakers. Using mainstream economic analysis to review the market itself, the authors found high search costs, demand risk, problems with exchange, and lack of competition present key barriers to achieving greater affordability and limit the extent to which ‘speculative’ developers can respond to the preferences of would be owner-occupiers of apartments. The existing development model, which is reliant on capturing uplift in site value, suits investors seeking rental yields in the first instance and capital gains in the second instance, and actively encourages housing price inflation. This is exacerbated by lack of density restrictions, such as have existed in inner Melbourne for many years, which permits greater yields on redevelopment sites. The price of land in the vicinity of such redevelopment sites is pushed up as landholders' expectation of future yield is raised. All too frequently existing redevelopment sites go back onto the market as vendors seek to capture the uplift in site value and exit the project in a risk free manner...

Income Taxation and Growth in an OLG Economy: Does Aggregate Uncertainty Play any Role?

We analyze the effects of capital income taxation on long-run growth in a stochastic, two-period overlapping generations economy. Endogenous growth is driven by a positive externality of physical capital in the production sector that makes firms exhibit an aggregate technology in equilibrium. We distinguish between capital income and labor income, and between attitudes towards risk and intertemporal substitution of consumption. We show necessary and sufficient conditions such that i) increments in the capital income taxation lead to higher equilibrium growth rates, and ii) the effect of changes in the capital income tax rate on the equilibrium growth may be of opposite signs in stochastic and in deterministic economies. Such a sign reversal is shown to be more likely depending on i) how the intertemporal elasticity of substitution compares to one, and ii) the size of second- period labor supply. Numerical simulations show that for reasonable values of the intertemporal elasticity of substitution, a sign reversal shows up only for implausibly high values of the second- period’s labor supply. The conclusion is that deterministic OLG economies are a good approximation of the effect of taxes on the equilibrium growth rate as in Smith (1996).

Gestão documental na logística

Dissertação apresentada ao Instituto Politécnico do Porto para obtenção do Grau de Mestre em Logística Orientada por: Professor Doutor José António Baptista da Costa Coorientada por: Dr. Lourenço Fernando Gomes Pinheiro

Cortiça na Construção

Nos dias de hoje, cada vez mais, se nota uma preocupação crescente na generalidade da população no que diz respeito à proteção do meio ambiente. Como tal, tem-se procurado soluções mais amigas do ambiente nas mais diversas áreas, com o intuito de diminuir as agressões ambientais provocadas pela industrialização/fabricação dos mais diversos produtos existentes. Sendo o sector da construção, um dos grandes responsáveis pelo aumento desses impactos ambientais tem vindo a procurar selecionar possíveis alternativas, desde o controlo da energia gasta no fabrico de diversos produtos de construção, como na procura de materiais mais amigos do ambiente. A cortiça surge em resposta a estas necessidades, evidenciando-se na indústria da construção, por ser uma matéria-prima natural, amiga do ambiente podendo ainda ser reciclável e reutilizável, com propriedades de grande versatilidade, durabilidade, conservação, entre outras. A presente dissertação pretende abordar a matéria-prima cortiça, desde o seu descortiçamento à sua aplicação no sector da construção, sendo um material capaz de ser aplicado como revestimento e/ou isolamento de edifícios, mais concretamente no isolamento térmico, acústico e antivibrático. Da metodologia utilizada neste estudo, constaram análises comprativas de produtos de cortiça com outros materiais concorrentes (de revestimento e/ou isolamento). Na sua análise, tentou-se obter uma melhor perceção/compreensão das mais-valias que a cortiça nos pode revelar em relação a outros materiais do sector da construção e o seu impacto no meio ambiente.

Diaspora return of transnational migrants to Trinidad and Tobago: the additional contributions of social remittances

Current enthusiasm among development stakeholders for the enticement and recruitment ‘back home’ of skilled Diaspora migrants has predominantly revolved around how human capital gains and transfers of capital, knowledge, technical skills and workplace entrepreneurialism and innovation can be facilitated. In this article, we widen the conceptual basis of this dimension of the migration–development nexus, by bringing the additional contributions of the social remittances that return migrants offer, and practice, into the mix. As evidence, the article examines how and why a sample of ‘middling’1 Trinidadian transnational professionals engage in social development activities and why experiences vary widely on their return. Their views are appraised through the verbal optic of their narratives, which they shared with us during in-depth interviews. Several among these Diaspora returnees appear to be agents for the diffusion and infusion of social capital and non-monetary, social remittances in the homeland to which they have returned in mid-life and mid-career. Others are disappointed, or frustrated, and have their hopes dashed, leading to thoughts of re-migration, or re-return. Despite such difficulties, we find that family belonging and national pride strengthens many of these return migrants’ development potential through their deeply felt commitments to local ‘capacity-building’.

Home-ownership for future generations

This paper constructs a housing market model to analyse conditions for different generations of households in the UK. Previous policy work has suggested that baby-boomers have benefitted at the expense of younger generations. The model relies on a form of financial accelerator in which existing homeowners reinvest a proportion of the capital gains on moving home. The model is extended to look at homeownership probabilities. It also explains why an increasing share of mortgages has gone to existing owners, despite market liberalisation and securitisation. In addition, the model contributes to the explanation of volatility.

Os impactos da agroenergia no mercado de terras: dinâmica de preço e elasticidade de uso

Este trabalho tem como objetivo construir um referencial teórico que auxilie no entendimento de como a Agroenergia poderá impactar o mercado de terras no Brasil. Posteriormente, analisar os reflexos desta nova conjuntura no coeficiente de elasticidade de uso da terra, para a cultura da cana-de-açúcar, no Estado de São Paulo, após a introdução dos veículos flex-fuel no mercado brasileiro. Os aspectos relacionados ao mercado de terras, suas definições e características de uso, têm sido objeto de estudo de muitos pensadores e economistas, desde o final do século XIX. Motivado por esta afirmação, procurou-se realizar uma revisão de literatura para entender as diferentes linhas do pensamento econômico em relação às principais variáveis que compõem a formação de preço e a dinâmica do mercado de terras. Segundo a teoria neoclássica, o valor da terra está intrinsecamente associado à sua capacidade de produção. Aliado a esta característica, também é fundamental entender os atributos da terra como ativo real, seja na expectativa de ganhos de capital ou reserva de valor. Com o intuito de contribuir para esta discussão, foi proposto um fluxograma, que identificou como as variáveis deveriam se correlacionar e impactar na formação do preço das terras agrícolas. É possível afirmar que, no curto prazo, a Agroenergia impactará o valor das terras agrícolas, via preço das commodities, características de ativo real, especialmente na aposta de ganhos de capital e devido ao aumento das políticas governamentais relacionados à produção de biocombustíveis. Em relação ao coeficiente de elasticidade da área de cana-de-açúcar, em São Paulo, em relação a expectativa de preço da tonelada equivalente de ATR, para o açúcar e o etanol, observou-se que a cultura de cana-de-açúcar se tornou mais sensível às variações no preço da tonelada de ATR, expandindo a área cultivada com uma menor variação na expectativa de preço, após a introdução dos veículos flex-fuel no mercado nacional.

Arrecadação governamental e sistema tributário como resultados políticos

Esse paper introduz escolha simultânea do sistema político, sistema tributário e composição do gasto governamental em um modelo macroeconômico dinâmico de economia política com mercados incompletos onde o tamanho das arrecadações governamentais deve ser decidido a cada período. Além disso avalia o efeito de cada uma dessas instituições sobre a política fiscal de equilíbrio político. A inclusão dessas variáveis torna o modelo mais realista e possibilita o estudo de como a política econômica do governo é escolhida pela sociedade. A especificação mais geral do modelo calibrada para os EUA foi capaz de aproximar de maneira satisfatória a taxa efetiva e a relação tributária capital-trabalho observada nos dados.

Mercado imobiliário informal e dinâmica urbana: o caso do bairro de Mãe Luiza Natal/RN

This paper aims at analyzing the dynamics of informal housing in Mãe Luiza, in the context of real estate valuation of the city of Natal/RN, which, like any other urban center, has problems related to access to urban land, which increasingly more is appreciated due to their scarcity and, consequently, has led to the segregation of urban spaces. Recently, the informal housing market has received special attention by scholars who wish to discuss the production of space and ways of access to urban land and housing, especially for those disadvantaged by the housing policies of the government where these exist. When talking about the housing market, we are automatically referring to concepts or categories intrinsic to the existing mode of production in our society - the capitalism. Thus, the categories: income, value (use and exchange), commodity, capital, profits and capital gains, along with other important concepts as well as land use (urban) and real estate agents are of great relevance to discussion we intend to do within the context of production space

Logística, sistemas de movimento, fluxos econômicos e interações espaciais no território Paulista: Uma abordagem para a geografia dos transportes e circulação

This work aims to express the production and consumption changes occurred in the State of São Paulo in line with the logistics, the systems of movement and the economic flows. The mentioned productive and consumption devolutions towards the interior just was possible in the fast rhythm, with the hierarchical combination of some basic elements, such as: 1) the logistics as strategy, planning and management (including in the concession of public services to the private enterprise) of transports, storage and communications; 2) the technological improvement of systems of movement (infrastructure and means of transportation) and 3) the economic flows (goods, services, informations, capital gains and people) in the territory. Thus, we go to an analysis of the impacts of the fifth logistics revolution and the alternatives between systems of movement and territorial fluidity in the service of corporative demands in the space pertaining to the State of São Paulo. © Copyright Scripta Nova, 2009.

Supporting Access to Finance by SMEs: Mapping the initiatives in five EU countries. ECMI Research Report No. 9, April 2014

This paper maps the initiatives to support access to finance for small- and medium-sized enterprises (SMEs) that were available at national level in 2012 in the five biggest European economies (Germany, France, the UK, Italy and Spain). This mapping distinguishes initiatives promoted and financed primarily through public resources from those developed independently by the market. A second breakdown is proposed for those sources of finance with different targets, i.e. whether the target is debt financing (typically bank loans at favourable conditions, public guarantees on loans, etc.) or equity financing (typically venture capital funds, tax incentives on equity investments, etc.). A broad set of initiatives has been implemented to close the funding gap of SMEs in these five countries. The total amount of public spending for SMEs, however, has remained well below 1% of GDP. Public subsidisation of bank loans has been by far the most diffused type of intervention. Despite the fact that this strategy might prove to be effective in the short term, it fails to address long-term sustainability issues via a more diversified set of financing tools.

An Exorbitant Privilege in the First Age of International Financial Integration

The exorbitant privilege literature analyzes the positive differential returns on net foreign assets enjoyed by the United States in the last quarter of the twentieth century as the issuer of the global reserve currency. In the first age of international financial integration (1870-1914), the global reserve currency of the period was the British pound sterling. Whether the United Kingdom enjoyed a similar privilege is analyzed with a new dataset, encompassing microdata on railroad and government financial securities. The use of microdata avoids the flaws that have plagued the US studies, particularly the use of incompatible aggregate variables. New measures of Britain’s net external position provide estimates on capital gains and dividend yields. As the issuer of the global reserve currency, Britain received average revenues of 13.4% of GDP from its international investment position. The country satisfied the necessary condition for the existence of an exorbitant privilege. Nonetheless, Britain’s case is slightly different from the American one. British external assets received higher returns than were paid on external liabilities for each class, but British invested mostly in securities with low profile of risk. The low return on its net external position meant that, for most of the time, Britain would not receive positive revenues from the rest of the world if it were a net debtor country, but this pattern changed after 1900. The finding supports the claim that, at least partially, exorbitant privilege is a general characteristic of the issuer of the global reserve currency and not unique to the late twentieth century US.

A diferença de género na resolução de conflitos existentes entre os militares da Força Aérea

O conflito, quando abordado de forma construtiva, pode criar oportunidades e crescimento, mas se abordado de forma incorreta pode gerar estagnação. É por isso que uma gestão eficaz e salutar dos conflitos é fundamental para otimizar as suas consequências e transformá-las em mais valias de forma a que impulsione a mudança. A entrada das mulheres nas Forças Armadas fez ressaltar a importância da discussão da diferença do género na resolução dos conflitos interpessoais. No nosso trabalho de investigação analisamos, através de um estudo quantitativo, uma amostra de 421 militares (110 mulheres e 311 homens) no sentido de aferir quais os comportamentos mais frequentes no local de trabalho relativamente a uma situação de conflito interpessoal e se existem diferenças entre os géneros ao lidarem com o conflito. Para a recolha de dados foi utilizado o ROCI-II (Rahim Organizational Conflict Inventory-II). Os resultados obtidos indicam que em todos os tipos de relações interpessoais o estilo integração é o predominante independente do sexo. Da análise efetuada, dentro de cada estilo de Gestão de Conflito não se verificaram diferenças significativas em função do género exceto no estilo evitamento em que este é mais utilizado pelas mulheres em todas as relações interpessoais. Abstract: The conflict, when approached constructively, can create opportunities and growth; but if approached incorrectly it can lead to stagnation. Therefore, an effective and constructive management is essential to optimize its consequences and turn them into capital gains that drive the change. The entry of women in the military did emphasize the importance of the discussion about gender difference in solving interpersonal conflicts. In our research work we analyze, through a quantitative study, a sample of 421 military personnel (110 women and 311 men) in order to assess which are the most frequent types of behavior in the context of an interpersonal conflict in the workplace and if there are differences between genders in dealing with conflict. For data collection ROCI-II (Rahim Organizational Conflict Inventory-II) was used. The results obtained indicate that in all types of interpersonal relationships the integration style is predominant regardless of sex. From the analysis conducted, inside each style of Conflict Management there are no significant differences based on gender, except regarding the avoidance style, which is more used by women in all interpersonal relationships.