Say, Sismondi e o debate continental sobre os mercados

O artigo versa sobre o debate travado entre Say e Sismondi a respeito da possibilidade de saturação geral dos mercados. Na primeira seção, descreve-se o contexto histórico da Europa continental nas primeiras décadas do século 19, destacando-se as particularidades da experiência francesa de industrialização ante a liderança britânica nesse campo. A seguir, traça-se breve perfil da formação intelectual de Say a fim de apresentar sua visão sobre o funcionamento dos mercados. Na continuação, examina-se a perspectiva histórica de Sismondi em sua crítica da ortodoxia clássica, bem como sua versão para a tendência do sistema capitalista à superprodução. Nas duas últimas partes, recuperam-se os comentários recíprocos de Say e Sismondi a respeito de suas divergências teóricas sobre os limites da acumulação de capital.

Os fundos de investimento imobiliário listados em bolsa e as variáveis que influenciam seus retornos

Os fundos de investimento imobiliário combinam características tanto do mercado imobiliário, fonte de seus rendimentos, quanto do mercado de capitais, ambiente em que são negociados. O impacto de cada um desses mercados subjacentes no comportamento, desempenho e risco dessa classe de ativos não é, no entanto, ainda claramente definida, sendo um dos grandes temas em análise, tanto na literatura acadêmica, quanto na indústria de fundos internacionais. Em face da significativa expansão dessa alternativa de investimento no mercado brasileiro, no presente estudo foram analisadas as variáveis que influenciam os retornos dos fundos imobiliários brasileiros para uma amostra de fundos listados em Bolsa de Valores de São Paulo, período de 2008-2013. Seguindo a metodologia de Clayton e Mackinnon (2003), os fatores explicativos dos retornos foram decompostos em quatro componentes principais, sendo três fatores de retorno de mercado (mercado de ações, mercado de renda fixa e mercado imobiliário) e risco idiossincrático. De acordo com a estatística descritiva, os fundos imobiliários da amostra apresentaram maior retorno em relação aos demais mercados, exceto em comparação com o mercado imobiliário, porém com menor risco. As análises de correlação, regressão e decomposição da variância indicam que o mercado de ações e o mercado imobiliário direto são, em geral, significativos no modelo, porém explicam apenas cerca de 15% da volatilidade dos retornos dos fundos da amostra. À luz da Moderna Teoria do Portfólio, esses resultados indicam que a inclusão de fundos imobiliários pode ter potencial diversificador numa carteira multi-ativo, seja aumentando o retorno total de uma carteira formada de ações e títulos de renda fixa, sem acréscimo em risco; ou mantendo o retorno dessa carteira, com diminuição da volatilidade, ampliando assim a fronteira eficiente da carteira. Esse efeito questiona o tradicional equilibrium fund de carteiras de investimentos formadas apenas de ações e renda fixa e aponta os fundos imobiliários como uma alternativa de investimento diversificadora, enquanto classe de ativo única. A análise de subamostras por tipologia indica, porém, que o papel diversificador dos fundos imobiliários está atrelado ao tipo de empreendimento que lastreia esse fundo, uma vez que os fatores explicativos e seus impactos nos retornos diferem de uma tipologia para outra. Esse resultado tem importantes implicações no critério de seleção a ser adotado tanto por investidores para seleção de ativos para uma carteira otimizada, como para gestores de fundos imobiliários na formatação e gestão desses produtos. Conclui-se também que os retornos dos fundos, de certo modo, refletem seu caráter híbrido, mas o modelo decomposto em 4 componentes não é suficiente para explicar os retornos dos fundos imobiliários, uma vez que o modelo estendido, demonstrou que outras variáveis, inclusive parâmetros desses próprios mercados, além de variáveis macroeconômicas e as características de cada fundo (eg. market-to-book, tamanho), podem ser responsáveis por explicar considerável parte da variância dos retornos dos FIIs.

Going Global: an organizational study of Brazilian foreign policy

This study analyzes the impact of globalisation on the organization and strategies outlined by the Brazilian Ministry of Foreign Affairs. The study intends to understand how countries from the periphery deal with new institutional challenges resulting from globalization, using the case of the Brazilian diplomatic service.

The Brazilian Business World: the difficult adaptation to globalization

The article deals with the internationalization of Brazilian businesses in the current decade. In the 1990s, Brazil embraced economic neoliberalism and promoted a huge opening up of its economy. At that time, Brazilian companies had to adapt rapidly. Twenty years later, the country has reinforced its presence in Latin America and has ensured a better position in the global markets, especially by through agricultural exports.

Brazilian foreign policy towards South America during the Lula administration: caught between South America and Mercosur

The aim of this article is to analyze Brazil's foreign policy towards the South American region during President Lula's administration. As such, the article intends to highlight two specific dimensions: the extent to which foreign policy during this period has differed from previous periods and the relative importance granted by Brazilian diplomacy to recent cooperation and integration efforts, more specifically the Unasur and Mercosur. The article argues that the Lula administration has behaved differently from its predecessors by prioritizing the building up of Brazilian leadership in South America on several different fronts, especially by strengthening multilateral institutions in the region

Brazilian foreign policy under President Lula (2003-2010): an overview

Foreign Minister of Brazil since 2003, Ambassador Celso Amorim outlines the main guidelines and accomplishments of Brazil's foreign policy under President Luiz Inácio Lula da Silva. The article provides a full-fledged, although not exhaustive, narrative of a number of diplomatic initiatives championed by Brazil over the last eight years: from the gathering of the group of developing countries in a World Trade Organization (WTO) meeting in Cancun to the negotiations that led to the Declaration of Tehran, as well as the challenges the country has been facing as its international weight grows.

Reviewing horizontalization: the challenge of analysis in Brazilian foreign policy

Abstract This article presents the increasing demands over the Brazilian Ministry of Foreign Affairs (Itamaraty) for opening its doors to other actors. This discussion will be followed by relevant theoretical and methodological analysis. We will defend the need to overcome problems related to: 1) conceptual vagueness about what the concept of participation means; 2) lack of clarity in the baseline to which comparisons are made; 3) fragile empirical basis; 4) limitations on the use of sources; and 5) how to understand the impact exerted by systemic forces.

Public opinion and foreign policy in João Goulart's Brazil (1961-1964): Coherence between national and foreign policy perceptions?

Abstract This paper analyses public opinion during the João Goulart government in Brazil (1961-1964), focusing on public perceptions on domestic and foreign policies. We employ a recently declassified public opinion survey conducted on behalf of United States Information Agency (USIA) in urban areas. We found that the Brazilian public opinion was somewhat coherent, supporting redistributive reforms domestically and a neutralist approach in foreign affairs.

Interests and Values in Obama's foreign Policy: Leading from Behind?

Abstract This study will exam the relative importance of values and interests in Obama's foreign policy, focusing on crucial cases: the military actions related to Afghanistan, Iraq, Libya, Non-Syria, Al-Qaeda and ISIL. We will argue that his "leading from behind" strategy is not very distant from the foreign and defense strategies of his post-Cold War predecessors, by which democracy is seen as an assurance to security. According to Obama's strategy, Americans will only provide support for the building of democracy in the target countries, while this task should be performed by the locals themselves. Americans will provide military training to the new governments as well so they can be responsible for their own security, including preventing regrouping of terrorists in their soil. If Obama opposes the imposing of democracy by the use of force, empirical data shows that his administration is "not prepared to accept" any option that threats US security or American liberal-democratic values, bringing in this way values and interests very close to each other.

Does corruption inhibit foreign direct investment?

Globalization creates new opportunities for firms to invest abroad and many economies are making active efforts to attract Foreign Direct Investment (FDI) in order to promote economic growth. Decisions to invest abroad depend on a complex set of factors, but the least corrupt countries may attract more foreign direct investment because they provide a more favorable climate for investors. In this paper we investigate the impact of corruption on FDI inflows in 73 countries, over the period 1998-2008. Our results suggest that countries where corruption is lower, the FDI inflows are greater, and so controlling corruption may be an important strategy for increase FDI inflows.

Motivations to visit and image destination of Guimarães: differences between Portuguese and foreign tourists during 2012 Guimarães European Capital of Culture (ECOC)

Guimarães hosted the European Capital of Culture (ECOC) during the year of 2012. This study investigates the differences between Portuguese and foreign tourists regarding the main motivations to visit Guimarães and the retained perceived image of the destination. To achieve that purpose a survey was administered to 390 tourists that visited the city during the cultural event. The results show that tourists who visited Guimarães are relatively young, wealthy, employed and well educated. They are touring around the northern part of the country which includes an itinerary beginning in Porto, and extended to other important neighboring cities such as Braga or Viana do Castelo. The main motivations to visit the city, for both Portuguese and foreign tourists, are its historical heritage and the title of ECOC, the associated cultural events and celebrations that take place during 2012. However, these items were more valued by foreigners than Portuguese tourists. Using a factor analysis the tourists’ perceived attributes of Guimarães were described in four dimensions: “material heritage”, “intangible heritage”, “cultural performance”, and “sport and education”. Although foreigners and nationals perceived the tourism attributes of the city differently, the comparison of the mean scores of the four factors across Portuguese and foreigner tourists reveals that the most valued and least valued factors are common to both groups.