Does Regulation matter? Institutional dimension of the 2008 financial crisis

Why did house prices fall in 2007‐2009? This is the fundamental question to most Americans, and to those who lent them money. Most homeowners did not care why residential real estate prices rose. They assumed prices always rose, and they should simply enjoy their good fortune. It was not until prices began to fall that people were left searching for answers. How much did regulation or lack thereof play in the role of the devastation? To what degree did greed and unrealistic consumer expectation have on the real estate bubble? Using existing literature as well as face to face interviews of experienced leaders within the real estate industry in California who experienced both the up and down of the real estate cycle, the overarching purpose of this study is to investigate the opinions and beliefs of the leaders and drivers within the real estate industry about the cause of the real estate bubble that occurred sharply in 2008 . Specifically, this project will focus on the opinions of real estate industry leaders who worked in the center of the subprime universe located in Irvine, California, during 2004‐2008. Comparing the mainstream beliefs with the interviewees it is fair to say that the main finding in the mainstream beliefs are reflected very well with the finding of the subject’s opinion. The thesis is divided into 6 chapters starting with “introduction”, followed by chapter 2 “Literature Review”. Chapter 3 is “Research Methodology” followed by chapter 4 “Data Presentation”. Finally, the results are discussed in chapter 5 “Analysis and Discussion” and conclusions in Chapter 6.

Citizens vs. banks: institutional drivers of financial market litigiousness in Brazil

This article analyzes the institutional drivers of Brazil’s alarmingly high levels of litigation between clients and financial institutions. Most of the policy oriented literature that explores that phenomenon discusses the impacts of a perceived debtor-friendly bias of Brazilian courts on generating feedback loops of litigation that further increases interest rates and creates adverse selection within the pool of potential debtors. This literature therefore addresses the way courts behave once disputes reach their doorstep; conversely, we take a step back to understand the underlying reasons for why such a large number of disputes end up in courts in the first place. We accordingly attribute endemic litigation in Brazilian financial markets to a framework of political, economic and legal institutions and circumstances, which this article aims to unbound and explain.

Brazil and Turkey, a comparative analysis of both countries' economic development and institutional design from the Great Depression to the early 21st century

Apos uma década de rápido crescimento econômico na primeira década do século 21, Brasil e Turquia foram considerados duas das economias emergentes mais dinâmicas e promissoras. No entanto, vários sinais de dificuldades econômicas e tensões políticas reapareceram recentemente e simultaneamente nos dois países. Acreditamos que esses sinais e a sua simultaneidade podem ser entendidos melhor com um olhar retrospectivo sobre a história econômica dos dois países, que revela ser surpreendentemente paralela. Numa primeira parte, empreendemos uma comparação abrangente da história econômica brasileira e turca para mostrar as numerosas similaridades entre os desafios de política econômica que os dois países enfrentaram, assim como entre as respostas que eles lhes deram desde a virada da Grande Depressão até a primeira década do século 21. Essas escolhas de política econômica comuns dão forma a uma trajetória de desenvolvimento notavelmente análoga, caracterizada primeiro pela adoção do modelo de industrialização por substituição das importações (ISI) no contexto da recessão mundial dos anos 1930; depois pela intensificação e crise final desse modelo nos anos 1980; e finalmente por duas décadas de estabilização e transição para um modelo econômico mais liberal. Numa segunda parte, o desenvolvimento das instituições econômicas e políticas, assim como da economia política subjacente nos dois países, são analisados comparativamente a fim de prover alguns elementos de explicação do paralelo observado na primeira parte. Sustentamos que o marco institucional estabelecido nos dois países durante esse período também têm varias características fundamentais em comum e contribui a explicar as escolhas de política econômica e as performances econômicas comparáveis, detalhadas na primeira parte. Este estudo aborda elementos do contexto histórico úteis para compreender a situação econômica e política atual nos dois países. Potencialmente também constitui uma tentativa de considerar as economias emergentes numa perspectiva histórica e comparativa mais ampla para entender melhor as suas fraquezas institucionais e adotar um olhar mais equilibrado sobre seu potencial econômico.

Immigration as a strategic vector for the socio-economic and institutional development of Brazil

Brazil has demonstrated resilience in relation to the recent economic crises and has an auspicious development potential projected for the coming decades, which, linked to the globalization process, provides important opportunities for our people. Gradually we have established ourselves as one of the leading nations in the world and we have become a reference in questions linked to economic equilibrium, development, energy, agriculture and the environment. This international recognition favors the exchange of experiences with other cultures, governments and organizations, bringing with it the possibility of stimulating a dynamic process of development and innovation.

Mitigating high ‘equity capital’ risk exposure to ‘small cap’ sector in India: analysing ‘key factors of success’ for ‘Institutional Investors’ whilst Investing in small cap sector in India

This paper deals with the subject of mitigating high ‘Equity Capital’ Risk Exposure to ‘Small Cap’ Sector in India. Institutional investors in India are prone to be risk averse when it comes to investing in the small cap sector in India as they find the companies risky and volatile. This paper will help analyse ‘Key Factors of success’ for ‘Institutional Investors’ whilst investing in Small Cap sector in India as some of these Indian small cap stocks offer handsome returns despite economic downturn. This paper has been harnessed carefully under the influence of expert investors, which includes Benjamin Graham (Security Analysis); Warren Buffet; Philip Fisher (Common Stocks and Uncommon Profits); and Aswath Damodaran.

Clássico Fla-Flu do Campeonato Carioca alimenta polêmicas nas redes

Historicamente conhecido como o “mais charmoso do Brasil”, o Campeonato Carioca, este ano, ganhou outra definição – o “mais polêmico”. As disputas dentro e fora de campo de Flamengo e Fluminense com a Federação de Futebol do Rio (Ferj) vêm roubando os holofotes do que acontece no âmbito das partidas e mobilizando os fãs nas redes sociais, que se posicionam em defesa das equipes que apoiam. Ao longo da última semana, por exemplo, foram cerca de 128 mil postagens no Twitter – segundo levantamento da FGV-DAPP – a respeito da “lei da mordaça” da entidade contra Vanderlei Luxemburgo, técnico do Flamengo, e as polêmicas das arbitragens do clássico deste domingo entre o Rubro-negro e o Fluminense e o duelo entre Vasco e Friburguense.

Winning in Brazil: how institutional voids affect the entry decision making process of foreign venture capital firms coming to Brazil

The master thesis for the achievement of the academic status master of science in international management (MPGI) will aim to solve the research question of how institutional voids affect the entry decision-making process of foreign venture capital firms coming to Brazil. This is a timely matter since in the past years there has been a sudden eruption of foreign VC involvement in Brazil. Based on the actionable framework by Khanna and Palpeu (2010) we conducted quantitative as well as qualitative research with two sets of interview partners in a two-phase analysis. We interviewed experts from VC firms, foreign VC firms based in Brazil and perspective VC firms that are looking to come to Brazil. We started with the former, derived lessons learned and analyzed how they affect the latter in reaching a decision. As we expected we found that depending on the industry that ventures are in, institutional voids can either pose an opportunity or a threat and hence attract or push away potential VC firms entering Brazil. Opportunities exist especially when exploiting institutional voids, for example through ventures in the marketplace efficiency. Threats are posed by investments in for instance hard infrastructure, where the economic, political and judicial systems as well as corruption and bureaucracy play demanding roles.

A dinâmica territorial da Assembléia de Deus do seridó do Rio Grande do Norte

In the norte-rio-grandense backwoods is possible to join to the power forms both political and economical ones, religious groups keeping under your control areas, people and flow of them, as well as settling new places of acts. That control refers to a field of power delimited by space, in other words, it refers to a territory marked and planned to reproductive intentions on the space. In relation to the religious pluralism, the Assembly of God church, in your territorial dynamics, has been standing out by the strategies of delimitation and space increase which by a constant territorial division process (1943-2010) managed to widen material and symbolic scale of its power for all cities of the Rio Grande do Norte backwoods. The Assembly of God church as the greatest Pentecostal denomination of Brazil was formed in the Rio Grande do Norte Seridó, following a ecclesiastical and governmental model divided into three ecclesiastical fields hosted in those following cities: Caicó, Currais Novos and Parelhas. Those headquarters interlink a limited number of churches through normative codes, which they express a functional dimension (bureaucratic) and in another symbolic one (charismatic) in an only field of territorial control. In this manner, the maintenance of the territorial power in the Assembly of God church is done by a charismatic-bureaucratic administration, expressed in the interdependent of material and abstract mechanisms. The believers permanent contact toward those mechanisms of institutional control revealed territorial identities which causes a feeling of property of the believer as much to the Pentecostal belief system as to community of the Assembly of God church. Considering new possibilities of articulation of the Rio Grande do Norte backwoods towards others territories more multiple, culturally, noticed cultural adjustments and revaluation at themselves. In relation to the territory of the Assembly of God church this one has exposed itself defensive faced with that cultural hybridization tendency, resisting a closer dialogue to new symbolic elements, mainly those came from the multifaceted neo-pentecostal movement. Unlike more open and flexible churches towards others significant systems, The Assembly of God church tries to reinforce the boundaries of its territory considering by the orthodoxy of its routine and customs

SEASONAL SPACE USAGE BY THE INTRODUCED PHARAOHS ANT, MONOMORIUM-PHARAONIS (L) (HYM, FORMICIDAE), IN INSTITUTIONAL SETTINGS IN BRAZIL AND ITS RELATION TO OTHER STRUCTURAL ANT SPECIES

In an institutional setting in Brazil, the pharaoh's ant, Monomorium pharaonis was found to be the dominant and most abundant ant present throughout the year. The only other regularly collected ant was the exotic Tapinoma melanocephalum. However, M. pharaonis dominated bait station visitations, although locally concentrated, with other species restricted to regions in which M. pharaonis was not found.

Território e ambiente institutional: O arranjo produtivo local (APL) bordados de Ibitinga-SP

This study shows the importance of the institutional environment in which the local productive arrangements are entered. It shows that the specifics of each case are historical knowledge fundamental to the studies of APLs. It also shows that in areas of traditional sectors with intensive use of labor, low innovative capacity and low barriers to entry, relations that historically will be developing between firms, workers and market can be considered strong constraints of the trajectory of success or failure. The case study is a set of companies producing textiles and confecciones (products of bed, table and bath) located in the municipality of Ibitinga-SP, of great importance in the region, the high generation of employment and income. It is the study of a particular case in the context of studies on local productive arrangements (APLs), because it serves to highlight the importance of the institutional environment as a prerequisite to overcome the difficulties and consolidation of APLs.

Institutional organization of the State for incorporating the environmental dimension in development planning

Includes bibliography