O efeito da liberalização da conta de capital sobre a política fiscal: uma avaliação do caso brasileiro recente

In recent years there has been some agreement that capital account liberalization have provided restriction on economic policies. This paper provides some evidence for Brazil. I find evidence that capital account liberalization provided limits to fiscal policy in Brazil and its effects can depend on exchange rate policy.

Cooperation, social capital and economic performance

The objective of this paper is to define social capital as social infrastructure and to try to include this variable in an economic growth model. Considering social capital in such a way could have an impact on the productivity of production factors. Firstly, I will discuss how institutional variables can affect growth. Secondly, after analyzing several definitions of social capital, I will point out the benefits and problems of each one and will define social capital as social infrastructure, aiming to introduce this variable into an economic growth model. Finally, I will try to open the way for subsequent empirical studies, both in the area of measuring the stock of social infrastructure as well as those comparing economies, with the idea of showing the impact of social infrastructure on economic growth.

Produtividade do trabalho e mudança estrutural nas indústrias brasileiras extrativa e de transformação, 1970-2001

Using an indicator of labor productivity, this paper aims to assess the contribution of structural changes in the Brazilian manufacturing and mining industries to productivity growth, during the 1970-2001 period. The conclusion is that: (i) there is no evidence to sustain that the Brazilian industry has definitely reversed the productivity growth rates slowdown trend; (ii) there is no clear evidence of a positive influence of the structural bonus; and (iii) job creation seems to be concentrated in low productivity growth sectors.

The role of management accounting systems and venture capital investors for start-up firms

The role of star-up firms in economy and the importance of venture capital investors for the growth of start-up firms have been highlighted in recent years. The growth challenges of start-up firms consist of fast changing environment, the availability of venture capital funding and the development of firm management in the growth phase. A growing number of studies have focused on management accounting systems and venture capital in start-up and growth firm context. In this thesis the role of management accounting systems and venture capital investors is considered in the growth phase of firm development. The theoretical objective of this thesis is to construct a theoretical framework in order to describe the importance of management accounting systems and venture capital investors in start-up firms. The practice orientated objective of this thesis is to study the application of management accounting systems and management accounting based information in start-up firms in high-technology industry as well as the impact of venture capital for management accounting system design. In addition, the growth challenges of start-up firms are studied in order to understand the context in which management accounting systems are used. The research approach of theoretical part is conceptual as the theoretical framework is constructed by combining literature on firm growth, management accounting and venture finance in order to analyse the phenomenon. The action-orientated research approach is appropriate for analysing and describing of the studied phenomenon through empirical evidence. The empirical evidence was collected through interviews with three experts in start-up firm accelerator centers, four representatives of start-up firms and one venture capital investor. The results indicate that the growth challenges of stat-up firms are not related to the development of management accounting systems. Managers of start-up firms expressed a positive attitude towards management accounting systems that improve efficiency of operations. In start-up firms flexible and adjustable management accounting practices, such as budgets, cash flow calculations and future-orientated analysis tools, are applied that support planning and coordination of operations. The results indicate that venture capital investors affect the provision and the quality of management accounting information during the investment process. In addition, venture capital investors enhance the use of management accounting information for internal coordination in start-up firms. By applying the theoretical framework in the analysis, it can be stated that by acting as support function management accounting systems facilitate start-up firms development.

Capital intangível e direitos de propriedade intelectual: uma análise institucionalista

This paper deals with the main evolutions that explain the emergence of new institutional arrangements that characterize the post-fordism. (i) Hence, I will show that the property rights modifications bring forth new forms of competition;(ii) Also, I will make explicit the concrete expressions of this new competition, as well as how it translates itself in a sub-optimum allocation in the framework of the market game; (iii) I will study the modifications of externalities nature produced by technical progress; (iv) Finally, I will analyze the macroeconomic implications in regard to growth mechanisms and to capital nature.

Mudança estrutural, desenvolvimento institucional e crescimento econômico sustentado: um comentário sobre a experiência irlandesa

It is discussed the recent Irish experience of sustained economic growth, in which a social pact, the entry in the European Union and the opening of the economy have all played a paramount role. Some remarks on the sustainability of such an experience are also made.

Rethinking the economics of capital mobility and capital controls

This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary policy and control over exchange rates. It also distorts discussion by ignoring possibilities for coordinated monetary policy and exchange rates, and for managed capital flows. The case for capital mobility rests on neo-classical economic efficiency arguments and neo-liberal political arguments. The case against capital mobility is based on Keynesian macroeconomic inefficiency arguments, neo-Walrasian market failure arguments, and neo-Marxian arguments regarding distortion of the social structure of accumulation. Close examination shows the case for capital mobility to be extremely flimsy, pointing to the ideological dimension behind today's policy orthodoxy.

A relação capital-trabalho na economia do conhecimento

Capital-labor relations in the knowledge economy. The knowledge economy arises by the promotion of abstract and cooperative labor. This social labor is a product of intellectual and linguistic energy, which leads to mutations about capital accumulation and capital labor relations.

Economic capital allocation

For my Licentiate thesis, I conducted research on risk measures. Continuing with this research, I now focus on capital allocation. In the proportional capital allocation principle, the choice of risk measure plays a very important part. In the chapters Introduction and Basic concepts, we introduce three definitions of economic capital, discuss the purpose of capital allocation, give different viewpoints of capital allocation and present an overview of relevant literature. Risk measures are defined and the concept of coherent risk measure is introduced. Examples of important risk measures are given, e. g., Value at Risk (VaR), Tail Value at Risk (TVaR). We also discuss the implications of dependence and review some important distributions. In the following chapter on Capital allocation we introduce different principles for allocating capital. We prefer to work with the proportional allocation method. In the following chapter, Capital allocation based on tails, we focus on insurance business lines with heavy-tailed loss distribution. To emphasize capital allocation based on tails, we define the following risk measures: Conditional Expectation, Upper Tail Covariance and Tail Covariance Premium Adjusted (TCPA). In the final chapter, called Illustrative case study, we simulate two sets of data with five insurance business lines using Normal copulas and Cauchy copulas. The proportional capital allocation is calculated using TCPA as risk measure. It is compared with the result when VaR is used as risk measure and with covariance capital allocation. In this thesis, it is emphasized that no single allocation principle is perfect for all purposes. When focusing on the tail of losses, the allocation based on TCPA is a good one, since TCPA in a sense includes features of TVaR and Tail covariance.

Diversificação ou especialização: uma análise do processo de mudança estrutural da indústria brasileira

Diversification or specialization: an analysis of the process of structural change of the Brazilian industry. Based on findings by Imbs and Wacziarg (2003), whose empirical study has established the existence of a U-shaped pattern in the evolution of industrial specialization relative to per capita income, this paper aimed at determining the path of structural change followed by the Brazilian industry in the last decades and at comparing it with the evidence for other countries. The conclusion is that the stage of diversification of the Brazilian industrial structure has ended at a relatively low level of per capita income.

Harrod sob análise: path-dependence, tempo histórico e mudança estrutural endógena

Harrod under analysis: path-dependence, historic time and endogenous structural change. The article aims to demonstrate how the Harrod's approach (1937, 1938, 1948) can offer theoretical elements to form a complex, historicists and non-determinist view of the economic system. The relaxation of the constant warranty rate hypothesis make possible the system suffers endogenous qualitative change. It results in the notion of path-dependence and historic time. By the endogenization of the expectations and the existence of turn-points mechanisms, this approach allows a synthesis between non-convergency and economic regulation.

Regime cambial e mudança estrutural na indústria de transformação brasileira: evidências para o período (1994-2008)

Exchange rate regime and structural changes in the Brazilian manufacturing industry. This article proposes an analysis of the relationship between exchange rate regime and evolution of the Brazilian manufacturing industry during the period 1980-2008. Its main purpose is to detect the direction of the structural changes imposed by the new form of international insertion consolidated throughout the 1990s. The work also provides new empirical evidence regarding the assumptions of deindustrialization and "Dutch disease", which mark the current debate on the effects of the appreciation of real exchange rate in the Brazilian economy.

Mudança estrutural e mercado de trabalho no Brasil

Structural changes and labor market in Brazil. In the present article, we attempt to identify the sources of the changes in the labor schooling level in the three main sectors of the Brazilian economy: manufacturing, services and agriculture. It was verified that, despite the changes in the product and employment among sectors, mainly in the 1990s, the relative demands for qualified workers has not experimented significant changes. Moreover, in the periods in which schooling has increased more, the workers' wage has decreased more. This fact suggests that the increase in labor qualification was mainly due to the increase of this factor supply. The structural changes had contributed, in general, in a marginal and negative way to labor force level of qualification demand in all the three sectors.

Keynes e o conceito de capital: reflexões epistemológicas a respeito das premissas sraffianas da teoria geral

Keynes and the concept of capital: some epistemological observations in regard to the Sraffian premises of the General Theory. This article aims to examine the conception of the nature of capital used by Keynes in the General Theory, to show to what extent this concept is similar to Sraffa's conception, and to highlight the implications related to this concept, in terms of structural instability. So I will study the mechanisms that explain the investment decision in an environment with strong uncertainty, the modalities of aggregation of different generations of capital and the instability of equilibrium. The convergence between the keynesian and the Sraffian approaches comes from this common conception of capital. Finally, i will examine the implications in regard to the structure of the aggregate models.

Neoliberalism and global capital mobility: a necessary reconsideration of textbook trade theory

Textbook theory ignores capital flows: trade determines exchange rates and specialisation. Approaches taking the effects of capital movements adequately into account are needed, and a new theory of economic policy including measures to protect the real economy from external volatility. Equilibrating textbook mechanisms cannot work unless trade-caused surpluses and deficits set exchange rates. To allow orthodox trade theory to work one must hinder capital flows from destroying its very basis, which the IMF and wrong regulatory decisions have done, penalising production and trade. A new, real economy based theory is proposed, a Neoclassical agenda of controlling capital flows and speculation.