Interpretação da crise financeira mundial sob a perspectiva de David Harvey

Pós-graduação em Economia - FCLAR

Da crise da dívida financeira à crise da dívida soberana: um debate sobre a Política Fiscal

The financial crisis of 2007 brought the discussion of fiscal policy. This was used as a way for governments to mitigate the potential social and economic impacts of the crisis, since only the monetary policy would not be effective. Historically, banking crises engender increases in public debt, not only for the relief operations, but also by the policies of government primary spending and/or, as in the recent crises, by the purchase of the “toxic” financial assets. The discretionary fiscal policy is then discussed, since it is essential, it is required well articulated and coordinated actions in order to mitigate their respective current and future crisis.

A preservação da empresa diante da tutela do consumidor superendividado

Pós-graduação em Direito - FCHS

Inovação, competição internacional e transição hegemônica: a política científico-tecnológica dos Estados Unidos para evitar o declínio no século XXI

Pós-graduação em Relações Internacionais (UNESP - UNICAMP - PUC-SP) - FFC

Programa Minha Casa Minha Vida: estratégia no enfrentamento da crise de 2008

This work aims to present an analysis of the Minha Casa Minha Vida, proposed by Lula's government in 2009, highlighting their main impacts for the country in the period following the international financial crisis of 2008, in addition to demonstrating the perception of different inserted agents in context. We argue that the Program implementation was a strategy for the country to overcome the crisis, moving the economy to stimulate consumption, investment and job creation. This work also analyzes the Lula government, responsible for program implementation, and seeks to show its characteristic points that led to the success of the Minha Casa Minha Vida. Finally, we demonstrate that the 2008 crisis has a side still little explored, that goes beyond the economic data that generated and can be regarded as the mainstream economic thinking crisis

Two and a Half Cheers for the Midwestern Bourgeoisie: Role of the Virtues in Tempering Business Decisions

A recent book (The Bourgeois Virtues: Ethics for an Age of Commerce, D. N. McCloskey), raises the matter of the role of the virtues in business and economic choice, arguing that capitalism can indeed, be virtuous or at least better than the alternative(s). This argument is especially timely in light of the apparent excesses on Wall Street and in some banking/financial institutions. Excessive greed and often the lack of business ethics contributed in substantive ways to the financial crisis and near economic meltdown we have been experiencing. As McCloskey, (2006, pp. 1-2) argues (in setting the stage for the complex argument made in this 616-page book!): “The book … is directed toward you who are suspicious of the phrase ‘bourgeois virtues,’ pretty sure that it is a contradiction in terms. And the book is directed, with less optimism about changing their minds, toward you who think the phrase is worse: a lie. ‘Bourgeois virtues’ is neither. The claim here is that modern capitalism does not need to be offset to be good. Capitalism can on the contrary be virtuous. In a fallen world bourgeois life is not perfect. But it’s better than any available alternative. American capitalism needs to be inspirited, moralized, completed. Two and a half cheers for the Midwestern bourgeoisie (middle-class, small business owners…. yet)… Many a businessman is an ethical shell or worse. Even the virtues of the bourgeoisie, … do not lead straight to heaven.”

The Myth of the Rational Market: Nudging Each Other Away from Fool’s Gold

A flurry of media commentary and several new books are focused on the recent financial crisis and near economic collapse. A Newsweek article by Zakaria (2009), “Greed is Good (To a Point),” suggests reconsidering the role of greed in capitalism. This is also the theme in Fools Gold (Tett, 2009), a story about the way derivatives markets have evolved: showing greed at its worst. In many ways this is the core source of the current set of problems. In some sense, these perspectives are integrated in The Myth of the Rational Market by Fox (2009), who traces the thinking on the efficient market hypothesis, now understood for what it is: a myth. Both books are based in large part on interviews with major players in the crisis. There are also books drawing mainly on science, but still quite accessible to general readers, as represented in Nudge by Thaler and Sunstein (2008). Both have done extensive research on human foibles in economic choice. There is also Animal Spirits (Akerlof and Schiller, 2009), a book about what Keynesian economics is really about, a look at human forces at work. Akerlof is a Nobel prize winner in economics, who before this has pointed to the problems with presuming rationality in real markets. Schiller is one of the few economists who predicted these events.

Firm Market Performance and Volatility in a National Real Estate Sector

We present empirical evidence using daily data for stock prices for 17 real estate companies traded in the Sao Paulo, Brazil stock exchange. from August 26, 2006 to March 31, 2010. We use the U.S. house price bubble, financial crisis and risk measures to instrument for momentums and reversals in the domestic real estate sector. We find evidence of conditional premium persistence and conditional volatility persistence in the market. We find that the conditional risk-return relationship in the sector is consistent with the prospect theory of risk attitudes in this period. Certain companies seem to be operating on a perceived potential industry return above the target, while most others are below the target, and the whole sector is below target on average. (C) 2011 Elsevier Inc. All rights reserved.

The role of public opinions on recent Spanish emigration

[ES]Presentación de un informe sobre el debate social reflejado en los medios de comunicación españoles sobre el nuevo fenómeno de la emigración de jóvenes españoles al extranjero y su relación con la crisis económica internacional.

Mortgage securitization and its credit risk control

This dissertation concentrate on the mortgage securitization and its credit risk, which are criticized as the main causes of the financial crisis. From the point of the veiw of mortgage's evolution, the nature, structure and function of mortgage has been radically changed, yet the mortgage law did not give appropriate response to this market change. Meanwhile, the U.S legilslations facilitating the mortgage securitization also have rotten the legal foundations for mortgage market self-regulation and sustained development. In contrast, the EU covered bond system has kept financial stability for 200 years' time, and their statutory approach has been proved to be able to control the credit risk and incentive problems very well, in combination of market self-regulation and public regulation. So the future reform should be directed to strengthen the market's capacity of self-regulation and improve the public regulation. For the development of mortgage securitization in China, it is suggested to introduce the EU covered bond system for the reason of the equilibrium between funding efficiency and financial stability.

Europa e Catasto

We study first the different cadastral systems in the EU countries and their perspective in the European Law context, especially in their tax law aspect and about the different building tax system. We talk about the most important aspect, taxation, and the European Unionʼs influence, particularly the European Court. But not only speak about the influence in the Member stateʼs building tax, also find another influences ways, with some European policies. All these aspects and another show a tendency to the cadastral integration, not direct, but existent in the indirect way. About other aspects, the study holds the dual nature of the cadastre, social (like social science), and their tax aspect, and technic nature. The Inspire information net can generate a new way to the tax information exchange between European countries. The investigation end with a comparison of the different cadastral systems in EU countries, and about the edification tax law too. This report holds the tax nature of the cadastre, the need to be considered like social-technic complex. Diverse international organization consider that is a multipurpose instrument and institution, but seem to forget their original purpose, their tax purpose, that was the central aspect in their origin and that don can`t be forget in the new world that raises after the world financial crisis.

Survival of the fittest: Herausforderungen an den Fremdenverkehr im Zeichen des global change

Der Globale Wandel ist im Begriff, den Tourismus zu verändern. Die Wechselwirkung von Tourismus und Klimawandel sind beidseitiger Art. Die vorliegende Arbeit zeigt Möglichkeiten der Adaption und einen wandelbaren Fremdenverkehr. Eine Übersicht der gängigen Tourismusmodelle stellt den Stand der Forschung dar. Der Fremdenverkehr ist durch drei Faktoren massiv geprägt: Die Nachfrage und Motivation, die Reisemittler und Veranstalter sowie das Destinationsangebot. Bei der Motivation wirken Motiv und Anreiz Motivationspsychologisch betrachtet auf die Reiseentscheidung deren Grundlage verarbeitete Informationen sind. Reisemittler und Veranstalter haben einen großen Einfluss auf Entscheidungsprozesse. Neue IuK Technologien haben deren Arbeit grundlegend verändert. Das Tourismusangebot wird stark durch die naturräumlichen Gegebenheiten sowie das politische System bestimmt. Überlebenswichtig für die Destination ist die evolutionstheoretisch etrachtete Fitnessmaximierung also Adaption und Wandel, um sich an geänderte Rahmenbedingungen anpassen zu können. Gerade im Bereich des Klimawandels müssen Maßnahmen ergriffen werden. Aber auch die Marktsättigung gerade in Verbindung mit der aktuellen Finanzkrise wirkt besonders schwer auf die Destination. Eine hohes Innovationsvermögen, Trendscanning und der Zusammenschluss in flexiblen Netzwerkclustern können einen Kundenmehrwert erzeugen. Die Fitnessmaximierung ist somit Überlebensziel der Destination und führt zur Kundenzufriedenheit die im Sättigungsmarkt alleinig Wachstum generieren kann.

Indonesien in der ASEAN des 21. Jahrhunderts: eine Analyse des indonesischen Einflusspotenzials in der Assoziation südostasiatischer Staaten

Die Geschichte und Entwicklung der ASEAN und Indonesiens im Zeitraum von 1967rnbis ins frühe 21. Jahrhundert sind eng miteinander verknüpft. Um der Frage nachrndem indonesischen Einflusspotenzial in der ASEAN im 21. Jahrhundert nachgehenrnund dann einen Ausblick auf die Zukunft der Rolle Indonesiens in der ASEAN gebenrnzu können, bedarf es zunächst einer Analyse dessen, was in der Vergangenheitrndazu führte, dass Indonesien in der Region als primus inter pares wahrgenommenrnwurde, und der Rolle, die Indonesien im Rahmen der Erweiterung und Vertiefung der ASEAN bisher spielte. So ist der Fokus der Arbeit auf vier Phasen gerichtet: (1) die Gründungszeit der ASEAN sowie die Etablierung Indonesiens als einer der einflussreichsten Mitgliedstaaten; (2) die asiatische Finanzkrise, die nicht nur der Entwicklung der ASEAN als erstem Erfolgsmodell regionaler Kooperation in Südostasien vorläufig ein Ende setzte, sondern auch Indonesien in große wirtschaftliche wie politische Turbulenzen trieb; (3) die überregionale Erweiterung der ASEAN und der Beginn der politischen Transformation in Indonesien sowie (4) die Vertiefung der ASEAN-Kooperation und die Stabilisierung Indonesiens als demokratischer Akteur. rnFür alle vier Phasen werden das materielle Machtprofil, die institutionellen Verknüpfungen sowie ideelle Faktoren des Einflusspotenzials Indonesiens untersucht, um sich einer Antwort auf die Frage zu nähern, über welches Einflusspotenzial Indonesien in der ASEAN des 21. Jahrhunderts verfügt. Die Analyse bringt zutage, dass es Indonesien vor der Asienkrise trotz erheblicherrnEntwicklungsrückstände möglich war, gestaltenden Einfluss auf die ASEANrnauszuüben und an regionaler Bedeutsamkeit sowie Einflusspotenzial in der ASEANrnzu gewinnen. Trotz deutlich erkennbarer Entwicklungsfortschritte ist dasrngegenwärtige Indonesien jedoch nicht in der Lage, sein Einflusspotenzial in derrnASEAN zu steigern, sich als relevanter Akteur zu etablieren und erneut einernSchlüsselrolle einzunehmen. Die Akteure der ASEAN folgen nicht wie einst denrnIdeen Indonesiens, und die regionale Fremdwahrnehmung Indonesiens wird ganzrnerheblich vom derzeitigen politischen und sozialen Wertesystem beeinflusst, mit dem sich kein anderer ASEAN-Staat ohne Einschränkung identifizieren kann. rnDie Erkenntnisse der Arbeit führen letztlich zu dem Fazit, dass es aktuell kaum Raum für eine Steigerung des indonesishen Einflusse innerhalb des ostasiatischenrnRegionalismus gibt. Für die Gegenwart und vielleicht die kommenden Dekaden mussrnfür Indonesien attestiert werden, dass es sich mit der Rolle als Teilnehmer in den ASEAN-Prozessen begnügen muss.

Alla ricerca della sostenibilità: lo sviluppo dell'agricoltura dall'Unità d'Italia alla Green Economy

L’elaborato finale presentato per la tesi di Dottorato analizza e riconduce a unitarietà, per quanto possibile, alcune delle attività di ricerca da me svolte durante questi tre anni, il cui filo conduttore è l'impatto ambientale delle attività umane e la promozione dello sviluppo sostenibile. Il mio filone di ricerca è stato improntato, dal punto di vista di politica economica, sull'analisi storica dello sviluppo del settore agricolo dall'Unità d'Italia ai giorni nostri e dei cambiamenti avvenuti in contemporanea nel contesto socio-economico e territoriale nazionale, facendo particolare riferimento alle tematiche legate ai consumi e alla dipendenza energetica ed all'impatto ambientale. Parte della mia ricerca è stata, infatti, incentrata sull'analisi dello sviluppo della Green Economy, in particolare per quanto riguarda il settore agroalimentare e la produzione di fonti di energia rinnovabile. Enfasi viene posta sia sulle politiche implementate a livello comunitario e nazionale, sia sul cambiamento dei consumi, in particolare per quanto riguarda gli acquisti di prodotti biologici. La Green Economy è vista come fattore di sviluppo e opportunità per uscire dall'attuale contesto di crisi economico-finanziaria. Crisi, che è strutturale e di carattere duraturo, affiancata da una crescente problematica ambientale dovuta all'attuale modello produttivo, fortemente dipendente dai combustibili fossili. Difatti la necessità di cambiare paradigma produttivo promuovendo la sostenibilità è visto anche in ottica di mitigazione del cambiamento climatico e dei suoi impatti socio-economici particolare dal punto di vista dei disastri ambientali. Questo punto è analizzato anche in termini di sicurezza internazionale e di emergenza umanitaria, con riferimento al possibile utilizzo da parte delle organizzazioni di intervento nei contesti di emergenza di tecnologie alimentate da energia rinnovabile. Dando così una risposta Green ad una problematica esacerbata dall'impatto dello sviluppo delle attività umane.

A journey through the capital structure of the banking sector: Empirical evidence for Europe from 2008 to 2012

Systemic risk is the protagonist of the recent financial crisis. This thesis proposes a definition and a propagation mechanism for systemic risk. Risk management has a direct linkage with capital management, when addressing the question that the risk handled by a financial institution is compatible with the amount of equity available. This thesis proposes a risk management of liquid market variables, which compose the assets of a bank, based on the statistical tool of PCA. The principal component analysis will define the PCR, or Principal Components of Risk. Such definition of Risk will be adopted to test if the risk represented by PCR is explanatory of the movements of equity and/or debt for the banks included in the in the index Itraxx financial senior: the results of these regressions will be compared with a formal Capital Adequacy test in order to assess the financial soundness of the main financial European institutions.