A crise financeira de 2008: os discursos e as estratégias do governo e dos fundos de pensão

This article focuses on the financial crisis beginning in 2008. Drawing on the work of Lebaron (2010; 2011) and (Grün 2010), the study seeks to grasp the cognitive dimension of the crisis through the discourses produced (and reproduced) by members of the Brazilian government involved in controlling the crisis and by the pension fund sector and its strategies. The method was based on analysis of documents produced by the pension fund sector and the Lula Administration in 2008 and the spinoffs of the discourses and strategies. The text indicates the construction of a discourse emphasizing the importance of state regulation (as opposed to market self-regulation) and the central role of pension funds during the process, since they partially abandoned government bonds and migrated to productive investment, in alliance with the private equity sector, especially in financing construction works under the Growth Acceleration Program.

Crise financeira: o caso japonês

This paper aims to analyze the experience of Japan after the collapse of speculative bubbles in assets and the banking crisis in the 1990s. An analysis about the effectiveness of fiscal and monetary policy is conducted and the measures taken with respect to the banking sector are also discussed in this paper. The Japanese financial crisis experience suggests that the nature, speed and order in which the government implements measures determine, in large part, the magnitude and cost of the crisis. Therefore, in hindsight, it can be said that the following tasks were necessary: 1) recapitalize the banking sector; 2) restore credit; and 3) reinvigorate the economic activity through appropriate fiscal measures.

Direcionamento de crédito: uma análise sobre os efeitos da atuação do BNDES durante a crise do Subprime

This essay treats the government acting on the National Financial System (SFN) through the policy of directing credit, a common practice within industrialization attempts. In Brazil this policy occurred mainly through the principal instrument of the government on the financial system, the National Bank of Economic and Social Development (BNDES). It will be explained BNDES’ position within public finances and its ability to mobilize or act as an intermediary for mobilizing resources for the economy. Will also be addressed the countercyclical characteristics of BNDES’ disbursements in the Brazilian economy using as a backdrop the financial crisis that erupted in the overthrow of the mortgages in the USA, also known as the subprime crisis. Finally we will present the main ideas behind the criticism and praise that this model with strong state presence in the financial system suffers

O setor de venture capital, as startups e o empreendedorismo em Israel, nos anos recentes

Some of the factors that help to explain the Israeli success case on promoting high-tech start-ups backed by venture capital funds can be found in the risk-taking culture of the country, the vast technological know-how associated with the huge military development, the high offer of human intellectual capital due to the immigration processes, and finally also the FDI inflows, mainly from the United States. Even though, these factors would not have the same effects in the economy unless the right structures were founded by the public-private sectors partnerships for the high-tech industry development and the adaptation of the investment industry surpasses two of the deepest global financial crisis: the dot-com bubble in the 2000’s and the subprime in 2008

A crise financeira de 2008: uma reflexão a partir da teoria da fragilidade financeira de Hyman Minsky

This paper aims to use the theoretical framework developed by Hyman P. Minsky for understanding the concept of financial fragility observed in the capitalist system. It is intended to clarify the concept of intrinsic instability to which capitalism is subject, which is responsible for generating more economic cycles - periods of prosperity and crashes that affect global economies - particularly the one initiated in the United States in 2008. Thus, we made theoretical analysis of the theory of economic cycles and financial instability beyond historical reviews on the biggest financial crisis since the Great Depression

Análise do processo de implementação do inovar-auto

In 2008 the United States had suffered from a financial crisis due to the real estate market, this movement affected other countries whose economy depends on the USA. Brazil suffered this crisis, but to avoid a greater turmoil in national territory the government launched some public policies to allow the market to keep working, that way allowing a cash flow more stable. One of these policies is called Inovar-Auto where automakers get benefits in form of taxes redution since some investiments are made in tecnology in Brazil made. This study does a qualitative reaserch to identify how companies are adapting to the Inovar-Auto, its dificulties and the real benefits trough colected data along these years

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.