Reelection incentives and political budget cycle: evidence from Brazil

This article tests the presence of political budget cycle (PBC) in municipal elections in Brazil and checks whether mayors who adopt such policy have greater probability of reelection. Based on fiscal and electoral data of 5,406 Brazilian municipalities and applying the difference-in-differences econometric method as well as logistic regressions, the results provide some evidence of PBC in Brazil, although its magnitude and consistency varies depending on the years used as electoral and non-electoral years. On average, reelectable mayors spend close to 3% more in election years than nonreelectables. Moreover, reelectables who do run for reelection present a variation in spending which is close to 5% superior to that of non-reelectables and non-runners. Additionally, the results suggest that mayors who increase public spending during electoral periods have greater chances of being reelected, as long as such spending is done within deficit limits acceptable by voters.

As autarquias e a educação. Centro e periferia na construção das políticas educativas (1998-2008)

RESUMO: Com o actual quadro de descentralização de atribuições e competências da administração central para as autarquias locais, na área da educação, os municípios passam a investir cada vez mais na acção educativa ao liderarem e planearem políticas educativas locais mais ou menos explícitas, e, nalguns casos, tentando superar carências que o sistema educativo apresenta. Esta pesquisa tem como problemática compreender o papel do Estado na (re)configuração das políticas de educação, quando a tendência para a mudança, de um Estado-educador para um Estado-regulador, tem por pressuposto o discurso neoliberal de que com ‗menos‘ Estado mas maior accountability se obtêm melhores resultados. Este processo origina uma redefinição no papel e funções do Estado no plano social e económico, provocando constrangimentos e conflitos de poder no que respeita ao seu controlo político, com a redistribuição de poderes entre o Estado e a comunidade, entre o central e o local. É neste contexto de mudança que a presente investigação, que se situa no âmbito da análise das políticas educativas, procura averiguar como e com que meios as autarquias locais concretizam as suas competências na área da educação. A estratégia de investigação concentra-se em uma metodologia qualitativa, com a utilização de um estudo exploratório, em três municípios da Região de Lisboa e Vale do Tejo. As actuais políticas educativas derivam da nova visão na gestão da coisa pública – res publica –, como resultado da nova concepção para o próprio Estado, e dos processos de elaboração das decisões político-educativas. Nesta perspectiva, a descentralização passa a ser um instrumento do poder local que favorece o aumento da autoridade democrática dos actores. Todavia, a governação – governance – supõe uma dinâmica de negociação, até mesmo de regulação entre o Estado, a região, o local, a escola e o mercado, feita para atender à construção do interesse geral, que já não é totalmente definido pelo Estado, mas construído em conjunto com as diversas forças políticas, económicas, educativas e sociais. O estudo permitiu evidenciar que a descentralização é posta em causa pelo Estado central, quando este ‗recentraliza‘ decisões e condiciona o poder local, com o fecho da maioria das escolas do primeiro ciclo e a verticalização dos agrupamentos escolares. Por sua vez, algumas políticas educativas como a ‗Escola a Tempo Inteiro‘ fomentam a desregulação dos vínculos laborais, forçando os municípios a aumentar os seus meios técnicos e humanos e a construírem novas infra-estruturas educativas. As políticas educativas passaram a ser concebidas segundo uma matriz híbrida, que visam a municipalização da educação – do pré-escolar e de todo o ensino básico –, por um lado; e fomentam a situação de ‗quase-mercado‘ com a privatização de sectores e o financiamento de várias instituições – que fornecem serviços na área da educação –, por outro lado. ABSTRACT: With the current framework of decentralization of functions and powers from central government to local authorities, in education, the municipalities are investing each more in educational work in leading educational policies and planning places more or less explicit and in some cases, trying to overcome shortcomings that education system. This research aims to understand the role of the state in the (re) configuration of education policies, when the tendency for the change in a State-Educator for a State-regulator, is the assumption that neo-liberal speech that with 'less' State but with more accountability we achieve better results. This process leads to a redefinition of the role and State functions in socio-economic constraints, resulting in power struggles with regard to its political control, with the redistribution of powers between the state and community, between the central and local. It is in this changing context that the present investigation, which lies in the examination of education policy addresses the question how and by what means the local, materialized their skills in education. The strategy focuses on a qualitative methodology, with the use of an exploratory study in three municipalities of Lisbon and Tagus Valley. The current education policies come from the new vision in the management of public affairs - res publica - as a result of the new design for the State itself, and the process of preparation of educational policy decisions. In this perspective, decentralization becomes an instrument of local government that favours the increase of democratic authority of the actors. However, the governance assumes a dynamic negotiation, even in regulation between the State, region, local authorities, school and market, made to suit the construction of general interest, which is not anymore fully defined by the State, but constructed together with the various political, economic, educational and social forces. The study indicates that decentralization is undermined by the central government when it ‗re-centralize‘ decisions and the local conditions, with the closure of most primary schools and with vertical groupings of schools. In turn, some educational policies such as 'Full Time School' forced the municipalities to increase their technical and human resources, to build new educational infrastructure. The educative policies began to be designed according to a hybrid matrix, which aims the decentralization of education - from pre-school and all the primary school - on one hand, and promote the situation of 'quasi-market' with privatization of sectors and the financing of several institutions - that provide services in education -, on the other hand. RÉSUMÉ: Avec le cadre actuel de décentralisation des fonctions et pouvoirs du gouvernement central aux autorités locales, dans l'éducation, les municipalités investissent de plus en plus dans le travail éducatif dans la conduite des politiques éducatives en mener et en faisant la planification des lieux plus ou moins explicites et, dans certains cas, essayer de remédier aux lacunes que présente l'éducation. Donc, nous voulons avec cette recherche comprendre le rôle de l'Etat dans la (re) configuration des politiques d'éducation, alors que la tendance au changement d‘un État-éducateur pour un État-régulateur, a comme l'hypothèse le discours néo-libéral de que avec «moins» État, mais plus d‘accountability on a des meilleurs résultats. Ce processus conduit à une redéfinition du rôle et des fonctions de l'Etat au plan social et économique, en donnant lieu à des luttes de pouvoir à l'égard de son contrôle politique, avec la redistribution des compétences entre l'État et la collectivité, entre les niveaux central et local. C‘est dans ce contexte changeant que la présente enquête, qui réside dans l‘examen de la politique de l‘éducation aborde la question de savoir comment et par quels moyens le local matérialisé leurs compétences dans l‘éducation. La stratégie est axée sur une méthodologie qualitative, avec l'utilisation d'une étude exploratoire dans trois municipalités de Lisbonne et Vallée du Tage. Les politiques actuelles d'éducation sont tirées de la nouvelle vision dans la gestion des affaires publiques - res publica – à la suite de la nouvelle conception de l'État lui-même, et le processus de préparation des décisions politique-éducatives. Dans cette perspective, la décentralisation devient un instrument de gouvernement local qui favorise l'augmentation de l'autorité démocratique des acteurs. Toutefois, la gouvernance assume une dynamique de négociation, même en matière de réglementation entre l'État, la région, le local, l'école et le marché, faite pour répondre à la construction d'intérêt général, qui n'est pas plus entièrement défini par l'Etat, mais construit en ensemble avec les divers forces politiques, économiques, éducatives et sociales. L‘étude indique que la décentralisation est minée par le gouvernement central quand il ‗re-centralise‘ les décisions et les conditions locales, avec la fermeture de la plupart des écoles du premier cycle et avec des groupements verticaux d‘écoles. À leur tour, certaines politiques éducatives telles que ‗l'école à temps plein‘ forcé les municipalités à accroître leurs ressources techniques et humaines, de construire de nouvelles infrastructures éducatives. Les politiques éducatives ont commencé à être conçues selon une matrice hybride, qui vise à la municipalisation de l'éducation - de l'école maternelle et de toute l'école basique - d'une part ; et de promouvoir la situation de «quasi-marché» avec la privatisation de secteurs et le financement de plusieurs institutions - qui offrent des services dans l'éducation -, d‘autre part.

O planejamento econômico no Brasil: considerações críticas

In the past thirty years, a series of plans have been developed by successive Brazilian governments in a continuing effort to maximize the nation's resources for economic and social growth. This planning history has been quantitatively rich but qualitatively poor. The disjunction has stimulated Professor Mello e Souza to address himself to the problem of national planning and to offer some criticisms of Brazilian planning experience. Though political instability has obviously been a factor promoting discontinuity, his criticisms are aimed at the attitudes and strategic concepts which have sought to link planning to national goals and administration. He criticizes the fascination with techniques and plans to the exclusion of proper diagnosis of the socio-political reality, developing instruments to coordinate and carry out objectives, and creating an administrative structure centralized enough to make national decisions and decentralized enough to perform on the basis of those decisions. Thus, fixed, quantified objectives abound while the problem of functioning mechanisms for the coordinated, rational use of resources has been left unattended. Although his interest and criticism are focused on the process and experience of national planning, he recognized variation in the level and results of Brazilian planning. National plans have failed due to faulty conception of the function of planning. Sectorial plans, save in the sector of the petroleum industry under government responsibility, ha e not succeeded in overcoming the problems of formulation and execution thereby repeating old technical errors. Planning for the private sector has a somewhat brighter history due to the use of Grupos Executivos which has enabled the planning process to transcend the formalism and tradition-bound attitudes of the regular bureaucracy. Regional planning offers two relatively successful experiences, Sudene and the strategy of the regionally oriented autarchy. Thus, planning history in Brazil is not entirely black but a certain shade of grey. The major part of the article, however, is devoted to a descriptive analysis of the national planning experience. The plans included in this analysis are: The Works and Equipment Plan (POE); The Health, Food, Transportation and Energy Plan (Salte); The Program of Goals; The Trienal Plan of Economic and Social Development; and the Plan of Governmental Economic Action (Paeg). Using these five plans for his historical experience the author sets out a series of errors of formulation and execution by which he analyzes that experience. With respect to formulation, he speaks of a lack of elaboration of programs and projects, of coordination among diverse goals, and of provision of qualified staff and techniques. He mentions the absence of the definition of resources necessary to the financing of the plan and the inadequate quantification of sectorial and national goals due to the lack of reliable statistical information. Finally, he notes the failure to coordinate the annual budget with the multi-year plans. He sees the problems of execution as beginning in the absence of coordination between the various sectors of the public administration, the failure to develop an operative system of decentralization, the absence of any system of financial and fiscal control over execution, the difficulties imposed by the system of public accounting, and the absence of an adequate program of allocation for the liberation of resources. He ends by pointing to the failure to develop and use an integrated system of political economic tools in a mode compatible with the objective of the plans. The body of the article analyzes national planning experience in Brazil using these lists of errors as rough model of criticism. Several conclusions emerge from this analysis with regard to planning in Brazil and in developing countries, in general. Plans have generally been of little avail in Brazil because of the lack of a continuous, bureaucratized (in the Weberian sense) planning organization set in an instrumentally suitable administrative structure and based on thorough diagnoses of socio-economic conditions and problems. Plans have become the justification for planning. Planning has come to be conceived as a rational method of orienting the process of decisions through the establishment of a precise and quantified relation between means and ends. But this conception has led to a planning history rimmed with frustration, and failure, because of its rigidity in the face of flexible and changing reality. Rather, he suggests a conception of planning which understands it "as a rational process of formulating decisions about the policy, economy, and society whose only demand is that of managing the instrumentarium in a harmonious and integrated form in order to reach explicit, but not quantified ends". He calls this "planning without plans": the establishment of broad-scale tendencies through diagnosis whose implementation is carried out through an adjustable, coherent instrumentarium of political-economic tools. Administration according to a plan of multiple, integrated goals is a sound procedure if the nation's administrative machinery contains the technical development needed to control the multiple variables linked to any situation of socio-economic change. Brazil does not possess this level of refinement and any strategy of planning relevant to its problems must recognize this. The reforms which have been attempted fail to make this recognition as is true of the conception of planning informing the Brazilian experience. Therefore, unworkable plans, ill-diagnosed with little or no supportive instrumentarium or flexibility have been Brazil's legacy. This legacy seems likely to continue until the conception of planning comes to live in the reality of Brazil.

The prominence of social responsibility disclosure in Portuguese companies’ web pages

This study investigates Portuguese companies’ use of the Internet to communicate social responsibility information, and the factors that affect this use. It examines the characteristics of companies that influence the prominence of social responsibility information on the Internet. Firm-specific factors that explain SRD by companies operating in a European country in which capital market fund raising is not regarded to be an important source of financing are analysed. The results are interpreted through the lens of a “political economy” framework which combines stakeholder and legitimacy theories perspectives, according to which companies disclose social responsibility information to present a socially responsible image so that they can legitimise their behaviours to their stakeholder groups and influence the external perception of reputation. Results suggest that a theoretical framework combining stakeholder and legitimacy theories may provide an explanatory basis for SRD by Portuguese companies. However, this study does not provide us with enough evidence to determine that the prominence given to CSR activities by Portuguese companies in their websites is linked to relationships with their stakeholders

Monetary and fiscal policies interactions in a monetary union with country-size asymmetry

Within a country-size asymmetric monetary union, idiosyncratic shocks and national fiscal stabilization policies cause asymmetric cross-border effects. These effects are a source of strategic interactions between noncoordinated fiscal and monetary policies: on the one hand, due to larger externalities imposed on the union, large countries face less incentives to develop free-riding fiscal policies; on the other hand, a larger strategic position vis-à-vis the central bank incentives the use of fiscal policy to, deliberately, influence monetary policy. Additionally, the existence of non-distortionary government financing may also shape policy interactions. As a result, optimal policy regimes may diverge not only across the union members, but also between the latter and the monetary union. In a two-country micro-founded New-Keynesian model for a monetary union, we consider two fiscal policy scenarios: (i) lump-sum taxes are raised to fully finance the government budget and (ii) lump-sum taxes do not ensure balanced budgets in each period; therefore, fiscal and monetary policies are expected to impinge on debt sustainability. For several degrees of country-size asymmetry, we compute optimal discretionary and dynamic non-cooperative policy games and compare their stabilization performance using a union-wide welfare measure. We also assess whether these outcomes could be improved, for the monetary union, through institutional policy arrangements. We find that, in the presence of government indebtedness, monetary policy optimally deviates from macroeconomic to debt stabilization. We also find that policy cooperation is always welfare increasing for the monetary union as a whole; however, indebted large countries may strongly oppose to this arrangement in favour of fiscal leadership. In this case, delegation of monetary policy to a conservative central bank proves to be fruitful to improve the union’s welfare.

La social stock exchange au Portugal: un nouvel allié de l'économie sociale

Résumé Cet article vise à contribuer à la connaissance de la Bolsa de Valores Sociais (BVS) — Social Stock Exchange — récemment créé au Portugal, dont le but primatial était de permettre la prise de moyens de financement des entités de l'Économie Sociale engagées dans des projets d'éducation et d'entreprenariat. Il se penchera sur la qualification juridique des divers types d'entités cotées dans la BVS, sur le concept d'investisseur social et sur la protection dont il jouira, vis-à-vis des exigences de transparence et de gouvernance qui incombent à ces entités. Le thème proposé sera examiné en soulignant les virtualités et le potentiel de la BVS, faisant référence à l'un ou à l'autre sujet qui viennent à effet, avec un accent particulier sur l'avantage d'élaborer un code de gouvernance corporative pour les entités de l'Économie Sociale. Abstract This article aims to contribute to the knowledge of the Bolsa de Valores Sociais (BVS) — Social Stock Exchange — recently created in Portugal, whose primatial purpose was to allow the taking of means of financing the Social Economy entities, engaged in projects in education and entrepreneurship. It will reflect on the legal classification of the various types of entities rated in the BVS, on the concept of social investor and on the protection he will enjoy, leading to the consequent demands for transparency and governance that falls upon those entities. The proposed theme will be discussed highlighting the virtues and potential of BVS, playing in one or two topics that comes to purpose, with particular emphasis on the relevance of drawing up a code of corporate governance for entities of the Social Economy. Resumen Este artículo tiene como objetivo contribuir al conocimiento de la Bolsa de Valores Sociales (BVS), recientemente creada en Portugal, cuya finalidad principal es que las entidades de la economía social dedicadas a proyectos en las áreas de educación y de iniciativa empresarial puedan obtener medios financieros. Se abordará la calificación jurídica de los diversos tipos de entidades que cotizan en la BVS, así como el concepto de inversor social y la protección de que éste goza, con las consiguientes exigencias en materia de transparencia y de gobierno que recaen sobre esas entidades. Se analizará la temática propuesta destacando las virtudes y potencialidades de la BVS, sin omitir algún otro tópico adyacente que resulte relevante, en especial la conveniencia de que sea elaborado un código de gobernanza corporativa para las entidades de la economía social.

A bolsa de valores sociais enquanto agente de renovação da economia social

Este artigo visa contribuir para o conhecimento da Bolsa de Valores Sociais (BVS), recentemente criada em Portugal, cuja finalidade foi, primacialmente, a de permitir a obtenção de meios de financiamento às entidades da Economia Social que se dediquem a projectos nas áreas da educação e do empreendedorismo. Reflectir-se-á sobre a qualificação jurídica dos vários tipos de entidades cotadas na BVS, sobre o conceito de investidor social e a protecção de que este beneficia, com as consequentes exigências em matéria de transparência e de governação que recaem sobre aquelas entidades. A temática proposta será percorrida destacando as virtudes e potencialidades da BVS, tocando num ou noutro tópico adjacente que venha a propósito, com particular destaque para a pertinência da elaboração de um código de governança corporativa para as entidades da economia social.

Accuracy of polls in Portugal

This study has a vast analysis, studying almost all the pre-electoral polls published or issued in Portugal in the month previous to each of the elections, since 1991 until the last one that took place in February 2005. The accuracy measures I used were adapted from the study carried out by Frederick Mosteller in the report to the Committee on Analysis of Pre-election Polls, regarding the USA elections of 1948.

O Impacto do project finance nas empresas portuguesas no setor têxtil

Dissertação para a obtenção do Grau de Mestre em Contabilidade e Finanças Orientador: Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira

Análise do investimento direto estrangeiro em Portugal utilizando a metodologia de box-jenkins

Dissertação para obtenção do Grau de Mestre em Contabilidade e Finanças Orientadora: Professora Doutora Patrícia Ramos

Sistema de garantia mútua: estudo de caso da “SPGM - Sociedade de Investimento, S.A.”

Dissertação de Mestrado em Contabilidade e Finanças Orientador: Mestre António Pinto Marques

O empreendedorismo como fator dinamizador da competitividade regional: o papel do financiamento

Dissertação de Mestrado em Finanças Empresariais

O papel do fundo de maneio das pequenas e médias empresas

Dissertação de Mestrado em Finanças Empresariais

Os swaps de taxas de juro como instrumentos de cobertura de risco nas demonstrações financeiras

Mestrado em Contabilidade

A individualização do direito à saúde: contributos a partir de um olhar analítico

Este artigo de natureza ensaística procura contribuir para o desenvolvimento de argumentos já apresentados a respeito de reconfigurações ideológicas nas políticas de saúde. A partir de dimensões analíticas discute-se o espaço e implicações da individualização do direito à saúde no contexto de maior liberalização dos mercados e de maior exposição ao investimento privado lucrativo. A individualização do direito à saúde assume-se como contrária aos princípios éticos e morais consolidados entre os países ocidentais a partir da 2ª metade do séc. XX, em que o acesso aos cuidados passa gradualmente a estar dependente das condições individuais das famílias, não obstante o pagamento de impostos e outros seguros. Não só passa a existir espaço para formas desiguais de acesso ao direito à saúde, como o princípio da utilização racional que baseia esta reconfiguração é uma crença managerialista falaciosa e, em larga medida, irrealista. Esta discussão é ilustrada a partir de dados da OCDE, os quais demonstram tendências díspares a respeito desta dinâmica.