O "corporate finance" das empresas norte-americanas no período recente

In this article we will explore the corporate finance of the american firms and the interfaces with the financial system. The capital markets in the 80's and 90's became very significative in terms of the ammount and extension, determining important impacts under the form of creation and admnistration of wealth, with a deepening of the capital market-based financial system paradigm. In the new system of highly sophisticated actions and speculations the capital markets adopted the role of main temple of finance, where the market oriented financial system is led to paroxysm. However, most of these actions occurr among the financial agents themselves. As to the relationships with the firms we will try to Show that the corporations financing pattern, through the so called "external capital market", shows very particular features. Capitals have extreme mobility and fluidity. The resources from the stokholders transfer from one firm to another based on expectations of short run appreciation of their stocks. The firms with stocks traded on the stock market depend on a "transitory" property structure, directed by the institutional investors that act as agents for the individuals investors.In this article we will explore the corporate finance of the american firms and the interfaces with the financial system. The capital markets in the 80's and 90's became very significative in terms of the ammount and extension, determining important impacts under the form of creation and admnistration of wealth, with a deepening of the capital market-based financial system paradigm. In the new system of highly sophisticated actions and speculations the capital markets adopted the role of main temple of finance, where the market oriented financial system is led to paroxysm. However, most of these actions occurr among the financial agents themselves. As to the relationships with the firms we will try to Show that the corporations financing pattern, through the so called "external capital market", shows very particular features. Capitals have extreme mobility and fluidity. The resources from the stokholders transfer from one firm to another based on expectations of short run appreciation of their stocks. The firms with stocks traded on the stock market depend on a "transitory" property structure, directed by the institutional investors that act as agents for the individuals investors

A DINÂMICA FINANCEIRA INTERNACIONAL E A TENDÊNCIA À DOLARIZAÇÂO DAS ECONOMIAS LATINO-AMERICANAS

Após delinear a dinâmica do novo regime monetário-fínanceiro americano, sua expansão pelo resto do mundo e as principais propostas de reorganização da ordem financeira internacional, procuramos mostrar o aprofundamento da internacionalização dos sistemas financeiros e a dolarização crescente dos países latino-americanos. Em seguida, tentamos argumentar que esses processos de integração financeira estão reduzindo a capacidade dos bancos centrais latino-americanos implementarem políticas monetárias e cambiais autônomas e, portanto, de executarem políticas de desenvolvimento.The author first outlines the dynamics of the new US financial and monetary regime, its expansion to the rest of the world and major proposals for the rearrangement of the international financial order. Secondly he shows the deepening of globalization of financial systems and increasing dollarization at Latin American economies. The author argues that these financial integration processes have been reducing the ability by Latin American central banks to implement monetary and exchange policies and therefore to carry out development policies

As transformações na estrutura do sistema financeiro dos Estados Unidos : a montagem de um novo regime monetario-financeiro (1980-1995)

Orientador: Jose Carlos de Souza BragaTese (doutorado) - Universidade Estadual de Campinas, Instituto de EconomiaResumo: Não informadoAbstract: Not informed.DoutoradoDoutor em Economi

O papel dos bancos públicos federais na economia brasileira

This paper aims to present and analyze the functions performed by the Brazilian federal banks, in a Keynesian perspective, emphasizing its role: i) in promoting economic and regional development, by directing credit to specific sectors and regions, ii) the anti-cyclical action, especially after the financial crisis of 2008, iii) and the growth of banking of the Brazilian population of low income

Os limites da inserção internacional dos países em desenvolvimento no limiar do século XXI

This article is an attempt to discuss the behaviour of international credit and debt markets and foreign direct investment from a perspective of difficulties faced by Brazil in financing its balance of payments. The authors support the hypothesis that the retraction of international capital flows into emergent countries seems to put in evidence the emergence of a new way of insertion by those countries. One feature of this new insertion is that large deficits in current account are less probable to be funded by international capitals. The authors argue the pro-cyclical behaviour of international capital flows and emphasizes the need to decrease dependence and external vulnerability of peripheral countries by strengthening mechanisms of domestic private and public funding.A partir das dificuldades de financiamento do balanço de pagamentos brasileiro, no artigo, procura-se discutir o comportamento dos mercados internacionais de crédito, de dívida e do investimento estrangeiro direto (IED). Defende-se a hipótese de que a retração nos fluxos internacionais de capitais para os países em desenvolvimento parece evidenciar a emergência de uma nova forma de inserção desses países, na qual se reduz a possibilidade de grandes déficits em conta corrente serem financiados pelos capitais internacionais. Discute-se, ainda, o comportamento pró-cíclico dos fluxos de capitais internacionais e a necessidade de reduzir a dependência e a vulnerabilidade externa dos países periféricos mediante o fortalecimento dos mecanismos de financiamento públicos e privados domésticos. Palavras-chave Financiamento externo; mercados internacionais de crédito e de dívida; investimento estrangeiro direto

Informação dos investidores: classificação de riscos, contabilidade e conflitos de interesses

This paper is an attempt to discuss the mechanisms of access to relevant Information for decision-making by investors. It focuses on the role played by credit rating systems determined by specialized agencies and it describes the emergence and the expansion of credit rating agencies. The inherently pro-cyclic behavior of ratings issued by these agencies is shown in the crises in Asian Southeast, Rússia, and Brazil as well as in the devaluation process of US stock exchange. Conflicts of interests on recommendations by financial analysts, auditing companies, ratings by these agencies and problems on balances of corporations tend to reinforce regulation and supervision mechanisms in detriment to auto-regulating ones.O artigo procura discutir o acesso dos investidores às informações relevantes para suas tomadas de decisão. Inicialmente, enfoca o papel dos sistemas de classificação de risco de crédito concedidos por agências especializadas e descreve o processo de surgimento e de expansão dessas agências. O comportamento eminentemente pró-cíclico das classificações emitidas por essas empresas se evidencia nas crises dos países do Sudeste Asiático, da Rússia e do Brasil, bem como no processo de desvalorização das Bolsas americanas. Conflitos de interesses entre as recomendações dos analistas de valores, as empresas de auditorias e as classificações atribuídas pelas agências e problemas nos balanços das corporações tendem a suscitar a desconfiança dos investidores e a desencadear um reforço dos mecanismos de regulamentação e supervisão em detrimento dos de auto-regulação. Palavras-chave Agências de Classificação de Risco de Crédito; empresas de contabilidade; transparência de informações

A crise financeira e o global shadow banking system

The financial crisis triggered by increasing default rate, real estate devaluation and financial asset depreciation combined with U.S. subprime mortgages brought about the debate over the framework of the U.S. and international financial systems, their potential systemic risks, and their regulatory and supervisory mechanisms. A great variety of financial institutions which were poorly regulated and badly supervised changed into the counterpart of the credit risk transfer from the banking system and started to hold increasing risks. This paper deals with the interaction of these financial institutions, including a description of some features of the major stage in this process - the so-called over-the-counter (OTC) market - and the use of financial innovations which amplified the crisis. It also aims to clarify the need for improvements in terms of regulation and supervision considering the complexity and opacity of these institutions and markets.A crise financeira iniciada com a elevação da inadimplência e a desvalorização dos imóveis e dos ativos financeiros associados às hipotecas americanas de alto risco (subprime) recolocou em debate a arquitetura do sistema financeiro americano e internacional, seus potenciais riscos sistêmicos e seus mecanismos de supervisão e regulação. Uma grande variedade de instituições financeiras frouxamente reguladas e displicentemente supervisionadas passou a constituir a contraparte da transferência de riscos de crédito do sistema bancário e a carregar riscos crescentes. O artigo procura discutir a interação dessas instituições financeiras, incluindo algumas características do principal palco dessa interação - os mercados de balcão - e a utilização de determinadas inovações financeiras que amplificaram a crise. Dada a complexidade e opacidade dessas instituições e mercados, busca ainda explicitar a necessidade de aperfeiçoamentos na sua regulação e supervisão.355

Asset inflation and deflation triggered by the US housing financial system

This paper deals with the financial crisis triggered after the default of subprime mortgages in the United States which expanded to a global systemic crisis. It is divided into a brief introduction and three sections. The first section sums up the dynamics of inflation and deflation of real estate and financial assets which characterizes finance-led cycles. The second section covers major effect of financial assets deflation on the American and European banks. The third section focuses on measures implemented by central banks in order to manage this financial crisis.41443

The “Financialized” Structure of Automobile Corporations in the 2000s

Important changes in the economic system, both in productive and financial dimensions, have been observed since the 1970s, pointing to a growing capital mobility and a stronger presence of finance within the logic of non-financial corporations. This article aims to analyze this increasing role of finance in the dynamics of automobile companies. Data from annual financial statements of selected carmakers (Daimler, Fiat, Ford, General Motors, Honda, Hyundai, Toyota and Volkswagen) between 2000 and 2009 are considered, in order to verify the occurrence of a “financialization” movement in this industry. From the analysis, a clear movement towards a more “financialized” pattern of the carmakers' structure could be observed, although there were notable differences among groups according to corporate dependence upon activities from the financial segment and the degree of exposure of their financial structures