Made available in DSpace on 2016-04-26T20:48:50Z (GMT). No. of bitstreams: 1 Luiz Eduardo Costa e Silva.pdf: 304575 bytes, checksum: 09df8ddf3c7d01fa9e7bda58c6cabe5f (MD5) Previous issue date: 2007-12-19 / This paper analyzes the vigorous expansion of the stock market in Brazil in recent years. Along with a substantial increase in liquidity and the strong rise in value of shares traded, there has been a renewed trend for companies to go public and obtain funding for investment through IPOs, with a significant increase in foreign and institutional investors' shares of the trades made on the São Paulo Stock Exchange (Bovespa). The relevance of this process poses the relations between financial development and economic growth, especially the growth in private sources of financing for corporate investment, which has characteristically been insufficient in Brazil's history of financial development. In addition to characterizing the process now underway, the paper points to its main determinants: in terms of macroeconomic factors, the strong inflow of funds improved Brazil's foreign currency reserves, control of inflation and lower interest rates; in terms of institutional factors, the improved stock market regulatory framework was reflected in the reform of laws governing the capital market and the work of the Brazilian Securities and Exchange Commission, with acceptance of corporate governance concepts for special listing segments on Bovespa as standards to be followed by issuers . This set of changes on several levels shows that there has been a turning point after which the stock market has started to play a key role in financing investment, and therefore in the economic development of Brazil. The consolidation of this process depends on preserving the advances obtained, continuously improving financial system institutions, and correcting any deficiencies identified / A dissertação analisa a vigorosa expansão do mercado de ações no Brasil nos últimos anos. O expressivo incremento da liquidez e a forte valorização dos papéis negociados foram acompanhados pela retomada dos processos de abertura de capital das empresas e a obtenção de recursos para investimento em ofertas públicas primárias, com aumento significativo da participação dos investidores estrangeiros e institucionais nos negócios realizados na Bolsa de Valores de São Paulo Bovespa. A relevância deste processo está ligada às relações entre desenvolvimento financeiro e crescimento econômico, em especial a ampliação das fontes de financiamento privadas para o investimento das empresas, caracterizadas como insuficientes no desenvolvimento financeiro do Brasil. Além de caracterizar o processo em andamento, o trabalho aponta seus principais determinantes: pelo lado dos fatores macroeconômicos, a forte entrada de recursos externos, a melhoria da posição cambial do país, o controle do processo inflacionário e a redução das taxas de juros; pelo lado dos fatores institucionais, o aperfeiçoamento do marco regulatório do mercado de ações, refletido na reforma das leis que regem o mercado de capitais e na atuação da Comissão de Valores Mobiliários, e na aceitação dos conceitos de governança corporativa dos segmentos especiais de listagem da Bovespa como padrões a serem seguidos pelos emissores de ativos. Este conjunto de mudanças em diversos planos indica ocorrência de um ponto de inflexão a partir do qual o mercado de ações passou a ocupar posição de destaque no financiamento dos investimentos e, por extensão, no desenvolvimento econômico do Brasil. A consolidação deste processo depende da preservação dos avanços obtidos, do aperfeiçoamento contínuo das instituições do sistema financeiro e da correção de deficiências identificadas

L’objectif de l’étude est de proposer, suivant une approche microéconomique, des outils d’analyse théorique et empirique permettant de savoir si le système financier d’un pays en développement tel que le Burkina Faso contribue à la création des richesses de la meilleure manière possible. Au terme des travaux, quelques enseignements se dégagent. D’abord, sur le plan théorique, à partir d’un premier modèle proposé, il ressort que, compte tenu de leur nombre dans les pays en développement, les PME sont un maillon essentiel du dispositif de création de richesse et qu’alors, ils constituent le meilleur canal par lequel le système financier peut avoir le plus grand impact sur la croissance économique. Ensuite, un second modèle théorique montre comment dans les pays en développement, caractérisés par un environnement légal et institutionnel de mauvaise qualité, la performance du système financier est compromise. Sur le plan empirique, les résultats révèlent qu’au Burkina Faso, le fonctionnement du système financier n’est pas performant en ce sens que les branches d’activités de petite taille et par transitivité les PME, étant le meilleur canal de transmission du développement financier sur la croissance économique au Burkina Faso, ne sont pas conséquemment financées par les banques. Par ailleurs, il apparaît que dans ce pays, les banques butent dans leur fonctionnement sur le problème de la prédominance du secteur informel dans lequel se retrouve une grande partie des entreprises. C’est pourquoi, malgré le fait que les PME contribuent fortement à la création de richesses intérieures, les banques ne parviennent pas à faire d’elles, des partenaires privilégiés en termes de financement. Ces enseignements appellent à des recommandations de politiques ou de réformes à faire pour encourager la mise en place de structures d’intermédiation informationelle telles que les Centres de Gestion Agréée, les agences de reporting, les agences spécialisées en matière de communication financière des entreprises. Cela permettra de rendre optimale l’interaction entre les PME et le système financier. / The purpose of this study is to propose, according to a microeconomic approach, some theoretical and empirical analysis tools which allow determining whether the financial system of a developing country (such as Burkina Faso) contributes to the creation of wealth the best way possible. So, we draw some lessons. First of all, on the theoretical level, from a first proposed model it emerges that, considering their number in developing countries, small and medium-sized enterprises (SME) are essential for creating wealth and then, they represent the best way through which the financial system can get the highest impact on economic growth. Secondly, a second theoretical model shows how in developing countries, characterized by a legal and institutional environment of bad quality, the financial system performance is compromised. On the empirical level, the results reveal that in Burkina Faso, the functioning of financial system is not optimum because the small industries and by transitivity the SME, being the best way of transmission of financial development on economic growth in the so called country , are not enough funded by banks. Elsewhere, it appears that in this country, banks in their functioning come up against the problem of the predominance of informal sector in which we find almost enterprises. That’s why, despite the fact that SME highly contribute to the creation of national wealth, banks don’t succeed on doing of them, privileged partners in terms of financing. These lessons appeal to some political recommendations or reforms to be doing in order to make optimum the interaction between SME and financial system.

Prenant appui sur un ensemble d’entretiens auprès des protagonistes, la base de données des émissions de titres publics du Bureau National de Crédit Public et un large corpus d'articles de presse, cette recherche analyse la relation entre ressources économiques et pouvoir politique en étudiant l’impact de l’intégration semi-périphérique au système financier mondial sur la coalition sociopolitique au pouvoir en Argentine de 1989 à 2001. Cette coalition était composée des partis politiques au gouvernement, ce qui garantissait la légitimité démocratique, des technocrates des think tanks du libéralisme économique, des grandes entreprises locales et des acteurs privés du système financier mondial. Contrairement aux pays centraux qui sont au coeur du système financier mondial et les périphériques, qui en sont exclus, l'Argentine représente un cas d'intégration "semipériphérique", c’est-à-dire, avec un accès variable au crédit privé externe en fonction de la perception des principaux acteurs privés du système financier sur le risque de défaut des paiements de la dette. Cette intégration a joué un rôle important sur la formation, la consolidation et la dissolution de la coalition socio-politique au pouvoir. D'une part, le plan de Convertibilité implique une dépendance structurelle de l’afflux de devises pourassurer la stabilité économique. D'autre part, les caractéristiques de l'intégration du système financier mondial ont été modifiées par le plan Brady, qui implique une substitution de la dette publique de prêt bancaire par des titres, et le processus de mondialisation. Contrairement aux prêts bancaires, les titres sont des produits échangés sur un marché où les prêteurs prennent des décisions d’investissement de court terme en fonction de leur perception du risque de défaut de paiement de la dette. Cette perception, qui implique une surveillance permanente sur la politique économique, détermine la capacité de l'État à s’endetter et soutenir ainsi l’afflux de devises. / This research explores the link between economic resources and political power focusing on how Argentina’s semi-peripheral integration into the global financial system influenced power relations within the country’s ruling coalition between the years 1989 and 2001. The findings are supported by evidence from interviews of decision-makers, the National Public Credit Office database on sovereign debt issues, and a large body of press articles. This ruling coalition during this period comprised political parties in government, granting democratic legitimacy, technocrats from economic liberal think tanks and players with economic resources including local business groups and private actors of the global financial system. Unlike those central countries that make up the “core” of the global system, or periphery countries, which are at the margins or are excluded from this system, Argentina represents a case of a “semi-peripheral” integration. This can be seen in the country’s variable access to external private borrowing which is dependent how the major private players in the financial system perceive the risk of debt default. This integration has had an impact on the formation, consolidation, and dissolution of the socio-political ruling coalition. On the one hand, the Convertibility Plan entailed a structural dependence on foreign currency inflow to ensure economic stability. On the other, the integration into the global financial system was modified after the Brady Plan. Unlike bank loans, the securities were traded goods in a market where lenders made short-term investment decisions based on their perceived risk of debt payment default. This perception, which involved a permanent monitoring of economic policy, determined the state's capacity to access borrowing and sustain foreign currency inflows.

Made available in DSpace on 2016-04-27T19:30:44Z (GMT). No. of bitstreams: 1 Danielle Franco da Rocha.pdf: 6144106 bytes, checksum: f24ddf70468554b659f01f656ece7dd9 (MD5) Previous issue date: 2013-06-07 / Conselho Nacional de Desenvolvimento Científico e Tecnológico / This paper investigates the bank workers struggles against the overexploitation of labor during the dictatorship in Brazil, especially between the years of 1964 to 1980. Throughout our research we looked into their purposes, their instruments, their strategies, and their most important struggles against post-64 dictatorship. We begin studying the struggles of bank workers in this period, because we recognize the importance of their resistance and confrontation against the deepening of the process of oligopoly of capital. The Brazilian economy was going through an overwhelming concentration and centralization of capital, which gained oligopolistic characteristics, therefore it s critical to understand that moment of intense labor struggles in Brazil, and of the workers strategies against the deepening of the Brazilian subordination to monopolistic capitalism / Este trabalho investiga as lutas dos trabalhadores bancários contra a superexploração do trabalho na ditadura no Brasil, especialmente entre os anos de 1964 a 1980. Ao longo de nossa pesquisa retomamos suas finalidades, seus instrumentos, suas articulações, seus embates mais importantes contra a ditadura pós-64. Partimos das lutas dos trabalhadores bancários nesse período, porque reconhecemos a importância da resistência e do enfrentamento destes ao aprofundamento do processo de oligopolização do capital. A economia brasileira passava por uma avassaladora concentração e centralização de capital, que ganhava contornos oligopolistas, sendo fundamental entender esse momento de intensas lutas operárias no Brasil, de articulação dos trabalhadores contra o aprofundamento da lógica de subordinação brasileira aos ditames imperiais do capitalismo monopolista

Made available in DSpace on 2016-04-25T18:40:01Z (GMT). No. of bitstreams: 1 Marina Martins Brito da Cunha.pdf: 1521906 bytes, checksum: 6a8f32295885a26e3c06df7a5afa6cee (MD5) Previous issue date: 2014-06-30 / During the banking history, there were movements of changes and adaptation to new realities, such as the internationalization and the increasing globalization of the financial markets. In this process economic instabilities of national monetary systems were recorded which raised questions about the necessity of strengthening the international monetary system and the stability of financial institutions of the countries. Amid the market turbulence , the Bank For International Settlements (BIS), has created the Basel Committee of Banking Supervision Basel that promulgated the Basel Accord entering the principles of banking supervision and a system for measuring and standardizing minimum capital requirements, in an attempt to manage the risks. This paper aims to analyze the effects of the implementation of Basel Accords on the structure and operation of the Brazilian financial system. The analysis method adopted is based on the historical and documentary evaluation of the Basel Accords I, II and III in the the Brazilian financial system, analyzing the principles of banking supervision and regulation implemented by the Brazilian Central Bank and financial institutions, such as the regulation of minimum capital and net worth, through Resolution No. 2099 and its main changes. The paper also provides an analysis of the new capital agreement with its main characteristics. Its implementation occurred through the Statement N. 12.746 of 2004, when the Brazilian Central Bank set a timetable to be followed by financial institutions for the implementation of several improvements in risk management controls and also the role of supervision and information disclosure to the financial market.Through the Statement N. 20.615 of 2011, a new step was taken to improve the inclusion of Basel III, one of the points presented was the improvement in the liquidity risk management. The paper concluded that despite of many improvements have been still discussed and have been under implementation in the Brazil and in the international markets, these innovations initiated by the Basel Accord marked the history of management and supervision of risk management in the financial market / Ao longo da história bancária, foram detectados movimentos de mudanças e adaptações às novas realidades, como a internacionalização dos bancos e a crescente globalização dos mercados financeiros. Nesse processo, foram registradas instabilidades econômicas dos sistemas monetários nacionais e internacionais, que levantaram questões sobre a necessidade do fortalecimento do sistema monetário internacional e a estabilidade das instituições financeiras dos países. Em meio a turbulências nos mercados, o Bank for International Settlements (BIS) criou o Comitê de Supervisão Bancária da Basileia (Basle Committee on Banking Supervision), que divulgou o Acordo da Basileia inserindo princípios de supervisão bancária e um sistema para mensuração e padronização dos requerimentos mínimos de capital na tentativa de gerenciar os riscos. O estudo, que se desenvolve nesse contexto, pretende analisar o funcionamento do sistema financeiro brasileiro os efeitos da implantação do Acordo da Basileia sobre esta estrutura. O método de pesquisa adotado é baseado na avaliação histórica e analise documental dos Acordos da Basileia I, II e III, sobre o sistema financeiro nacional, por meio do qual se analisarão os princípios de supervisão e a regulação bancária implementada pelo Banco Central do Brasil, como a regulamentação dos limites mínimos de capital e patrimônio líquido, consoante a Resolução n. 2.099 e suas principais alterações. O trabalho também faz uma análise do novo acordo de capital, com as suas principais características. Sua implantação ocorreu com a edição do Comunicado n. 12.746 de 2004, em que o Banco Central do Brasil estabeleceu um cronograma a ser seguido pelas instituições financeiras brasileiras para a implantação de diversas melhorias nos controles de gestão de risco e também no papel da supervisão e divulgação de informações ao mercado financeiro. Por meio do Comunicado n. 20.615 de 2011, houve um aprimoramento, com a inclusão do Basileia III, e um dos pontos tratados é a melhoria no gerenciamento de risco de liquidez. Do esforço de pesquisa, conclui-se que muitas melhorias ainda são discutidas e estão em processo de implantação nos mercados brasileiro e internacional, contudo estas inovações iniciadas pelo acordo de Basileia marcam a história da gestão e da supervisão do gerenciamento de riscos no mercado financeiro

Made available in DSpace on 2016-04-26T20:21:07Z (GMT). No. of bitstreams: 1 Renata Cristine Ogassavara.pdf: 1040071 bytes, checksum: af7492d37db6bfcfe640e7b358bc96d8 (MD5) Previous issue date: 2012-08-17 / At first sight, sustainable consumption, theme that surrounds this dissertation, would not have a place at the financial system because it is frequently associated to the precepts of reduction, reuse and recycling of materials. However, the consumer may conduct himself/herself in a sustainable way by choosing to deposit his/her economies in the so called sustainable financial investments, which are supposed to use the resources credited to foster activities related to clean technology or to promote social projects, for instance. Taking this into consideration and the fact that mass consumption risk society has produced and still produces negative externalities which no one wants to deal with, this work aims to demonstrate that sustainable consumption is a fundamental legal duty derived from the constitutional duty of protecting the environment which must be observed by all people and all sectors. As a new model of pre-comprehension guiding human actions in time and space (LORENZETTI, 2010, p. 19) has merged, the environmental paradigm based on the Principle of Solidarity, its main thesis is that distributive function of Law has to make operational the social division of communal goods and evils. Based upon the inclusive legal theory of epistemology and transdisciplinarity, it is advocated that Law ought to recognize not only rights but also legal duties in order to make possible human coexistence, the construction of a free, fair and solidary society and the rights of future generations. Beyond that, the study vindicates that the sustainable consumption legal duty does not conflict with the national intense socioeconomic differences and with the value of dignity of human beings, whereas the environmental paradigm leads to models of legal implementation directed to compliance and not only to punishment and repair / À primeira vista, o consumo sustentável, tema que circunda esta dissertação, não teria lugar no sistema financeiro, pois é associado, com frequência, apenas aos comandos de redução, reutilização e reciclagem de materiais. Todavia, trata-se de uma visão equivocada, visto que ao optar por aplicar seus recursos em investimentos financeiros denominados sustentáveis, ou seja, que utilizam os valores neles depositados para fomentar atividades relacionadas à tecnologia limpa ou projetos na área de inclusão social, o consumidor atua de modo sustentável celebrando contratos de consumo de prestação de serviços. Tomando como ponto de partida a função distributiva do Direito e diante da constatação de que a sociedade de massas, do consumo e do risco produziu e ainda produz externalidades negativas com os quais ninguém deseja arcar, este trabalho visa demonstrar que o consumo sustentável constitui um dever fundamental no ordenamento jurídico brasileiro, fundado na dignidade da pessoa humana, derivado do dever constitucional de todos de proteger o meio ambiente e imperativo inclusive no Sistema Financeiro Nacional. Estruturada na teoria inclusiva em epistemologia da dogmática jurídica e em direção ao ideal da transdisciplinaridade, sua tese principal é que, ante o surgimento de um novo modelo de pré-compreensão que guia as ações humanas em um determinado tempo e lugar (LORENZETTI, 2010, p. 19) o denominado paradigma ambiental pautado pelo Postulado da Solidariedade , a função distributiva do Direito tem o condão de operacionalizar a divisão social dos bens e dos males comuns, instituindo não somente direitos, mas também deveres, a fim de viabilizar a coexistência e a construção de uma sociedade livre, justa e solidária, bem como de garantir os direitos das gerações futuras. Além disso, sustenta-se que o dever de todos de consumir de modo sustentável não colide com as desigualdades socioeconômicas nacionais, uma vez que o paradigma ambiental remete a modelos de implementação legal voltados ao cumprimento de objetivos e não somente à punição e à reparação

O presente estudo tem dois objetivos. O primeiro (1) é substantivo: contribuir com o debate sobre globalização financeira, ajudando a nele incorporar uma dimensão que parecia um pouco fora de foco em diversas discussões a dimensão jurídico-institucional empírica. O segundo (2) é metodológico, e não se relaciona diretamente com o objeto da pesquisa: ajudar a incorporar ao estudo do direito no Brasil a utilização de certas técnicas empíricas que permitiriam o exercício mais freqüente do que se será chamado aqui de ceticismo esclarecido pela empiria o salutar questionamento de afirmações doutrinais peremptórias com o auxílio de evidência empírica. Em relação ao objetivo (1), apresenta-se a seguinte tese. A globalização financeira é produto de diversos processos heterogêneos de cooperação internacional, políticas governamentais, reformas legislativas e estratégias políticas. Tais processos têm determinantes diversos, e objetivos variados, não apenas liberalização. De fato, mera liberalização unilateral não daria suporte suficiente ao aumento de fluxos financeiros transfronteiriços a globalização só pôde e só pode ocorrer em vista da criação de uma diversidade de estruturas internacionais, incluídas aí as bilaterais, plurilaterais e multilaterais. Estas resultaram em uma densa malha jurídico-institucional que, para ser criada, demandou mudanças por diversas vezes dolorosas e custosas aos países que as implantaram, assim como grandes esforços de negociação. Somente porque existe essa malha jurídica, cuja origem é a atividade política dos governos nacionais, é que investidores e empresas financeiras puderam e podem cruzar fronteiras, deter ativos no estrangeiro, e fazê-los circular em nível global. A globalização é resultado, não da abdicação e retração dos Estados, mas do ativo engajamento de seus governos na persecução de objetivos de política pública. Trata-se, portanto, de uma reação a interpretações concorrentes, segundo as quais a globalização financeira estaria sendo causada pela retração dos Estados Nacionais, que estariam se retirando da atividade regulatória, de forma geral, e da regulação das finanças, de formas mais específicas. A primeira parte consiste de dois capítulos discutindo os arranjos jurídico-institucionais que geraram a globalização financeira. A metodologia utilizada foi primordialmente qualitativa. Realizaram-se reconstruções institucionais comparadas, discutindo a evolução de certos arranjos de governança do sistema financeiro. Dois conjuntos de análises de casos foram realizados: (a) uma sobre a formação comparada de Sistemas Financeiros Nacionais, e (b) outra sobre processos comparados de integração financeira. A segunda parte consiste de um capítulo discutindo correlações entre indicadores econômicos e processos de globalização financeira. Aplicaram-se métodos econométricos sobre uma grande base de dados reunida e criada exclusivamente para esta pesquisa. / This study has two objectives. The first (1) is substantive: to contribute to the debate on globalization by helping to incorporate to it a dimension that has been somewhat left aside in many discussions the legal-institutional dimension. The second (2) is methodological, and not directly related to the subject of research: to help incorporating to the study of law in Brazil the use of certain empirical techniques that allow the exercise of what can be called a skepticism enlightened by the empiricism - the healthy questioning of doctrinal statements with the aid of empirical evidence. In relation of (1), the following thesis is advanced. Financial globalization is the product of several heterogeneous processes of international cooperation, government policies, legislative reforms and legal strategies. These processes have several determinants, and varied objectives, not just liberalization. In fact, a mere unilateral liberalization process would not give enough support to increase cross-border financial flows - globalization could only and may only occur in view of a diversity of international structures, including bilateral, plurilateral and multilateral agreements. These resulted in a dense mesh of legal and institutional structures, that to be created, demanded changes several times painful and costly to the countries that have implemented, as well as major efforts to negotiate. Only because of such legal tissue, whose origin is the political activity of national governments, is that investors and financial institutions could and can cross borders, holding assets abroad, and circulate them globally. Globalization is the result, not the abdication of the retraction, but the active engagement of governments in their pursuit of public policy objectives. The thesis is therefore a reaction to competing interpretations, under which financial globalization was being caused by the retraction of nation states, they were withdrawing from regulatory activity, in general, and regulation of finance, more specific forms. The first part consists of two chapters discussing the legal and institutional arrangements that led to financial globalization. The methodology was primarily qualitative. There were institutional compared reconstructions, discussing the evolution of certain governance arrangements of the financial system. Two sets of case studies were conducted: (a) training on a comparison of national financial systems, and (b) the other on the comparative analysis of financial integration. The second part consists of a chapter discussing correlations between economic indicators and processes of financial globalization. Were applied econometric methods on a large database collected and created exclusively for this research.

The aim of this thesis is to understand the diffusion process of Swedish life insurance during the period c. 1830-1950, with the specific aim to understand financial modernization and social mobilization as reflected in the diffusion of life insurance to less well-to-do classes and women. In contrast to British and American experiences, the results of this thesis show that the rural classes played an important role in the diffusion of Swedish life insurance. The thesis shows that demand-side factors such as income and urbanisation cannot fully explain this diffusion of life insurance, and why additionally, non-quantitative factors need to be addressed. It is shown how cultural preferences assist in understanding the development of industrial life insurance in different countries. It is also stressed that women, in their capacity as policyholders, beneficiaries of life policies, as dependents, and their limited property rights, constituted the conditions under which the life insurance industry had to adjust and operate. In sum, female policyholders, cultural representations of women and legal constraints on women, constituted an important subset of the 'rules of the game' for the life insurance industry. Important results of the thesis are that female policyholders constituted a large part of the policyholders in the largest industrial life insurance company already in the early twentieth century. It is furthermore shown that life insurance representatives were members in organizations of the women's movement and that they acted for married women's property rights in parliament. It is also argued that different notions of 'a good death', as reflected in funeral practices, contributed to different developments of private and public insurance in Sweden and the United States. By widening the concept of 'business' and recognizing the cultural and social contexts under which the industry operated, this thesis highlights the interaction between business and social change. / "Den enskildes risk och det gemensamma åtagandet" Jan Wallanders och Tom Hedelius Stiftelse Tore Browaldhs stiftelse

O presente estudo analisa a evolução, o comportamento e a natureza cíclica do crédito brasileiro no período compreendido entre janeiro de 2003 e dezembro de 2013. Mais especificamente, verifica se a postura da condução da oferta de crédito público, de fato, destoou daquela apresentada pelo crédito privado, especialmente após o advento da crise financeira de 2007/2008. Para tanto, se vale de uma revisão das literaturas nacional e internacional e realiza um resgate histórico dos principais bancos públicos do Brasil – etapa que se dá concomitantemente à análise da evolução do desempenho dos mesmos nos últimos tempos. Com isso, além de se mostrar a performance recente destas instituições, demonstra-se também que, a despeito da redução da participação das instituições bancárias públicas na década de 1990, estas foram decisivas para a melhor reação da economia brasileira frente aos efeitos adversos da crise de 2007/2008 – o que fornece mais indícios da validade do problema de pesquisa e traz, por conseguinte, mais força à hipótese de trabalho. Na sequência, são discutidos alguns aspectos metodológicos no intuito de identificar qual a modelagem econométrica seria a mais adequada para descobrir como os bancos públicos e privados se comportaram no período abordado e, mais especificamente, como eles reagiram após o advento da crise financeira dos subprimes – procurou-se também, uma abordagem que, especificamente, ajudasse a desvendar a natureza cíclica dos créditos privado e público. Nesse sentido, optou-se pela modelagem econométrica denominada de Modelos Estruturais de Espaço de Estados, também conhecida como Modelos de Componentes não-observáveis. Através desta metodologia, foi possível verificar, de maneira endógena, se existiram e quando ocorreram outliers e quebras estruturais nas séries de dados referentes à evolução do crédito brasileiro no período. Os resultados obtidos vieram a corroborar a hipótese de trabalho, mostrando a existência de uma relação negativa e estatisticamente significante entre as variáveis representativas do produto interno bruto e as do crédito público e do crédito total. Dessa maneira, chegou-se à conclusão de que, realmente, o crédito público mostrou características contra-cíclicas no período de 2003 a 2013, especialmente após o ano de 2008 – fato que é reforçado pela ocorrência de quebras de nível positivas neste ano. / This study analyses the evolution, behavior and cyclical nature of the Brazilian credit supply in the period from January 2003 to December 2013. Specifically, it checks if the posture of public credit supply’s conduction has differed, indeed, from the one presented by the private credit, particularly after the financial crisis of 2007-08. For this purpose, this paper reviews national and international literature and performs a historical examination of the main Brazilian state-owned banks – which is presented concomitantly to the analysis of their lately performance’s evolution. Therewith, besides showing these institutions’ recent performance, it also demonstrates that, in spite of the reduction in the state-owned banks participation in the 1990s, these were decisive to the better reaction of the Brazilian economy in the face of the adverse effects of the 2007-08 crisis – which provides further evidence of the research question validity and brings, therefore, strenght to the working hypothesis. In the next step, some methodological aspects are discussed aiming to identify which would be the most appropriate econometric modelling to find out how the public and private banks behaved in this period, and specifically, to discover how they reacted after the subprime financial crisis – in this point, a research was made in order to identify an approach that, particularly, helped to reveal the cyclical nature of private and public credits. It was decided to use an econometric approach called Space-State Modelling, also known as Unobservable Component Models. Through this methodology, it was possible to check, in an endogenous way, if there were – and when they occurred – outliers and structural breaks in the data series referring to the Brazilian credit evolution in the period. The results came to support the working hypothesis, showing the existence of a negative and statistically significant relationship between the variables representing the gross domestic product and the ones representing public credit and the total credit. Thus, it was concluded that the public credit, indeed, showed counter-cyclical characteristics in the period between 2003 and 2013, especially after 2008 – a fact that is reinforced by the occurrence of positive level breaks in this year.

Cette thèse étudie le développement du système financier chinois. Elle dévoile des aspects nouveaux du développement du système financier sur la dernière décennie. Globalement, les résultats montrent que les progrès réalisés vers un système efficient demeurent contrastés. Le premier chapitre montre que le marché obligataire des entreprises non financières est toujours sous influence du gouvernement. Sur la base de cet élément, il est peu probable d’espérer une baisse de la domination du secteur bancaire sur le système financier. Le second chapitre montre que la gouvernance d’entreprise interne reste imparfaite. En analysant les fluctuations des prix des actions au moment de l’annonce d’un changement de P-DG, nous trouvons que le type de propriété de l’entreprise joue une influence majeure sur les conséquences d’une telle décision. Le troisième chapitre révèle que peu de progrès ont été faits en termes de concurrence au sein du secteur bancaire malgré le nombre de nouveaux entrants sur le marché. Cependant, les banques se comportent de façon plus efficiente sur la décennie. Il ne semble pas exister d’arbitrage entre les bénéfices d’une plus grande concurrence et l’efficience du système bancaire en Chine. Le quatrième chapitre montre les effets bénéfiques de la nouvelle réglementation sur les exigences en capital des banques chinoises en termes d’efficience bancaire. Les exigences en capital, en plus de fournir des coussins en capital supplémentaires, apparaissent réduire l’aléa moral entre les actionnaires des banques et leurs créanciers. / This dissertation analyzes the development of the Chinese financial system from different perspectives. It has shed light on the recent advancements of the last decade. Overall, the findings reveal a contrasted picture of the progress achieved towards an efficient system. Chapter 1 has shown that the corporate bond market is still impeded by government influence. Based on this evidence, it is thus very unlikely to expect the banking system to decrease its dominance on the financial system. Chapter 2 also stressed that internal governance mechanisms remain imperfect. By analyzing the market price fluctuations at the time of the announcement of a CEO turnover, we find that ownership type plays a major influence on the expected consequences of such a decision. Chapter 3 revealed that little progress has been made in terms of banking competition despite the increasing number of new entrants in the market. However, banks behaved more efficiently over the decade. No trade-off seems to exist for policy-makers between the benefits of lower banking prices and efficiency of the system. Chapter 4 finally showed the beneficial effects of the capital requirement regulation on bank efficiency in China. Capital requirements, in supplement to provide higher capital buffers, appear to lower moral between banks’ shareholders and debtholders.