Dissertação (mestrado) - Universidade Federal de Santa Catarina, Centro Sócio Econômico, Programa de Pós-Graduação em Relações Internacionais, Florianópolis, 2017. / Made available in DSpace on 2017-05-09T04:01:09Z (GMT). No. of bitstreams: 1 345758.pdf: 1319674 bytes, checksum: 11b5ca6ac16fe268b633715534e522c6 (MD5) Previous issue date: 2017 / Esta dissertação pretende analisar qual o papel desempenhado pelo Fundo Monetário Internacional (FMI) dentro da ordem monetária internacional após a crise financeira de 2008. Para tanto, faz-se uma revisão das funções desempenhadas pelo FMI dentro do regime internacional monetário e financeiro desde 1944, ou seja, quando da criação do Fundo, até os tempos atuais. Embora a pesquisa demonstre como as funções do FMI foram sendo alteradas ao longo do tempo, de modo a sustentar os regimes monetário e financeiro internacionais, o foco estará no período dos anos 2000, sobretudo após a crise econômica internacional de 2008, visto que é neste período mais recente que se concentram as reivindicações por reformas no Fundo. Busca-se responder em que medida as recentes reformas do FMI, propostas como uma das alternativas para alterar um sistema financeiro que transformou uma crise financeira nos Estados Unidos da América (EUA) em uma crise que atingiu vários outros países, alteram, de fato, o funcionamento desse regime monetário e financeiro internacional e por que motivo tais reformas encontraram de 2010 a 2015 obstáculos para sua efetivação, sendo aprovadas apenas ao início de 2016. Dessa forma, ao fim da discussão, pretende-se demonstrar que a reforma do Fundo não representa uma mudança dos regimes monetário e financeiro internacionais, visto que a reforma preserva o caráter neoliberal destes regimes, mas uma mudança no regime de forma a atender às demandas dos países em desenvolvimento e, assim, incorporá-los ao regime vigente, evitando o fortalecimento de iniciativas contrárias à manutenção do status quo.<br> / Abstract : This master dissertation aims to analyze what is the role of the International Monetary Fund (IMF) in the international monetary order after the 2008?s financial crisis. The paper reviews the IMF?s functions in international monetary and financial regimes since 1944 when the Fund was created until nowadays. Although the research demonstrates how the IMF?s functions have changed over time, in order to support the international monetary and financial regimes, it focuses on the 2000s especially after the international economic crisis of 2008, as the claims for reforms on the Fund are concentrated in this period. It aims to answer to what extent of the recent IMF reforms ? proposed as one of the alternatives to change a financial system that transformed a financial crisis in the United States of America (USA) into a crisis that reached other countries ? actually change how this international monetary and financial regime works. Additionally it intends to analyze the reason why this reform found obstacles for its approval between 2010 to 2015, as it was only approved ? in the beginning of 2016. Finally, the discussion also aims to demonstrate that the Fund?s reform does not represent a change of the monetary and financial international regimes, as their neoliberal feature was preserved, but a change within the regime in order to answer developing countries? claims in a way to incorporate them to the current regime and avoid the strengthening of initiatives that go against the maintenance of the status quo.

Submitted by Miguel Angelo Arab (miguel.arab@trevisan.edu.br) on 2012-09-14T14:09:57Z No. of bitstreams: 1 Dissertação - Miguel Angelo Arab.pdf: 771739 bytes, checksum: 81e5c5e53ddaf174f0e55b318fddd843 (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2012-09-17T13:18:39Z (GMT) No. of bitstreams: 1 Dissertação - Miguel Angelo Arab.pdf: 771739 bytes, checksum: 81e5c5e53ddaf174f0e55b318fddd843 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2012-09-17T18:36:45Z (GMT) No. of bitstreams: 1 Dissertação - Miguel Angelo Arab.pdf: 771739 bytes, checksum: 81e5c5e53ddaf174f0e55b318fddd843 (MD5) / Made available in DSpace on 2012-09-17T18:39:09Z (GMT). No. of bitstreams: 1 Dissertação - Miguel Angelo Arab.pdf: 771739 bytes, checksum: 81e5c5e53ddaf174f0e55b318fddd843 (MD5) Previous issue date: 2012-06-18 / In the first chapter, this study will analyze the follow question of research: how the 2008 global financial crisis affected the global balance of power; their impact on the international system developments; their respective argument goals; and the definition and relevance of this study. In the chapter 2, this study will determinate the methodological point of view in terms of approach and of collecting and processing information methods. The third chapter will present the complexity of the interaction between the international order and the global governance. These two terms are very difficult to define, but they are frequent on the agenda of diplomacy and in the international politics. In chapter 4, this study will introduce the multilevel governance concept to express the interaction between several actors in several layers below and above the state. The fifth chapter will examine the crisis that occurs before the 2008 global financial crisis, investigating the possible existence of common characteristics between them. In the sixth chapter, this work will investigate the 2008 global financial crisis and their extension and prolongation to Europe, enunciating the economic and financial global variables. This work, in the Chapter 7, attempts to relate Brazil's foreign policy to the of global governance architecture, targeting more active contribution in international forums. In chapter nine, this text will presents the conclusion of this study in terms of dilemmas and the behavioral and/or structural obstacles and the questions that should be considered and deeply investigated / O primeiro capítulo trata do problema de pesquisa consubstanciado na pergunta: como a crise financeira mundial de 2008 atingiu o equilíbrio de poder global e quais foram os desdobramentos no sistema internacional, e a respectiva argumentação de objetivos, delimitação e relevância do estudo. O capítulo dois aborda a questão metodológica do ponto de vista dos métodos de abordagem e da coleta e tratamento das informações. O capítulo terceiro apresenta a complexidade da interação entre ordem internacional e governança global, termos difíceis de serem definidos, porém constantes nas agendas da diplomacia e política internacional. O capítulo quarto introduz o conceito de governança multinível para expressar a interação de diversos atores em diversas camadas abaixo e acima do Estado. O capítulo quinto trata das crises pré-2008, buscando verificar possíveis características comuns entre elas. O capítulo sexto trata da crise de 2008 e alargamento e prolongamento para a Europa, articulando variáveis econômicas e financeiras globais. O capítulo sete procura relacionar a política externa brasileira à arquitetura da governança global, aspirando uma participação mais ativa nos fóruns internacionais. No capítulo nono é apresentada a conclusão do estudo em termos de dilemas e obstáculos comportamentais e/ou estruturais e os campos que devem ser melhor investigados e aprofundados.

Orientadora: Flávia de Campos Mello / O Programa de Pós-Graduação em Relações Internacionais é instituído em parceria com a Unesp/Unicamp/PUC-SP, em projeto subsidiado pela CAPES, intitulado "Programa San Tiago Dantas" / Resumo: Não disponível / Abstract: Not available / Doutor

Submitted by Drusilla Taszarek (drusilla.taszarek@sciencespo.fr) on 2015-07-02T14:25:24Z No. of bitstreams: 1 Taszarek_Drusilla_ThesisFGV_MPGI.pdf: 1284647 bytes, checksum: a5fd3e51bbde438a132eaf8e43192163 (MD5) / Approved for entry into archive by Luana Rodrigues (luana.rodrigues@fgv.br) on 2015-07-07T14:49:11Z (GMT) No. of bitstreams: 1 Taszarek_Drusilla_ThesisFGV_MPGI.pdf: 1284647 bytes, checksum: a5fd3e51bbde438a132eaf8e43192163 (MD5) / Made available in DSpace on 2015-07-07T15:16:06Z (GMT). No. of bitstreams: 1 Taszarek_Drusilla_ThesisFGV_MPGI.pdf: 1284647 bytes, checksum: a5fd3e51bbde438a132eaf8e43192163 (MD5) Previous issue date: 2015-06-15 / The private equity industry was experiencing a phenomenal boom at the turn of the century but collapsed abruptly in 2008 with the onset of the financial crisis. Considered one of the worst crises since the Great Depression of the 1930s, it had sent ripples around the world threatening the collapse of financial institutions and provoking a liquidity crunch followed by a huge downturn in economic activity and recession. Furthermore, the physiognomy of the financial landscape had considerably altered with banks retracting from the lending space, accompanied by a hardening of financial regulation that sought to better contain systemic risk. Given the new set of changes and challenges that had arisen from this period of financial turmoil, private equity found itself having to question current practices and methods of operation in order to adjust to the harsh realities of a new post-apocalyptic world. Consequently, this paper goes on to explore how the private equity business, management and operation model has evolved since the credit crunch with a specific focus on mature markets such as the United States and Europe. More specifically, this paper will aim to gather insights on the development of the industry since the crisis in Western Europe through a case study approach using as a base interviews with professionals working in the industry and those external to the sector but who have/have had considerable interaction with PE players from 2007 to the present. / A indústria de private equity experimentava um boom fenomenal na virada do século, mas entrou bruscamente em colapso em 2008 com o início da crise financeira. Considerada uma das piores crises desde a Grande Depressão dos anos 30, a crise financeira havia reverberado ao redor do mundo ameaçando o colapso de instituições financeiras e provocando uma crise de liquidez seguida por um enorme declínio da atividade econômica e recessão. Além disso, a fisionomia do cenário financeiro se havia alterado consideravelmente com bancos que retiravam-se do espaço de concessão de empréstimos, acompanhados por um endurecimento das regulações financeiras que buscavam melhor conter um risco sistêmico. Dado o novo conjunto de mudanças e desafios que surgiram deste período de turbulência financeira, a indústria do private equity encontrou-se tendo que colocar em questionamento práticas e métodos correntes de operação a fim de ajustar-se às duras realidades de um novo mundo pós-apocalíptico. Consequentemente, este estudo busca explorar como o negócio, gestão e modelo operacional de private equity evoluíram desde a crise do crédito com um foco específico em mercados maduros como os Estados Unidos e a Europa. Mais especificamente, este estudo visa reunir percepções acerca do desenvolvimento da indústria desde a crise na Europa Ocidental, através de uma abordagem de estudo de caso usando como base entrevistas com professionais que trabalham na indústria e aqueles externos ao setor, mas que têm/tinham interações consideráveis com atores do PE de 2007 ao dias atuais.

Submitted by Paulo Junior (paulo.jr@fgv.br) on 2011-04-27T20:00:28Z No. of bitstreams: 1 Erik Mikletum.pdf: 382698 bytes, checksum: 108bcafa3e74f782fc0041b18cd0d5ad (MD5) / Approved for entry into archive by Paulo Junior(paulo.jr@fgv.br) on 2011-04-27T20:00:52Z (GMT) No. of bitstreams: 1 Erik Mikletum.pdf: 382698 bytes, checksum: 108bcafa3e74f782fc0041b18cd0d5ad (MD5) / Made available in DSpace on 2011-05-03T12:56:13Z (GMT). No. of bitstreams: 1 Erik Mikletum.pdf: 382698 bytes, checksum: 108bcafa3e74f782fc0041b18cd0d5ad (MD5) Previous issue date: 2010-04-07 / Why did house prices fall in 2007‐2009? This is the fundamental question to most Americans, and to those who lent them money. Most homeowners did not care why residential real estate prices rose. They assumed prices always rose, and they should simply enjoy their good fortune. It was not until prices began to fall that people were left searching for answers. How much did regulation or lack thereof play in the role of the devastation? To what degree did greed and unrealistic consumer expectation have on the real estate bubble? Using existing literature as well as face to face interviews of experienced leaders within the real estate industry in California who experienced both the up and down of the real estate cycle, the overarching purpose of this study is to investigate the opinions and beliefs of the leaders and drivers within the real estate industry about the cause of the real estate bubble that occurred sharply in 2008 . Specifically, this project will focus on the opinions of real estate industry leaders who worked in the center of the subprime universe located in Irvine, California, during 2004‐2008. Comparing the mainstream beliefs with the interviewees it is fair to say that the main finding in the mainstream beliefs are reflected very well with the finding of the subject’s opinion. The thesis is divided into 6 chapters starting with 'introduction', followed by chapter 2 'Literature Review'. Chapter 3 is 'Research Methodology' followed by chapter 4 'Data Presentation'. Finally, the results are discussed in chapter 5 'Analysis and Discussion' and conclusions in Chapter 6.

Submitted by Maykon Nascimento (maykon.albani@hotmail.com) on 2014-09-29T18:22:11Z No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertacao.Alysson.texto.pdf: 2231272 bytes, checksum: e5edb7bcb5adb822f037f33c3fef9aab (MD5) / Approved for entry into archive by Elizabete Silva (elizabete.silva@ufes.br) on 2014-11-17T18:51:57Z (GMT) No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertacao.Alysson.texto.pdf: 2231272 bytes, checksum: e5edb7bcb5adb822f037f33c3fef9aab (MD5) / Made available in DSpace on 2014-11-17T18:51:57Z (GMT). No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertacao.Alysson.texto.pdf: 2231272 bytes, checksum: e5edb7bcb5adb822f037f33c3fef9aab (MD5) Previous issue date: 2014 / Diante do colapso financeiro de 2008, este trabalho retoma a teoria econômica proposta por Hyman P. Minsky com o objetivo de esclarecer as circunstâncias que propiciaram uma crise financeira tão profunda. A estrutura analítica de Minsky é marcada pela Hipótese da Instabilidade Financeira, a qual aponta para fatores endógenos ao próprio sistema capitalista como o principal causador de instabilidades financeiras. Este processo, caracterizado principalmente por um avanço desfavorável no nível de endividamento dos agentes, constrói um ciclo de estágios que pode se desenvolver para uma crise financeira ou um colapso sistêmico, definidos como “Momento Minsky” e “Colapso Minsky”. Este cenário descrito por Minsky, também analisado à luz de teorias mais recentes como as de Gary A. Dymski e Alessandro Vercelli, é conhecido por “ciclo minskyano”. Ao adotar estes preceitos da análise teórica de Minsky, é possível visualizar como o processo de desregulamentação e fragilização financeira dos Estados Unidos nas décadas de 1980 e 1990 proveram condições para a crise do subprime e, posteriormente, o colapso financeiro de 2008. De maneira similar, é possível observar que a análise teórica de Minsky também é aplicável à crise que afeta a economia brasileira no final de 2008. A fragilização financeira que se inicia no Brasil poucos anos antes da crise, acentuada no setor exportador de commodities, cria a condição para o “momento Minsky brasileiro”, demonstrando que apesar das falhas da análise teórica de Minsky, que supõe uma economia fechada com características da economia estadunidense, é possível visualizar uma relação de causa e efeito da recente crise financeira com a teoria minskyana. / Having in sight the world's financial collapse of 2008, this dissertation takes up the economic theory proposed by Hyman P. Minsky aiming to clarify the circumstances that led to so deep financial crisis. Minsky’s analytical framework was built on the Financial Instability Hypothesis, which identifies in the internal dynamics of the capitalistic system as the main cause of its financial upswings and downturns. This process, characterized by the progressive indebtedness of economic agents, builds itself in a cycle of predefined stages that often reach the apex of a financial crisis or a systemic collapse, best known in the literature, respectively, as “Minsky Moment” and “Minsky Collapse”. Minsky's overall approach to the financial modus operandi of modern economies was complemented by the more recent contributions of Gary A. Dymski and Alessandro Vercelli, who explored the idea of a Miskian cycle. By reviewing these theories in some detail, it is possible to see how the process of the deregulation and financial weakness of the United States in the 1980s and 1990s paved the way to the subprime crisis and, later, of the 2008 financial collapse. Similarly, is possible to observe that Minsky’s theory is also applicable to the Brazilian financial crisis in 2008. The financial fragility that began to develop in Brazil some years prior to the crisis, mainly in the commodities export sector, created the conditions for the “Brazilian Minsky’s moment”, demonstrating that despite some limitations of Minsky's analysis, such as the assumption of a closed economy, his theory offers important insights not only into the operation of financial markets in fully advanced economies but also in the emerging ones as well.

Made available in DSpace on 2016-02-05T18:29:41Z (GMT). No. of bitstreams: 0 Previous issue date: 2015-08-17. Added 1 bitstream(s) on 2016-02-05T18:33:43Z : No. of bitstreams: 1 000857084.pdf: 3157709 bytes, checksum: e3ff8c63b85c0d2ae8a2a85919e6a3f4 (MD5) / Não disponível

Submitted by Olufunmi Abimbola Akinyode (olufunmi.akinyode2015@fgvmail.br) on 2015-01-27T17:46:28Z No. of bitstreams: 1 Olufunmi.pdf: 1103432 bytes, checksum: d8788e42fd2064560fd1035957664db9 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2015-02-04T19:21:23Z (GMT) No. of bitstreams: 1 Olufunmi.pdf: 1103432 bytes, checksum: d8788e42fd2064560fd1035957664db9 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-02-12T12:07:36Z (GMT) No. of bitstreams: 1 Olufunmi.pdf: 1103432 bytes, checksum: d8788e42fd2064560fd1035957664db9 (MD5) / Made available in DSpace on 2015-02-12T12:08:03Z (GMT). No. of bitstreams: 1 Olufunmi.pdf: 1103432 bytes, checksum: d8788e42fd2064560fd1035957664db9 (MD5) Previous issue date: 2014-10-31 / There has been 47 recessions in the United States of America (US) since 1790. US recessions have increasingly affected economies of other countries in the world as nations become more and more interdependent on each other. The worst economic recession so far was the 'Great Depression' – an economic recession that was caused by the 1929 crash of the stock market in the US. The 2008 economic recession in the US was a result of the burst of the 'housing bubble' created by predatory lending. The economic recession resulted in increased unemployment (according to NBER 8.7 million jobs were lost from Feb. 2008 to Feb. 2010); decrease in GDP by 5.1%; increase in poverty level from 12.1% (2007) to 16.0% (2008) (NBER) This dissertation is an attempt to research the impact of the 2008 economic recession on different types of residential investments: a case study of five (5) diverse neighborhoods/zip codes in Washington DC, USA The main findings were that the effect of the 2008 economic depression on the different types of residential properties was dependent on the location of the property and the demographics/socio-economic factors associated with that location.

Submitted by João Ricardo Costa Filho (joao.costa@gvmail.br) on 2011-08-25T17:38:41Z No. of bitstreams: 1 Dissertação - final.pdf: 669830 bytes, checksum: ec0f074857246db42ad241ecf116ce89 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-08-25T18:34:43Z (GMT) No. of bitstreams: 1 Dissertação - final.pdf: 669830 bytes, checksum: ec0f074857246db42ad241ecf116ce89 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-08-25T18:34:58Z (GMT) No. of bitstreams: 1 Dissertação - final.pdf: 669830 bytes, checksum: ec0f074857246db42ad241ecf116ce89 (MD5) / Made available in DSpace on 2011-08-25T18:36:55Z (GMT). No. of bitstreams: 1 Dissertação - final.pdf: 669830 bytes, checksum: ec0f074857246db42ad241ecf116ce89 (MD5) Previous issue date: 2011-08-19 / The aim of this paper is to analyse whether the economic policy response capability was a relevant factor for minimizing the 2008 financial crisis severity within its first year. The research hypothesis is that countries with a larger space for expansionary policies – higher interest rates and better fiscal results – have registered a less severe crisis. The econometric results corroborate with the hypothesis for the monetary policy. In relation to the fiscal policy, the sign of the parameters was the opposite of what was expected, signaling that, even countries with good fiscal results can experience limitations to Keynesian stimulus due to debt intolerances. However, the interation between central govern result and gross debt confirms the research hypothesis, whereas a better management of the fiscal flow and debt stock simultaneously seems to be relevant. Adding an investment grade variable to the specifications highlighted that the crisis was more severe within the developed economies. / Este trabalho tem por objetivo analisar se a capacidade de resposta de política econômica foi fator relevante para minimizar a severidade da crise financeira de 2008, no primeiro ano do episódio. A hipótese da pesquisa é que países com um maior espaço para políticas expansionistas – maiores taxas de juros maiores e melhores resultados do governo central – tenham registrado uma crise menos severa, tudo mais constante. Os resultados econométricos corroboram com a hipótese em relação à política monetária. No que diz respeito à política fiscal, o sinal dos parâmetros encontrado é oposto ao esperado, sinalizando que, possivelmente, mesmo países com bons resultados fiscais possam ter limitações a estímulos keynesianos em função da tolerância ao seu nível de endividamento. Entretanto, a interação entre o resultado do governo central e o endividamento está em linha com a hipótese da pesquisa, uma vez que uma melhor gestão tanto do fluxo fiscal, quanto do estoque da dívida no ano anterior ao evento mostrou-se relevante. A adição da variável de investment grade às especificações ressaltou uma crise mais severa nas economias desenvolvidas.

Submitted by Marcia Bacha (marcia.bacha@fgv.br) on 2011-09-22T19:56:52Z No. of bitstreams: 1 Daniel Monteiro Gentil.pdf: 747253 bytes, checksum: 2ca9dcdb17e256705fe98cf99f7625a4 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2011-09-22T19:57:17Z (GMT) No. of bitstreams: 1 Daniel Monteiro Gentil.pdf: 747253 bytes, checksum: 2ca9dcdb17e256705fe98cf99f7625a4 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2011-09-22T19:57:25Z (GMT) No. of bitstreams: 1 Daniel Monteiro Gentil.pdf: 747253 bytes, checksum: 2ca9dcdb17e256705fe98cf99f7625a4 (MD5) / Made available in DSpace on 2011-09-22T19:57:33Z (GMT). No. of bitstreams: 1 Daniel Monteiro Gentil.pdf: 747253 bytes, checksum: 2ca9dcdb17e256705fe98cf99f7625a4 (MD5) Previous issue date: 2011 / A presente dissertação procura identificar as medidas de gestão adotadas pela RFB para combater os efeitos da crise financeira global de 2008 na arrecadação federal. Para o estudo, foi realizada pesquisa de campo, por meio de entrevistas com dez dirigentes da RFB. Os dados foram tratados qualitativamente, utilizando o método de análise de conteúdo. O estudo identifica que a RFB reagiu positivamente à crise financeira global, por meio do diagnóstico da arrecadação federal, da fiscalização dos setores que apresentaram inconsistências no seu perfil de arrecadação, principalmente dos grandes contribuintes, da reestruturação das Delegacias Financeiras, da realização da operação 'Ouro de Tolo'. Além disso, foi possível identificar o aprendizado de algumas lições pela RFB, por meio de algumas medidas adotadas pela organização mesmo depois da crise, mas que foram evidenciadas pela crise. / This thesis seeks to identify the strategies adopted by the RFB to combat the effects of global financial crisis of 2008 in federal revenues. For this study, field research was conducted through interviews with ten leaders of the RFB. The data was treated qualitatively, using the content analysis method. The study identifies that the RFB reacted positively to the global financial crisis, through the diagnosis of federal revenues from the review of the sectors that showed inconsistencies in their profile collection, especially of large taxpayers, the restructuring of the Financial Department, the operation took place 'Ouro de Tolo'. Furthermore, it was possible to identify the learning lessons, by some strategies adopted by the organization even after the crisis, but that has been evidenced by the crisis.