Submitted by Renata Lopes (renatasil82@gmail.com) on 2017-03-09T14:27:23Z No. of bitstreams: 1 yuriamaralbarbosa.pdf: 9573655 bytes, checksum: 01899f0f41d5b412105ba74503d206f8 (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2017-03-10T13:18:26Z (GMT) No. of bitstreams: 1 yuriamaralbarbosa.pdf: 9573655 bytes, checksum: 01899f0f41d5b412105ba74503d206f8 (MD5) / Made available in DSpace on 2017-03-10T13:18:26Z (GMT). No. of bitstreams: 1 yuriamaralbarbosa.pdf: 9573655 bytes, checksum: 01899f0f41d5b412105ba74503d206f8 (MD5) Previous issue date: 2016-08-31 / CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Este trabalho situa-se no campo daquilo que chamamos de Geografia Histórica, ou seja, uma análise do espaço descolada do presente, com os olhos voltados para o passado, a fim de compreender as estruturas que geraram certas configurações espaciais e os processos de formação de uma cidade capitalista. Localizando no espaço-tempo, nosso trabalho pretende verificar se a conjuntura econômica dos anos finais do século XIX impactou o processo urbano da cidade de Juiz de Fora, Minas Gerais. Nesse período, a progressiva evolução das técnicas permitiu à economia mundial alcançar, pela primeira vez, um significativo estágio de globalização. Nesse contexto, identificamos uma crescente e controversa interferência dos países centrais na economia dos países periféricos, como o Brasil. Aliado à um conjunto de políticas internas, essas intervenções acabaram por fomentar a Crise do Encilhamento no país, período caracterizado pela abertura de inúmeras sociedades anônimas, pela extrema desregulamentação do mercado de capitais e por uma exorbitante emissão de papel-moeda. Ao mesmo tempo, a Proclamação da República concedia, por meio da Constituição de 1891, uma significativa alteração política, até então, negada pelo Império: a autonomia municipal. Ratificado pela Constituição de Minas Gerais, os municípios tomaram as rédeas da gestão do espaço urbano e passaram a ser uma figura central nesse processo. Juntas, essas transformações políticas e econômicas propiciaram uma intensa aceleração do processo urbano de Juiz de Fora, marcado pela mercantilização do solo urbano, pela consolidação de um mercado mobiliário, e por uma profusão de obras públicas. / This work lies in the field of what we call historical geography, that is, an analysis of the space datached from the present time, with an eye to the past in order to understand the structures that generate certain spatial configurations and formation processes of a capitalist city. Locating in space-time, our work aims to verify whether the economic conditions of the final years of the nineteenth century impacted the urban process in the city of Juiz de Fora, Minas Gerais. During this period, the progressive development of techniques allowed the world economy to achieve, for the first time, a significant globalization stage. In this context, we have identified a growing and controversial interference of the central countries in the economies of peripheral countries such as Brazil. Combined with a set of internal policies, these interventions have fostered the Encilhamento crisis in this country, a period characterized by the opening of numerous corporations, the extreme deregulation of the capital market and for an exorbitant emission of currency. At the same time, the Republic of Proclamation granted through the Constitution of 1891, a significant change in policy until then denied by the Empire: the municipal autonomy. Ratified by the Constitution of Minas Gerais, the municipalities took the reins of management of urban space and became a central figure in this process. Together, these political and economic changes have led to a sharp acceleration of the urban process of Juiz de Fora, marked by the commodification of urban land, the consolidation of a securities market, and a profusion of public works.

[pt] Pressões para se educar financeiramente a população vêm sendo sentidas em diversas partes do mundo, especialmente considerando um cenário de maior complexidade de decisões financeiras, consumismo, menor provisão de bens e serviços considerados básicos por parte do Estado e de maior desregulamentação do Sistema Financeiro. Para diversos autores, esse cenário ajuda a fazer com que o mundo financeiro, com seus motivos e práticas, adentre na esfera doméstica e com que se potencialize um quadro que se convencionou chamar de financeirização da economia. Nesse sentido, o presente trabalho teve como objetivos principais (1) investigar o processo de financeirização da vida doméstica e caracterizar a emergência dos debates sobre o tema Educação Financeira como desdobramento desse processo e (2) compreender o sentido da Educação Financeira em uma sociedade financeirizada, marcada pelo consumismo, maior endividamento da população e aumento da complexidade das decisões financeiras, onde o dinheiro ocupa cada vez mais papel preponderante de balizador de relações não apenas econômicas, mas também pessoais e sociais. Foi realizada extensa revisão bibliográfica sobre a financeirização, seguida pela busca e compilação de dados que permitissem afirmar que tal fenômeno se encontra presente também na economia brasileira. O trabalho também apresentou uma discussão sobre três perfis ou posturas surgidos a partir da financeirização: uma postura ativa, daqueles que buscam na interação com o mercado financeiro as oportunidades para se melhorar patrimônio e consumo; uma postura defensiva, típica dos indivíduos que enxergam no sistema financeiro a possibilidade de se preencher a lacuna entre o que se ganha e o que se deveria ganhar para não se perder padrão de vida, especialmente em face da menor provisão de serviços por parte do Estado; e, por fim, a postura dos excluídos pela financeirização, que pouco ou nenhuma interação conseguem com o mundo financeiro, especialmente considerando um cenário de desigualdade e exclusão financeira. Essa discussão se tornou preponderante para avaliar a Estratégia Nacional de Educação Financeira (ENEF), política pública criada para se educar financeiramente a população do Brasil e inquirir a quem ela se presta, dado o contexto de desigualdade, exclusão e financeirização. O trabalho termina com uma proposição de iniciativas para se pensar um pouco além da Educação Financeira, de modo a se mudar o rumo das discussões apenas focadas no aspecto de fornecimento de informações financeiras às pessoas e se direcionar os debates para um novo significado para o consumo e para o dinheiro na sociedade e sobre uma regulação mais efetiva do Sistema Financeiro. / [en] Pressures to financially educate the population have been felt in many parts of the world, especially considering a scenario of greater complexity of financial decisions, consumerism, less provision of basic goods and services by the State and greater deregulation of the Financial System. For several authors, this scenario contributes to allow the financial world, with its motives and practices, to enter into the domestic sphere and to maximize a framework that has been called the financialization of economy. In this sense, the main objectives of this study were: (1) to investigate the process of financialization of domestic life and to characterize the emergence of debates on the subject of Financial Education as a result of this process; and (2) to understand the meaning of Financial Education in a financialized society, shaped by consumerism, greater population indebtedness and an increase in the complexity of financial decisions; a society where money occupies an increasingly important role as a driver of not only economic relations but also personal and social relations. An extensive bibliographical review was carried out on the financialization subject, followed by the search and compilation of data that allowed to affirm that this phenomenon is also present in the Brazilian economy. The thesis also presented a discussion about three profiles or postures arising from financialization: an active posture, of those who seek the opportunities to improve equity and consumption in the interaction with the financial market; a defensive one, typical of individuals who see in the financial system the possibility of filling the gap between what is earned and what should be earned in order not to lose the aimed standard of living, especially in face of lower provision of services by the State; and, finally, the position of those excluded by financialization, entitled of little or no interaction with the financial world, specially considering a scenario of inequalities and financial exclusion. This discussion became important in order to analyse the National Strategy of Financial Education (ENEF, in Portuguese), a public policy designed to financially educate Brazilian population and to ask to whom it is made for, given the context of inequality, exclusion and financialization. The work ends with a proposal for initiatives to think beyond Financial Education, aiming to change the direction of discussions focused only on the aspect of providing financial information to people and to point the debates on a new meaning for consumption and money in society and on a more effective regulation of the Financial System.

Cette thèse a pour objectif de réhabiliter l’analyse circuitiste des crises économiques. Cellecia largement été supplantée depuis la fin des « trentes glorieuses » par la pensée néo-libérale.Pourtant les modèles, même les plus récents, émanant de cette pensée n’ont pas su ni prévenir, niguérir la crise que nous traversons. Nous considérons alors la théorie du circuit, dont Marx et Keynessont d’éminents représentants, comme bien plus capable d’appréhender la crise actuelle. Nousétablissons une dichotomie de l’analyse économique entre l’analyse du circuit et l’analyse libérale,que nous appelons également dans cette thèse « analyse de marché ». Nous montrerons comments’est construite cette analyse et comment ses hypothèses sont développées. Ce travail procèdeégalement à une analyse empirique. Nous montrerons à la lumière de la théorie du circuit lesconséquences des politiques néolibérales sur la dynamique économique. Ces politiques delibéralisation commerciale et financière devaient nous faire tendre vers l’équilibre général de pleinemploi. Elles ont pourtant, bien au contraire amené le déséquilibre généralisé de sous-emploi. Lesconclusions de cette thèse en termes de politiques économiques penchent en faveur d’unprotectionnisme raisonné et concerté à l’échelle internationale, ainsi qu’en faveur d’un contrôle dusystème financier afin que celui-ci finance l’accumulation du capital des sociétés non financières / This PhD thesis aims at rehabilitating the circuit analysis of economic crises. This analysiswas supplanted by the neo-liberal one at the end of the post-war boom. However, the neo-liberalmodels, and even the most recent ones, could not prevent nor solve the crisis that we are now goingthrough. We find the circuit theory, of which Marx and Keynes are distinguished representatives,much more capable of explaining the current crisis. We set up a dichotomy in economics betweenthe circuit analysis and the so-called liberal analysis, which we also call in this thesis the «marketanalysis». We show how this analysis and the hypotheses that stem from it were built. This work alsoincludes an empirical analysis. We use the circuit analysis to show the consequences of neo-liberalpolicies on economic dynamics. Thesefinancial and commercial liberalization policies should havelead us towards afull employment general equilibrium. On the contrary, they brought aunderemployment generalizeddisequilibrium.This thesis’ conclusions in terms of economic policiesare in favor of a concerted and reasoned protectionism on the international scale, as well as a controlof the financial system in order to fund non-financial corporations accumulation of capital.

Cette thèse analyse les conséquences des transformations de la sphère financière sur les canaux de transmission des décisions de politique monétaire, au cours de ces dernières années dans les pays industrialisés. Elle observe que du fait de ces transformations, les établissements bancaires sont passés d’un modèle d’« octroi et détention du crédit » (originate to hold) à un modèle d’« octroi puis cession du crédit » (originate to distribute), ce qui leur permet de recourir davantage aux produits dérivés et à des instruments de transfert du risque de crédit. Elle démontre que ces techniques de gestion actif/passif ont complètement bouleversé les fondements théoriques des canaux traditionnels, en particulier, du canal du crédit. Pour expliquer ces bouleversements, l’analyse a été structurée en deux parties. La première met en évidence, à travers le principe d’accélérateur financier, la manière dont la déconnexion partielle entre la croissance de l’offre de crédits et celle des dépôts bancaires a tendance à renforcer le canal du crédit alors qu’on devait s’attendre à son affaiblissement du fait que toutes les hypothèses-clés mises en avant par Bernanke et Blinder (1988) ont été fragilisées par les innovations financières. La deuxième partie montre, en s’appuyant sur les études empiriques, comment le canal des taux d’intérêt s’est renforcé grâce à la financiarisation croissance des économies industrialisées et à la flexibilité du cadre opérationnel de la politique monétaire. / This dissertation analyses the consequences of transformations in the financial sphere on the transmission channels of decisions in monetary policy in industrialized countries over the past several years. We observe that as a result of these transformations, banking institutions have evolved from an originate to hold model to an originate to distribute model. This has enabled banks to turn more toward derivative products and credit risk transfer instruments. We demonstrate that these techniques of active/passive management have completely revolutionized the theoretical foundations of traditional channels and in particular the credit channel. Our analysis of these landmark changes is organized into two parts. The first part reveals, using the principle of the financial accelerator, the manner in which the partial disconnection between the growth of the credit offer and that of banking deposits tends to reinforce the credit channel. This reinforcement flies in the face of expectations, given that the key hypotheses formulated by Bernanke and Blinder (1988) have been undermined by financial innovations. The second part of the dissertation uses empirical studies to demonstrate how the interest rate channel has been reinforced thanks to growing financialization in the industrialized economies and to the flexibility of the operational framework of monetary policy.

O objetivo deste trabalho é a discussão sobre a importância da teoria marxista do imperialismo para a compreensão do capitalismo hodierno. Para tanto, faz-se uma breve análise das principais contribuições dos autores marxistas clássicos. Posteriormente, veremos os alcances e limites da teoria clássica do imperialismo nos debates atuais relativos ao neoliberalismo, a financeirização da economia, ao papel do capital financeiro no capitalismo contemporâneo e a hegemonia norte-americana no mundo atual. Parte-se da idéia de que o imperialismo representa o elemento central na explicação do capitalismo, desde a década de 1870. Porém, podemos destacar 3 subfases no desenvolvimento do capital monopolista: primeiro, o período compreendido entre os anos de 1870 a 1913; o segundo período, compreendido entre os anos de 1920 a 1970; o terceiro período, entre o final da década de 1970 e ainda não finalizado. / The objetive of this work is discussing about the importance of the Marxs theory of Imperialism to insight of hodiern capitalism. For this purpose, it makes a brief analysis of main contributions of the classical marxists authors. After that, we see the achievements and limitations of the classical theory of Imperialism in the current discussions about the neoliberalism, financialization, to the role of finance in the contemporary capitalism and to the USAs hegemony. The bottom line is the idea the Imperialism has represented the central element to explain the capitalism since the 1870s. However, we can draft three sub-steps of the monopolist capitalism development: first, the period between 1870 and 1913; second, the period between 1920 and 1970; third, between the end of the 1970s thats not finished yet.

La thèse interroge les transformations induites par la prolifération des fonds et des firmes de private equity sur l’organisation économique et sociale de l’agriculture en Afrique du sud. Au croisement de l’économie politique et de la sociologie économique, elle propose d’analyser un dispositif d’intermédiation financier original, le private equity, et de ses effets de transmission. Grâce à la collecte de matériaux empiriques et à l’analyse approfondie d’une quinzaine d’études de cas, la thèse reconstitue la circulation et la reproduction des capitaux au sein des « filières agro-financières » du private equity. Ces circuits de capitaux sont composés de trois groupes d’acteurs –les investisseurs institutionnels, les gestionnaires d’actifs, les dirigeants d’entreprise- qui sont collectivement engagés dans la production d’un actif agricole à partir d’entreprises-cibles. La thèse se situe principalement au niveau des gestionnaires sud-africains et analyse leur travail au niveau commercial et productif, c’est-à-dire leurs capacités à faire émerger, à coordonner et à maintenir les filières du private equity. Elle pénètre aussi dans les entreprises agricoles et agroalimentaires en Afrique du sud et en Afrique sub-saharienne pour étudier les effets de leur intégration aux filières. Enfin, au-delà des seules entreprises, la thèse s’intéresse aux répercussions sur l’organisation politique et sociale de l’agriculture dans l’Afrique du sud postapartheid. A partir de ces cas particuliers, l’ambition de la thèse est d’analyser les conditions et les effets de la financiarisation des économies contemporaines au niveau méso du secteur. « L’extension du domaine de la finance » repose sur la constitution d’espaces sociaux transectoriels, structurés autour des exigences des marchés financiers, lesquels remettent en cause les formes et l’intensité de la régulation sectorielle. / The dissertation examines the transformations generated by the proliferation of private equity funds and firms in South African agriculture. Positioning itself at the crossroad of economic sociology and political economy, it analyses a specific financial device, i.e. private equity, and its transmission effects. By collecting empirical data and analyzing about 15 case studies, the dissertation exposes capital’s circulation and reproduction along private equity’s “agro-financial filières”. Three groups of actors are part of such circuits of capital –institutional investors, asset managers and companies’ managers, collectively engaged in the production of agricultural assets. Firstly, the dissertation focuses on asset managers’ level and analyses their daily commercial and productive work, i.e. their capacities to develop, coordinate and maintain private equity’s filières. Secondly, it also examins the agro-food companies in South Africa and Sub-Saharan Africa, in order to assess the impacts on the firms’ structure and governance. Thirdly, it analyses the political and social restructuration in particular of the agricultural sector in the post-apartheid era. From these specific case studies, the project of this dissertation is to analyze the terms and effects of contemporary economies’ financialisation on agriculture. Indeed, the extension of the financial realm is based on trans-sectorial spaces, structured around financial markets’ requirements, contesting the form and intensity of sectors’ economic regulations.

Depuis la fin des années 2000, les risques psychosociaux (stress, anxiété, burn-out…) sont au cœur des débats sociétaux. La littérature explique l’apparition accrue de ces phénomènes par la diffusion d'une culture du résultat exigeant toujours plus des individus et contrôlant leur performance grâce à un ensemble de dispositifs et d'outils de gestion. Parallèlement, pour prévenir les risques psychosociaux les organisations s'appuient également sur des outils de gestion. Cette thèse vise donc à répondre à la question de recherche suivante : dans quelle mesure les outils de gestion participent aux risques psychosociaux, à leur production et à leur prévention ? Pour y parvenir nous avons réalisé une étude exploratoire, puis, quatre études de cas au sein d’organisations privées et publiques selon un design qualitatif composé de 67 entretiens semi-directifs, de deux observations non participantes et de documentations internes et externes. En étudiant les relations systémiques entre perceptions du réel, individus et outils de gestion, nous approfondissons les mécanismes complexes liant culture du résultat, dispositifs de gestion et risques psychosociaux. / Since the late 2000s, psychosocial risks (job strain, anxiety, burn out…) are a debating point. The literature explains it by the dissemination of a results-oriented culture which demands more and more to people and controls their performance by using management tools. Furthermore, to prevent psychosocial risks organizations also use management tools. That's why we focus our attention on the use of management tools in organizations to study the complex links between management control and psychosocial risks. Thus, our thesis aim to answer the following research question: to what extent management tools participate to psychosocial risks, to their creation and to their prevention ? To do this, we have first made an exploratory study and then four case studies in private and public organizations. So our qualitative design is composed by collecting 67 semi-structured interviews, two non-participatory observations and internal and external documents. By studying mutual relationship between perceptions of reality, individuals and management tools, we explore the complex mechanisms binding results-oriented culture, management tools and psychosocial risks.

[pt] A Operação Urbana Consorciada da Região do Porto do Rio de Janeiro (OU-CRPRJ) é uma das manifestações espaciais do processo de reestruturação produtiva do modo de produção capitalista associada às liberalizações do setor financeiro ocorridas a partir de 1980. Esta operação é materializada através da reestruturação urbano-imobiliária das regiões central e portuária da cidade do Rio de Janeiro. A atual interconexão entre mercado financeiro e setor imobiliário promove a inversão de capital financeiro no processo de produção espacial através da emissão e comercialização de títulos mobiliários ligados ao solo urbano. Assim, a lógica financeira se materializa no espaço da OUCRPRJ através da comercialização de Certificados de Potencial Adicional de Construção (CEPACS), o que aponta a tendência da financeirização da produção do espaço. Neste sentido, este trabalho tem o objetivo de desvelar as contradições do processo de produção do espaço da OUCRPRJ, no qual, configuram-se estratégias de diferenciação e desigualização que promovem a formação de renda diferencial tanto dentro do perímetro como na escala da metrópole, ambas diretamente relacionadas à dinâmica financeira. Além disso, a produção do espaço da OUCRPRJ provoca a remoção da população que vive este espaço e é expulsa pela Prefeitura da Cidade sob justificativas desenvolvimentistas que seguem diretrizes neoliberais forjadas por instituições internacionais como o Banco Mundial que, em última análise, visa a reprodução continuada de capital por uma parcela da sociedade. Neste contexto, toma-se o processo de produção do espaço da OUCRPRJ como objeto analítico da presente dissertação de mestrado. / [en] The Operação Urbana Consorciada da Região do Porto do Rio de Janeiro (OUCRPRJ) is a spatial manifestation of the productive restructuring process associated to the financial sector liberalization that occurred since the 1980 s. This urban operation materializes through a realestate restructuring of central and harbor areas. The current interconnection between financial market and the realestate sector promotes financial capital injection in spatial production process by the issue of securities related to urban land. Thus, the financial capital logic materializes in OU-CRPRJ s through the commercialization of Certificados de Potencial de Construção Adicional (CEPACS), which points out the trend of spatial production fi-nancialization. In this sense, this research aims to unveiling the contradictions of spatial production process inside OUCRPRJ where differential and unequal strategies are configured, promoting differential rent formation inside the perimeter, as well as outside in the metropolis scale, both directly related to financial capital dynamics. Furthermore, the OUCRPRJ s spatial production causes the removal of population who actually lives in this space and is removed by the city hall under developmentalist justifications that follows neoliberal guidelines made by international institutions such as the World Bank, which intends to continue the reproduction of capital by a part of society. In this sense, the spatial production process of OUCRPRJ is the analytical object of this dissertation.

<p>This study investigates cattle futures response to the equities crash in March of 2020 and the subsequent COVID-19 linked production delays at beef packing plants. I observe that the initial declines in cattle futures began prior to the onset of beef packing plant shutdowns. Fitting a Vector Error Correction Model on live cattle futures, feeder cattle futures, and corn futures to the E-Mini S&P 500 futures contract finds evidencethat the S&P 500 had a significant impact on cattle prices during  March  of  2020.  These  results  are  an  example  of  increased  cross-asset  correlation  during periods of financial distress.</p>

In connection to the process of financialization of commodity markets which is caused by the sharp increase of money flowing into the commodity markets, the question of which factors affect commodity and commodity indices prices is discussed. The aim of the dissertation is to determine and quantify the factors affecting the prices of industrial metals during the period of financialization of commodity markets and derive the pricing model of industrial metals, which would be able to generate signals of a possible overvaluation or undervaluation. The paper examined non-ferrous industrial metals traded on the Commodity Exchange LME (London Metal Exchange), namely aluminum, copper, lead, nickel, tin and zinc. These metals are also included in the most of the world's composite commodity indices. The dissertation analyzes the contemporary developments in commodity markets; relationship between the price volatility and fundamental factors (including production, consumption and stocks of chosen metals and a wide range of macroeconomic determinants) or the relationship between risk and return of industrial metals. The closing part of the dissertation focuses on the creating of composite pricing indicator for copper and tin by using the Boosted Trees method. The results obtained in the research show that created indicator is able to explain the volatility of the 3m copper futures contracts by 94.25% and 3m futures contracts of tin by 96, 79% in the period from 1/2000 to 3/2015.