Financial speculation has increased dramatically over the last 30 years. This means that a practice that used to be viewed as immoral gambling has become legitimate financial trade. This book explores the genealogy of the coexisting insider trading laws. The insider regulation prohibits trade based on privileged information in order to create equal trading conditions, and in this way uphold confidence in the financial markets among the general public. However, this study shows that the existing view of the insider regulation is misleading and that the regulation is best understood as a game rule aiming to stimulate financial speculation. The protection interest is therefore not primarily the general public, but the financial system as such: the professional market actors sustaining the speculative activities and a growing financial sector. The consequence of stimulating financial speculation is that today’s authorities are attempting to make the financial markets into a lotto-like game, rather than a market for long-term investment. To make the financial markets into liquid and volatile public “games” means that the risks involved in the financial speculation are created by the human hand and the economic system itself rather than being naturally given. This places desire rather than rational needs as the fundamental ground of the economy. The concluding question is; why are we making our economy into a game?

The thesis is divided into three chapters.1) I study how monetary policy should be optimally designed when households show financial wealth heterogeneity.Main results: thanks to its ability to affect interest payments volatility, monetary policy has real effects even in a flexible-price cashless-limit environment; second, in a setup with nominal rigidities, price stability is no longer optimal. The extent of deviation from price stability depends on the initial level of debt dispersion.2) I assess the role of housing price movements in influencing the optimal design of monetary policy. Under the optimal simple rule, housing price movements should not be a separate target variable in addition to inflation. Furthermore, the welfare loss arising from targeting housing prices becomes quantitatively more significant the higher the degree of access to the credit market.3) I analyze the effects of fiscal policy in a currency area. Results: a public spending shock in one region increases private agents demand for imports and appreciates the terms of trade; second, a countercyclical fiscal rule can restore the Taylor principle, the uniqueness of the equilibrium and reduce macro-volatility.

Tanzania is among the poorest countries in the world, with most of its population living in rural areas. Like most other developing countries, rural households' access to financial services is very limited. The government has adopted series of economic reform measures since mid-1980s that include financial liberalization. Liberalization of the financial sector facilitated participation of private financial institutions, restructuring of public financial institutions and privatization, elimination of interest rate controls, credit allocation and targeting. In addition, the role of the Bank of Tanzania in supervision and regulation of financial institutions was strengthened. Following the privatization of the financial sector, the number of financial service providers increased and diversified, which include commercial banks, development banks, insurance and social security funds, and capital markets. The role of the central bank was re-defined and strengthened in terms of price stability, supervision and regulation. Although there is an increase in financial sector service providers and products, rural households' access to financial services did not improve. To the contrary access to formal financial services is diminishing significantly, hence making poverty reduction initiatives more difficult. This study analyzed constraints to access to rural financial services, examined its impact on rural households' livelihoods, and recommended appropriate financial sector development strategies. The data for the study were collected from various sources - both primary and secondary. Primary data were collected from selected thirteen villages in Babati and government offices in the district through interviews, focus group discussions, questionnaire, and observation. Secondary information was gathered from documentary sources in the form of reports, records and review of literature. A combination of analytical tools was used - qualitative and quantitative. The study observed that history of rural finance in Tanzania is associated with colonialization of Tanganyika. The German colonial administration was the first to introduce establishment of modern commercial banking in the country in 1905 when the Deutsche Ostafrikanische bank opened a branch in Dar es Salaam. The British colonial administration, after the defeat of Germans in World War I, promoted establishment of commercial banks in Tanganyika in order to support commercialization of the economy. Consequently, German banks were replaced and commercial bank branches were established in other parts of the country. The independent government undertook massive re-organization of the financial sector and much attention was put on agricultural credit. Agricultural credit was organized through specialized agricultural credit organizations that corroborated with state owned commercial banks. However, the co-operative movement were assigned important role in credit administration on the ground as they are closer to the beneficiaries. The financial structure after independence up to the 1990s, when reforms were ushered in, is characterized by state owned financial institutions with pervasive interference. Credit was directed on the basis of the government priorities with little regard to credit worthiness analysis. The National Bank of Commerce (NBC) and Co-operative and Rural Development Bank (CRDB) were the dominant banks that implemented the government monetary policy. Emphasis was put on credit and savings mobilization was neglected. The CRDB operated mostly on managing donor funds meant for rural development. Liberalization of the financial sector was introduced through the Banking and Financial Institutions Act (BAFIA) of 1991 to address the weaknesses observed in the financial sector. It was envisaged to improve access to financial services through enhanced competition, increased and diversified financial products and providers, and improved integration of the financial system. However, assessment of the impact of the financial liberalization has mixed results. While there are distinct expansion in financial institutions, products and services; these are more concentrated in urban areas and accessed mostly by wealthy clients. Consequently, rural households' access to finance is diminishing. On the other hand, most financial institutions continue to employ traditional banking approaches - of insistence on collateral, preference for less risky category of clients, bias towards large loans, and bureaucratic procedures in providing loans. Besides, there are limited initiatives in product innovation, design of appropriate delivery mechanisms, and high interest rates spreads that discouraged potentials borrowers and depositors. As a result of poor access to financial services, most households have strengthened self-financing mechanisms through the informal arrangements. Although, the semi-formal - especially member based financial institutions and some Financial NGOs (FiNGOs) are attempting to correct the financial imbalances, their outreach, products and services are still limited. While there are improvement in supervision and regulation of the financial sector, it must be noted that prudential regulation and supervisions as part of the financial infrastructure if not carefully used, will undermine the efficiency of the financial market. The study concludes that rural households need a variety of financial products that include savings facilities, loans, insurance, leasing, and means of transfer payments. The degree of demand for these products is, however, determined by household's level of poverty, household size, level of education and skills, life cycle needs, and local market opportunities. However, financial sector reforms had little impact on households' livelihoods. Its implementation is associated with an increase in inequalities and poverty. Besides, there is a reduced funding as well as investment in agriculture, which forms the key sector of the economy. Consequently, the performance of the agricultural sector has been declining although its contribution to GDP is still significant. Assessing the supply and demand for rural financial services, it is concluded that rural areas are hardly served by banks hence limiting access to financial services. Prior to liberalization, government owned financial institutions provided limited financial services to rural areas organized through co-operatives and specialized credit agencies. CRDB was responsible for organization of credit for farm inputs, while NBC provided crop finance. In addition, CRDB also facilitated rural development programmes through donor funds. With the liberalization of the financial sector - co-operatives have collapsed, development banks are no longer active, and commercial banks have withdrawn from serving rural areas, thus creating a "supply gap" that is being replaced by informal finance. Furthermore, the study observed that demands for financial services is determined by age of the borrower, household size, and distance from a financial institution, the cost of borrowing that include loan transaction costs plus interest rate charged, bank procedures and conditions, policy and regulatory framework and institutional and infrastructural conditions. The study recommends the following: (i) Continued efforts for establishment of supportive macroeconomic and sectoral policies - financial, fiscal, monetary & rural development - and legal and regulatory framework that facilitates the growth of the rural financial markets, (ii) A facilitative intervention by the government in the development of the financial markets that addresses the national poverty reduction development objective through economic growth is required. The desired actions are those that focus on improvement in demand for financial services, reduced bureaucratic banking conditions, reduced transactions costs, improved infrastructure, and reduction of other structural bottlenecks limiting access to financial services, (iii) Development of appropriate financial institutions and products relevant for the rural sector requires government guidance through policy, development of appropriate financial infrastructure (legal, regulation and information), and incentive mechanisms. (iv) Intervention by the government in institutional and infrastructural development is required so as to facilitate the functioning of markets. There must be purposive investment strategy that supports development of the public infrastructure - such as transport and communication, electricity, security system, and research and development. Institutional development - judiciary machinery, credit bureaus, and property rights and business registry are required. Furthermore, training and capacity building so as to change peoples' mindsets concerning loans and savings mobilization, and (v) There is a need for building up a "New Role" for financial institutions. Financial institutions need to revisit their financial terms and conditions in favor of the development of RFMs, especially in terms of bank conditions, interest rate spreads, demand for collateral, and requirements for addressing the needs of the poor and rural population, Furthermore, financial institutions need to become more innovative in developing new products and services, improvement in organization of rural financial institutions, delivery mechanisms, and establishment of the institutional framework for integration of MFIs into the national financial system in the country. The following areas require further studies: (i) development of realistic rural development strategy that covers, among others, the development of the financial markets, (ii) institutionalization of the rural property ownership rights in order to establish how these can be used productively, through say mortgage, collateral, and/or sale for cash income, and (iii) Mechanisms for enforcement of loan repayments in rural areas - especially the lessons from informal operators. Experiences have shown that under informal credit arrangements, there are few default cases as opposed to formal commercial credit practices. / Development Studies / D. Litt. et Phil. (Development Studies)

Les marchés financiers sont traditionnellement considérés comme le lieu où se confrontent une demande et une capacité de financement. Le développement des intermédiaires financiers a toutefois contribué à complexifier les transactions et les nœuds de relations sur les places. L’objet de cette thèse est d’examiner le marché des euro-obligations non plus comme le lieu de rencontre d’une offre et d’une demande dans l’exercice d’un jeu concurrentiel, mais comme une organisation dans laquelle des membres adoptent des rationalités et des modes d’action diversifiés et évolutifs. La méthodologie utilisée articule une étude historique événementielle et une analyse des pratiques inscrite dans la longue durée. Les observations tirées de cette double appréhension sont confrontées, dans le cadre d’une démarche abductive, à des cadres conceptuels constitutifs de la théorie des organisations. Cette confrontation s’opère en trois étapes. Tout d’abord, l’évolution et les pratiques sont étudiées pour montrer en quoi le marché euro-obligataire se comporte comme une organisation, et pas seulement comme un lieu de transaction. Ensuite, les formes prises par cette dernière au cours de son histoire sont identifiées. Enfin, le modèle firme semblant le plus approprié pour caractériser la morphologie ultime du marché étudié, la question du mode de coordination mis en œuvre est envisagée. Au final, il est établi que le marché euro-obligataire s’apparente à une bureaucratie professionnelle. De ce fait, les risques dominants sur ce dernier ne sont plus des « risques de marché » à proprement parler. Ils émanent au contraire de problématiques typiquement organisationnelles : la maîtrise du comportement des membres et la gestion du changement.Ces résultats de recherche doivent contribuer à renouveler le regard porté sur des marchés financiers qui, du fait de la dérégulation, tendent à s’aligner sur ce qui faisait jusqu’à aujourd’hui la singularité euro-obligataire. Ces regards sont avant tout ceux des régulateurs, dont la capacité de contrôle sur les intermédiaires financiers demeure désormais limitée. Ils sont aussi ceux des emprunteurs qui, de facto, s’adressent plus à un fournisseur de fonds qu’ils n’en lèvent auprès d’un marché. / Financial markets are traditionally seen as places where demand for financing meets capacity. However, financial intermediaries have contributed to the growing complexity of transactions and to an emerging relational network within markets. The purpose of this PhD dissertation is to consider the Eurobond market as an organization in which members adopt rationalities along with diversified and evolving courses of action. We used a methodology based on historical events and on a long-run analysis of practices. Following an abductive approach, observations set out of this double perspective are confronted with conceptual frames based on organizational theories. This confrontation is led within three steps. First of all, the evolution and the practices are studied to show why and how the Eurobond market behaves as an organization and not only as a place devoted to transactions. Then, the organizational shapes that it adopts all along its history are identified. To finish with, as the “firm” seems to be its most recent morphology, it is necessary to examine its main coordination pattern. Actually, the Eurobond market appears to be a professional bureaucracy. As a matter of fact, predominating risks onto this place are not “market risks” any more. They mostly derive from typical organizational stakes: the behavioral control of members and management of changes.These research results should contribute to renew points of view on financial markets, since they tend to line up with what used to make the Eurobond market so unique. They may be a source of interest for the regulators who, from now one, face a limited ability to control financial intermediaries. These conclusions may also help borrowers to understand that, de facto, they presently deal more with a fund supplier than they finance onto a market.

This paper gives an estimation of efficient frontiers for investment portfolios, they include stocks from Lima Stock Exchange General Index, Dow Jones Industrial Average, Gold, Cooper, Fixed Income Instruments of Peruvian government and savings in Peruvian financial institutions. The paper concludes that risk of investment in local portfolio reduces as a consequence of diversification, gold is an important asset and contributes to reduce portfolio risk. / El presente trabajo estima la frontera eficiente, en portafolios de inversión diversificados en acciones que componen el Índice General de la Bolsa de Valores de Lima (IGBVL), acciones que componen el Dow Jones Industrial Average (DJIA), oro, cobre, instrumentos de renta fija del Gobierno peruano e instrumentos de ahorro bancario. Se concluye que el riesgo de portafolios de inversión de acciones que componen el IGVBL disminuye como consecuencia de la diversificación; un activo relevante es el oro que contribuye a disminuir significativamente el riesgo del portafolio.

Submitted by Marcelo Seita (mrseita@gmail.com) on 2014-08-20T16:21:47Z No. of bitstreams: 1 Versão_4.3.pdf: 1745536 bytes, checksum: ae0ce9636f907bd1139ff730270fa1ce (MD5) / Approved for entry into archive by JOANA MARTORINI (joana.martorini@fgv.br) on 2014-08-20T16:29:41Z (GMT) No. of bitstreams: 1 Versão_4.3.pdf: 1745536 bytes, checksum: ae0ce9636f907bd1139ff730270fa1ce (MD5) / Made available in DSpace on 2014-08-20T19:02:48Z (GMT). No. of bitstreams: 1 Versão_4.3.pdf: 1745536 bytes, checksum: ae0ce9636f907bd1139ff730270fa1ce (MD5) Previous issue date: 2014-07-29 / Aiming to establish a methodology capable of segregate market’s moments and identifying investors's characteristics acting on a given financial market, this study employs simulations created by an Agent-based Artificial Financial Market, using a Genetic Algorithm to adjust such simulations to the real observed historic data. For this purpose, a Bovespa's index future contracts application was developed. This methodology could easily be extended to other financial markets by simply changing the model's parameters. Over the foundations established by Toriumi et al. (2011), significant contributions were achieved, promoting knowledge enhancements on the chosen target market, as well as on Artificial Financial Market modelling techniques, and also on the application of Genetic Algorithm into financial markets, resulting on experiments and analysis that suggest the efficacy of the methodology herein proposed. / Com o objetivo de estabelecer uma metodologia capaz segregar momentos de mercado e de identificar as características predominantes dos investidores atuantes em um determinado mercado financeiro, este trabalho emprega simulações geradas em um Mercado Financeiro Artificial baseado em agentes, utilizando um Algoritmo Genético para ajustar tais simulações ao histórico real observado. Para tanto, uma aplicação foi desenvolvida utilizando-se o mercado de contratos futuros de índice Bovespa. Esta metodologia poderia facilmente ser estendida a outros mercados financeiros através da simples parametrização do modelo. Sobre as bases estabelecidas por Toriumi et al. (2011), contribuições significativas foram atingidas, promovendo acréscimo de conhecimento acerca tanto do mercado alvo escolhido, como das técnicas de modelagem em Mercados Financeiros Artificiais e também da aplicação de Algoritmos Genéticos a mercados financeiros, resultando em experimentos e análises que sugerem a eficácia do método ora proposto.

Submitted by Fernando Reis de Odriozola (odriozola.fernando@gmail.com) on 2015-09-21T04:39:27Z No. of bitstreams: 1 Dissertação - Fernando R Odriozola.pdf: 881210 bytes, checksum: 13c5e46a6da326c976883920a7af7eb6 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-09-21T23:06:54Z (GMT) No. of bitstreams: 1 Dissertação - Fernando R Odriozola.pdf: 881210 bytes, checksum: 13c5e46a6da326c976883920a7af7eb6 (MD5) / Made available in DSpace on 2015-09-22T13:32:47Z (GMT). No. of bitstreams: 1 Dissertação - Fernando R Odriozola.pdf: 881210 bytes, checksum: 13c5e46a6da326c976883920a7af7eb6 (MD5) Previous issue date: 2015-08-24 / For complex systems, traditional analytical-approach with differential equations sometimes results in intractable solutions. An alternative approach could be through Agents-Based Models as a complementary tool witch systems can be modeled from their constituent parts and interactions. Financial Markets are good examples of complex system and thus Agent-Based Models would be a correct approach. This paper implements an Artificial Financial Market composed by market makers, information broadcasters and a set of heterogeneous agents who trade assets through a Continuous Double Auction mechanism. Several aspects of the simulation were investigated to consolidate their understanding and thus contribute to the design of models, where we can highlight, among others: distinctions between Discrete and Continuous Double Auction; implications of Market Maker spread settings; Budget Constraints effects on agents and Analysis of pricing formation in offer submissions. Thinking about the adherence of the model to the Brazilian market reality, a method named Inverse Simulation is used to calibrate the input parameters in a way that the output matches historical market price series. / Na modelagem de sistemas complexos, abordagens analíticas tradicionais com equações diferenciais muitas vezes resultam em soluções intratáveis. Para contornar este problema, Modelos Baseados em Agentes surgem como uma ferramenta complementar, onde o sistema é modelado a partir de suas entidades constituintes e interações. Mercados Financeiros são exemplos de sistemas complexos, e como tais, o uso de modelos baseados em agentes é aplicável. Este trabalho implementa um Mercado Financeiro Artificial composto por formadores de mercado, difusores de informações e um conjunto de agentes heterogêneos que negociam um ativo através de um mecanismo de Leilão Duplo Contínuo. Diversos aspectos da simulação são investigados para consolidar sua compreensão e assim contribuir com a concepção de modelos, onde podemos destacar entre outros: Diferenças do Leilão Duplo Contínuo contra o Discreto; Implicações da variação do spread praticado pelo Formador de Mercado; Efeito de Restrições Orçamentárias sobre os agentes e Análise da formação de preços na emissão de ofertas. Pensando na aderência do modelo com a realidade do mercado brasileiro, uma técnica auxiliar chamada Simulação Inversa, é utilizada para calibrar os parâmetros de entrada, de forma que trajetórias de preços simulados resultantes sejam próximas à séries de preços históricos observadas no mercado.

Submitted by Felipe Tumenas Marques (tumenas@gmail.com) on 2017-03-29T01:41:33Z No. of bitstreams: 1 TESE_Felipe_Tumenas_Marques_final.pdf: 2728325 bytes, checksum: 6b225283898e29f381445d0e0e404074 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2017-03-30T10:02:34Z (GMT) No. of bitstreams: 1 TESE_Felipe_Tumenas_Marques_final.pdf: 2728325 bytes, checksum: 6b225283898e29f381445d0e0e404074 (MD5) / Made available in DSpace on 2017-03-30T12:05:14Z (GMT). No. of bitstreams: 1 TESE_Felipe_Tumenas_Marques_final.pdf: 2728325 bytes, checksum: 6b225283898e29f381445d0e0e404074 (MD5) Previous issue date: 2017-02-23 / This thesis aims to explore possible conflicts of interest between the activities of agents in the Brazilian financial market, especially banks, investment funds and analysts. In the first chapter, the focus is the possible lack of a Chinese Wall between the investment banking activities and the asset management unit of the same bank during the bond underwriting process. The conflict of interest analyzed is the possible use of funds under management of the same bank to allocate bond issuances that would not have sufficient demand in the market. The paper proposes an empirical study of bonds issued in Brazil between 2005 and 2015. The results show that bond 'excess return' at the time of issuance is negative when there is allocation of funds associated with the underwriter, supporting the thesis of conflict of interest. However, when the associated funds are for Institutional Investors, the 'excess return' is positive indicating that the better monitoring of the fund's activities could serve as mitigation for the conflict of interest. In the second chapter the assessed conflict of interest is the funding activities of banks and the rates obtained by investment funds from fixed income assets issued by banks. The hypothesis tested is that affiliated funds obtain a lower yield than non-affiliated funds on the same assets. To test this hypothesis, an empirical study was conducted in Brazil with the rates of Letra Financeira, from the beginning of its emergence in 2010 until the end of 2015. The results point that funds, when investing in Letras Financeiras of the controlling bank, obtain a lower yield than that obtained by funds not affiliated to the same bank. However, like the results obtained in the previous chapter, this effect is not observed in funds for Institutional Investors. Corroborating the idea that better monitoring can mitigate the conflict of interest involved. Finally, the third chapter analyzes two possible conflicts of interest derived from the relationship between the opinions of stock analysts and the investments of the funds affiliated to the same bank. The first hypothesis is about optimism of the analysts as the affiliated funds have a large volume of investment in the stock. The second hypothesis is about Front Running, where funds anticipate changes in analysts' opinions of the same bank. The database used in this study was the opinion of all analysts covering Brazilian stocks for 10 years, from 2005 to 2015. The results suggest that: (i) there is an optimism of analysts associated with Brazilian banks related to the volume invested by affiliated funds, and (ii) the evidence does not support the hypothesis of front running by the funds. / Esta tese tem por objetivo examinar possíveis conflitos de interesse entre as atividades dos agentes atuantes no mercado financeiro brasileiro, especialmente bancos, fundos de investimentos e analistas. No primeiro capítulo, analisa-se o conflito de interesse da possível falta de um Chinese Wall entre as operações de banco de investimento e a área de fundos de investimento de um mesmo banco durante o processo de emissão de debêntures. O conflito de interesse analisado é a possível utilização dos fundos de investimentos sob a gestão do banco coordenador para alocar emissões que não teriam demanda suficiente no mercado. Para analisar este conflito de interesse foi realizado um estudo empírico das emissões de debêntures realizadas no Brasil entre 2005 e 2015. Os resultados mostram que o ‘retorno em excesso’ das debêntures no momento de emissão é negativo quando há alocação dos fundos de investimento associados ao banco coordenador da emissão, indicando a possibilidade do conflito de interesse. Porém, quando os fundos associados são destinados a Investidores Qualificados, o ‘retorno em excesso’ é positivo indicando que o possível melhor monitoramento das atividades do fundo serve de mitigador para o conflito de interesse. No segundo capítulo o conflito de interesse avaliado são as atividades de captação dos bancos e as taxas obtidas pelos fundos de investimento nos ativos de renda fixa emitidos pelos bancos. A hipótese testada é que o fundo associado aos bancos obtém uma taxa de retorno menor que os fundos não associados nos mesmos ativos emitidos por estes bancos. Para avaliar esta hipótese foi realizado um estudo empírico no Brasil com as taxas das Letras Financeiras, desde o início de seu surgimento em 2010 até o final de 2015. Os resultados apontam que os fundos, ao investirem em Letras Financeiras do banco controlador, obtém uma taxa menor que a obtida por outros fundos em Letras Financeiras deste mesmo banco. Porém, assim como os resultados obtidos no capítulo anterior, este efeito não é observado em fundos destinados a Investidores Qualificados, o que corrobora a ideia de que um melhor monitoramento pode mitigar o conflito de interesses envolvido. Por fim, no terceiro capítulo, são analisados dois possíveis conflitos de interesse derivados da relação entre as opiniões dos analistas de ações e os investimentos dos fundos do mesmo banco. O primeiro conflito é sobre o otimismo dos analistas conforme os fundos associados ao mesmo banco possuem um grande volume de investimento nas ações avaliadas. O segundo conflito é sobre o Front Running, onde os fundos obtem retornos antecipando as mudanças de opiniões dos analistas relacionados ao mesmo banco. Foram avaliadas as opiniões de todos os analistas que cobrem as ações brasileiras por 10 anos. Os resultados sugerem que: (i) existe um indicativo de otimismo dos analistas associados aos bancos brasileiros quanto maior o volume de recursos aplicado pelos fundos associados e que (ii) as evidências não dão suporte à hipótese de front running por parte dos fundos.

Made available in DSpace on 2016-06-02T19:52:00Z (GMT). No. of bitstreams: 1 5225.pdf: 1116958 bytes, checksum: dcbccf867d0ca0f26168d7a63bc527d2 (MD5) Previous issue date: 2013-03-21 / Financiadora de Estudos e Projetos / In the last two decades there has been a lot of changes in organizational dynamics in Brazil, because the principles of financial capitalism went into effect on the national economy. The starting point of these changes were the mergers and acquisitions that occurred in the 1990s. Through these ones, international companies came to Brazil and brought with them financial principles that dominated the international economy. Among these principles, the Corporate Governance and Industry Venture Capital (venture capital and private equity) are outstanding. In this new Brazilian scenario an actor of extreme relevance is the State; it acts directly on financial markets through BNDESPAR, which is a subsidiary of the National Development Bank (BNDES). This action occurs through industry venture capital (venture capital and private equity), and its goal is to promote the development of domestic enterprises. The empirical data of this study indicate that BNDESPAR can act in Brazilian companies through venture capital industry due to corporate governance, this tool enables the monitoring of BNDES subsidiary in corporations which it owns. Thus, the Corporate Governance being a tool that attends to the interests of the State, it is disseminated via BNDESPAR in Brazilian companies. For BNDESPAR, promoting the company in the segment of venture capital involves raising it to go public on the stock exchange. On the other hand, through the private equity segment, it involves establishing the main indices of corporate governance in the investee companies. It also verified the performance of the actors responsible by BNDESPAR. The data indicate that these actors have primarily political experience and expertise in finance. We analyzed also the actors who occupied the positions of elite at BNDES in the last 10 years, it was mainly realized that these actors, in fact, after they have passed through the state bank, they are founded private equity funds or they are acting as CEO on boards of companies. / Nas últimas duas décadas aconteceram mudanças na dinâmica organizacional brasileira, pois os princípios de capitalismo financeiro passaram a vigorar na economia nacional. O ponto de partida dessas mudanças foram os movimentos de fusões e aquisições ocorridos na década de 1990. Através deles as empresas internacionais chegaram ao Brasil e trouxeram consigo os princípios financeiros que dominavam na economia internacional. Dentre esses princípios, destaca-se a Governança Corporativa e a Indústria de Capital de Risco (venture capital e private equity). Nesse novo cenário brasileiro um ator de extrema relevância é o Estado, ele atua diretamente nos mercados financeiros através da BNDESPAR, subsidiária do Banco Nacional do Desenvolvimento (BNDES). Essa atuação ocorre por meio da indústria de capital de risco (venture capital e private equity) e por meio de participação acionária em empresas com capital aberto, e seu objetivo é fomentar o desenvolvimento das empresas nacionais. Os dados empíricos desse trabalho indicam que a BNDESPAR consegue atuar nas empresas brasileiras por meio da Indústria de Capital de Risco devido a Governança Corporativa, essa ferramenta viabiliza o monitoramento da subsidiária do BNDES nas corporações que ela possui participação. Dessa forma, a Governança Corporativa por ser uma ferramenta que atende aos interesses do Estado, é difundida através da BNDESPAR nas empresas brasileiras. Para a BNDESPAR, fomentar a empresa no segmento de capital de risco envolve elevá-la a abrir capital em bolsa de valores. Já por meio do segmento de participação em empresas de capital aberto envolve instituir os principais índices de Governança Corporativa nas empresas investidas. Também se verificou os atores responsáveis pela atuação da BNDESPAR. Os dados indicam que esses atores possuem principalmente experiência política e experiência em finanças. Analisaram-se também os atores que ocuparam os cargos de elite no BNDES nos últimos 10 anos, percebeu-se, principalmente, que esses atores, depois que passaram pelo banco estatal, fundaram fundos de private equity ou estão atuando como CEO em conselhos de administração de empresas.

La notion d’ « obligation financière » est issue de la directive 2002/47/CE du Parlement européen et du Conseil du 6 juin 2002 concernant les contrats de garantie financière. Il s’agit de la directive Collateral. L’obligation financière est l’obligation garantie par un contrat de garantie financière. La transposition française est intervenue par voie d’ordonnance en 2005. Cette sûreté réelle conventionnelle qui garantit l’exécution des obligations financières bénéficie d’un régime spécial et dérogatoire. Cette garantie est spéciale parce qu’elle vise des personnes spécifiques, celles qui sont soumises à des obligations prudentielles, et des opérations spécifiques, les opérations financières. Cette garantie est dérogatoire, car son efficacité implique de lui conférer une immunité. En effet, la garantie des obligations financières ne saurait être remise en cause en raison de l’application des dispositions de droit des procédures civiles d’exécution et de droit des procédures collectives. En outre, le dispositif Collateral prévoit une règle de conflit de lois désignant la loi de l’État dans lequel est ouvert le compte au crédit duquel les titres financiers sont inscrits. L’étude de l’obligation garantie subit une double influence. La première est celle de la garantie puisque l’obligation financière a été conçue en contemplation de celle-ci. La seconde est celle de la logique collective de l’opération de marché. L’objectif du dispositif est d’assurer la stabilité du système financier, c’est-à-dire des entités qui le composent : les marchés, les intermédiaires et les infrastructures. / The locution "financial obligations" is issued from the directive 2002/47/EC of the European Parliament and of the Council of 6 june 2002 on financial collateral arrangements. The financial obligation is the obligation which is secured by a financial collateral arrangement. The directive has been implemented in France in 2005. The financial collateral arrangment presents a special and derogatory legal system of financial collateral arrangements must be immune to all provisions which couldannhilate its efficiency. Indeed, the provisions of insolvency law and of civil enforcement procedures law, those that wouldinhibit the effective realisation of financial collateral or cast doubt on the valitdity of current techniques such as bilateral close out netting, do not apply to such arrangements. Besides, the directive contains a special conflict law rules. The law of the country where the financial collateral is located, that is to say the law of country in which the relevant account is maintained, is applicable. Thisstudy demonstrates that the financial obligations are impacted by two main influences : first, by this specialguarance, then, by the capital markets multilateral approach. The goal is to protect the performance of the financial obligations in order to protect all the financial system, by insuring its stability.