Orientador: Bruno Martarello De Conti / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-27T08:55:06Z (GMT). No. of bitstreams: 1 Bastos_HenriqueGoncalves_M.pdf: 1980248 bytes, checksum: b41309facbe175243df3839a0b18cec1 (MD5) Previous issue date: 2015 / Resumo: O objetivo desta dissertação é avaliar se os fundos fechados de previdência complementar atuam ou têm potencial para atuar na alocação de ativos em instrumentos de funding no Brasil. Em simultâneo, explora-se algumas das razões apontadas na literatura para explicar porque o país não dispõe de um sistema privado e autônomo capaz de financiar investimentos no longo prazo. Para investigar o assunto, são apresentados os principais elementos teóricos de uma economia monetária de produção que auxiliam na compreensão do tema, sobretudo o circuito finance-funding, proposto por Keynes, em contraposição à teoria convencional dos fundos emprestáveis, que coloca a poupança como elemento previamente necessário à realização do investimento. São consideradas também as questões pertinentes ao capitalismo globalizado sob dominância financeira, que identifica a importância dos investidores institucionais na determinação dos grandes movimentos de capitais, da exacerbação da preferência pela liquidez e do comportamento de curto prazo nos mercados secundários. Considerando a hipótese de que o financiamento ao investimento de longo prazo no Brasil não depende do fluxo prévio de poupança, mas da estratégia de alocação da riqueza dos agentes econômicos que atuam no mercado financeiro nacional, foram avaliados os fundos fechados de previdência complementar (fundos de pensão) para analisar sua pertinência / Abstract: This work aims to assess whether private pension funds acts or have the potential to act in asset allocation to funding instruments in Brazil. It also explores some of the reasons presented in the literature to explain why the country does not have a private and autonomous system able to finance long-term investments. To investigate this matter, the main theoretical elements of a monetary economy of production are employed to aid in the understanding of the subject, especially the finance funding circuit, as proposed by Keynes, in contrast to the loanable funds conventional theory, which puts the prior savings argument as a crucial need to investment. The issues related to global capitalism under financial dominance, which identifies the importance of institutional investors in determining the large movements of capital, the exacerbation of the liquidity preference and the short-term behavior in secondary markets, are also considered. Pension funds market was observed to test the relevance of the assumption that financing of long-term investment in Brazil does not depend on the flow of prior savings, but on the wealth allocation strategy of economic agents operating in the domestic financial market / Mestrado / Teoria Economica / Mestre em Ciências Econômicas

The aim of this thesis is to analyse the water engineering industry from the vantage point of creating funds for the renewal of infrastructure with an emphasis on the situation in small municipalities that run their own water supply networks. On the basis of data analysis for the prices of water and sewer rates and the value of infrastructural facilities it is shown that the networks are underfinanced in a third of the municipalities with a self-reliant management model. There is a lack of finance for their reconstruction and the networks are becoming obsolete. Personal empirical research supported the surmise, that the reason for underfinancing is the mayors' attempt at appealing politics. The hypothesis that artificial decrease of prices indeed leads to higher election gains and a longer term for the mayors, was however not confirmed. The thesis concludes that to reach rectification of the situation and secure creation of funds for the renewal of infrastructure in the examined municipalities, it is necessary to increase awareness within the management of the municipalities regarding the legislative situation and secure consultations by experts.