Submitted by Fabiany Feitosa (fabiany.sousa@ufba.br) on 2017-03-21T12:51:23Z No. of bitstreams: 1 Pedro Henrique Gomes Jatobá.pdf: 32486392 bytes, checksum: fd90d6b0b76344c2870e47a6e6954277 (MD5) / Approved for entry into archive by Maria Angela Dortas (dortas@ufba.br) on 2017-03-21T18:06:37Z (GMT) No. of bitstreams: 1 Pedro Henrique Gomes Jatobá.pdf: 32486392 bytes, checksum: fd90d6b0b76344c2870e47a6e6954277 (MD5) / Made available in DSpace on 2017-03-21T18:06:37Z (GMT). No. of bitstreams: 1 Pedro Henrique Gomes Jatobá.pdf: 32486392 bytes, checksum: fd90d6b0b76344c2870e47a6e6954277 (MD5) / A economia da cultura tem se tornado, nas últimas décadas, um importante vetor produtivo e de inclusão social na economia brasileira. Dentre as políticas públicas que estimulam a organização produtiva na cultura, destacam-se o Programa Cultura Viva e as ações de fomento da Secretaria de Economia Criativa, ambos ligados ao Ministério da Cultura. Mesmo beneficiados com incentivos públicos, os empreendimentos comunitários têm dificuldades em acessar o mercado cultural do seu território, formar público e dominar as tecnologias da informação necessárias a sua sustentabilidade. O desenvolvimento de ambientes virtuais de aprendizagem e gestão colaborativa, adaptado à realidade desses grupos, pode ser bem sucedido quando os futuros usuários dos empreendimentos comunitários são capacitados para utilizar a nova solução em paralelo ao seu desenvolvimento. A pesquisa participante junto a Produtora Colabor@tiva.PE na Universidade Federal de Pernambuco e a pesquisa-ação realizada Universidade LIVRE de Teatro Vila Velha na Bahia, analisam como essas produtoras culturais colaborativas conseguiram se beneficiar de novos suportes digitais em seus processos de gestão interna e formação continuada. A colaboração desses usuários na comunidade de desenvolvimento da plataforma CORAIS possibilitou aprimorar as ferramentas de groupware existentes e desenvolver novas funcionalidades como a gestão transparente de uma moeda social digital. / The culture economy has become in the last decades one of the most important productive and social inclusion vectors on Brazilian economy. Among the public finance actions made by the government the main actions that support productive organization on the cultural groups are the Points of Culture network and the creative economy secretary, both related do the Minister of Culture of Brazil. Even the institutions that received public investments are showing difficulties in access in the local market create and maintain consumers have access and learn how to use information technology that is necessary to achieve economical sustainability. The development of collaborative management and learning virtual environments customized to these realities are only possible when these groups learn how to use free software tools in their internal activities. The study of the Produtora Colabor@tiva.PE in Recife at the Federal University of Pernambuco and the Universidade LIVRE de Teatro Vila Velha in Salvador, Bahia, part of this research execute an analysis about how this collaborative cultural producers got better results by adopting virtual environments. The participation of these groups in the CORAIS platform development community made possible that the existing groupware tools and develop new solutions as the public management of a local digital currency.

Cette thèse a pour ambition d’analyser si la performance environnementale, sociale et de gouvernance (ESG) est intégrée par les marchés de la dette d'entreprise et souveraine. Le premier chapitre se concentre sur les informations ESG publiés à contenu négatif et leur impact négatif sur le coût de la dette. Plus exactement, dans les secteurs industriels et utilitaires les événements négatifs sociaux et de gouvernance font augmenter le coût de la dette. Également, un bon niveau général de performance ESG agit comme un mécanisme d'assurance contre ces événements négatifs. Dans un deuxième chapitre seront présentés les résultats d’une simulation de portefeuille intégrant la performance ESG d'entreprise. Un gérant de portefeuille peut améliorer le niveau agrégé de la performance ESG du portefeuille de 1,5 écart-type sans faire baisser la performance financière. Ainsi, le gérant peut combiner cette intégration avec des stratégies d'allocation d'actif financiers ou des stratégies de rendement absolu. Dans un troisième chapitre les résultats sur la réduction du coût de la dette dû à une bonne performance environnementale et sociale de souverains émergents seront analysés. Enfin dans le quatrième chapitre je décris comment la performance de gouvernance des souverains influence la différence entre le yield émis en devise étrangère et celui émis en devise locale. Dans les pays développés cette différence augmente avec le risque politique, i.e. le yield étranger augmente plus rapidement que le yield domestique. Dans les pays émergents, c'est l’effet inverse qui est observé. Cette différence entre les deux yields varie plus fortement avec un taux croissant de la dette domestique détenue par des investisseurs étrangers. / This thesis analyzes if and to what extent debt markets value the environmental, social and governance (ESG) performance of firms and sovereigns. The first chapter shows that negative ESG news has a negative impact on the cost of debt of firms. The news relates to environmental and social events within the industrial/utilities sector. In this sector, a sound corporate social performance acts as an insurance against the adverse impact of negative environmental events on bond prices. The second chapter reveals that ESG scores integrated into portfolios do not change the financial performance ex post. A portfolio manager can increase the average ESG rating of her portfolio by 1.5 standard deviations without incurring cost. This leaves substantial room and opportunity for ESG ratings to be combined with asset allocation or absolute return strategies. The third chapter shows how ESG performance is linked to a lower cost of debt of emerging sovereigns. Research indicates that an emerging country’s average cost of capital decreases with its positive environmental and social performance. The fourth chapter discusses how governance performance may influence the spread of debt denominated in local and foreign currency. In developed countries, the spread between a foreign currency yield and a hedged local currency yield increases with our political risk indicator, i.e. the foreign yield increases faster than the domestic one. For emerging countries, the reverse trend is true. Interestingly, the foreign currency and local currency yield spreads move significantly stronger in absolute terms with increasing foreign investment participation in both emerging countries and developed countries’ debt markets.

[pt] Tarifas comerciais podem ser usadas para auxiliar o Banco Central na estabilização da economia? Para responder essa pergunta construímos um modelo Novo Keynesiano de economia aberta com dois países onde as firmas têm poder de mercado suficientemente alto para definir preços diferentes para o mercado local e estrangeiro e obtemos a política monetária e tarifária ótima sob a existência de um limite inferior para a taxa nominal de juros. Fazendo um exercício numérico, analisamos duas situações: quando apenas um país se encontra em uma armadilha de liquidez e quando ambos os países se encontram presos em uma armadilha de liquidez global. Nossos resultados sugerem, que mesmo quando os dois países estão cooperando, a existência do limite inferior da taxa de juros nominal gera uma situação onde o uso ativo de tarifas comerciais pode aumentar o bem-estar da economia. / [en] Can trade tariffs be used to help the Central Bank stabilize the economic cycle? To answer that question we build a New Keynesian Open Economy model with two different countries and where firms have enough market power to set prices in both Home and Foreign markets and calculate the optimal monetary and tariff policy under the existence of a Zero Lower Bound on the nominal interest rate. We perform a numerical exercise to analyse two distinct situations: when only one country is restricted by the Zero Lower Bound and when both countries face this constraint. Our results suggest that the Zero Lower Bound creates a situation in which active use of trade tariffs can be optimal, even if countries are cooperating.