This diploma thesis deals with the possibilities of transferring the cost of acquisition of depreciable tangible assets acquired by purchase or finance lease in the corporate income tax base, and analyzes the conditions of deductibility of depreciation and rent in the tax base. The diploma thesis identifies the factors affecting the amount of the tax base for both variants of the acquisition of depreciable tangible assets and the elements of the tax optimization.

Depuis 2008, le thème de l’arbitrage réglementaire a attiré beaucoup d’attention. Le contournement des réglementations prudentielles (notamment des accords de Bâle) par l’utilisation de techniques de « Shadow Banking » (telles que la titrisation ou les instruments dérivés) a été dénoncé comme étant une des causes principales de la crise bancaire. D’après la littérature spécialisée, l’arbitrage réglementaire serait le résultat de failles qui émergeraient au sein des réglementations, lesquelles seraient exploitées par des arbitragistes pour minimiser leurs coûts. Cependant, l’arbitrage réglementaire n’a pas réellement fait l’objet d’une analyse théorique et économique satisfaisante permettant de comprendre pleinement ses causes et ses conséquences. La première partie de cette dissertation s’attache plus spécifiquement aux causes de l’arbitrage réglementaire. Bien que l’attention soit bien souvent portée sur l’arbitragiste qui tente de manipuler les structures juridiques de ses transactions pour capturer des opportunités de profits, nous soulignerons le rôle du régulateur qui de manière intentionnelle ou non, crée les conditions nécessaires à l’arbitrage réglementaire. Le mode de production des règles et le rôle de l’environnement institutionnel sont bien souvent omis. Ce point nous mène à discuter en détail de la différence de nature entre réglementations et règles contractuelles et son incidence sur l’arbitrage réglementaire. La seconde partie porte sur les conséquences de l’arbitrage réglementaire. Celles-ci n’ont été que partiellement discutées dans la littérature existante. Efficacité des réglementations, qualité des règles, effet redistributif, création ou destruction de richesses, concurrence réglementaire accrue ou tentative d’harmonisation des juridictions, tels seront les thèmes qui sont impactés par ce phénomène et qui seront abordés dans cette dissertation. / Since 2008, regulatory arbitrage has attracted a lot of attention. Circumventions of banking prudential rules (such as Basel rules) using shadow banking (such as securitization or derivatives instruments) have been pointed out as one of the main causes of the banking crisis. According to the financial literature, regulatory arbitrage would be the results of “loopholes” that emerge within regulations and which are used by arbitragers to minimise their regulatory cost. However, regulatory arbitrage has not truly been analysed from a theoretical and economic perspective which is key to understand fully its causes and consequences. The first part of this dissertation will focus more specifically on the causes of regulatory arbitrage. While light is usually shed on the action of arbitragers who attempt to manipulate the legal structure of their transactions to capture profit opportunities, we emphasize the role of the regulator who purposely or not, generates the necessary conditions for regulatory arbitrage to take place. The role of rules production type and institutions are usually omitted. This point leads us to discuss in detail the difference in nature between regulation and contractual rules and their incidence on regulatory arbitrage. The second part will focus on the consequences of regulatory arbitrage. These have not only been discussed partially in the existing literature. Efficiency of regulation, quality of rules, redistributive effect, creation or destruction of resources, increased regulatory competition or harmonization strategies among jurisdictions will be discussed in this dissertation as potential outcome of this phenomenon.

A investigação tem por objetivo aprofundar a análise de temas relacionados à recuperação de renda fundiária decorrente de investimentos públicos que tenham gerado valorização em imóveis urbanos no Brasil. A renda fundiária, capturada por instrumentos fiscais e urbanísticos, consiste em fonte adequada de financiamento ao desenvolvimento local, pois atua sobre um largo potencial de receita e não implica conflito de competência com os demais níveis de governo. Entretanto, no caso brasileiro, com o rápido desenvolvimento das cidades, foi formada uma rede urbana muito diversificada, o que resultou em problemas socioespaciais agravados com o aprofundamento da lógica capitalista sobre a terra. Neste trabalho, esses problemas são explorados em duas cidades: Diadema, em que é analisado o dilema do governo local em relação à política de habitação de interesse social e as conseqüências do processo de apropriação da renda fundiária; e Barueri, onde surgiu o emblemático produto conhecido como Alphaville, que se constitui num exemplo paradigmático de urbanização dispersa. Mesmo considerados os avanços no reconhecimento da função social da propriedade e o caráter inédito do Estatuto da Cidade, os problemas decorrentes da lógica de desenvolvimento das cidades brasileiras o modelo federativo que centra o desenvolvimento da urbanização no Município impõem dificuldades de difícil superação ao processo de recuperação da renda fundiária, que resulta fundamentalmente da aplicação do esforço coletivo coordenado pela ação do Estado sobre o território. Os casos analisados são exemplos da dissociação entre a produção do ambiente construído e a recuperação da renda fundiária que, decorrente de falhas, iniqüidades e dilemas, retorna à Administração em quantidade incipiente o que implica dificuldades crescentes para o financiamento das cidades. / This investigation has as its goals strengthening the analysis of themes related to the recovery of urban land rent originated in public investments which may have resulted in value added of urban real estate in Brazil. The urban land rent, captured through fiscal and urban instruments, consists in an adequate source of financing to local development, since it acts over a large income potential and it doesnt imply in a competency conflict with other levels of government. Therefore, in the Brazilian case, along with cities quick development, a diversified urban network was formed, which ended up creating social-spatial issues exacerbated by the increased emphasis on the capitalist rational thought over land. Those issues are examined in the Diadema city case where it is analyzed the local government dilemma in relation to the social interest housing politics and the consequences of land rent appropriation process. Also, in Barueri city case where it was originated the emblematic product known as Alphaville, which constitutes a paradigm example of disperse urbanization. Considering the advances in the recognition of the social function of property and the unforeseen aspects of the Estatuto da Cidade (main Brazilian law), the problems resulting from the thoughts on the development of Brazilian cities is examined. Also, the influence of the federal model which centers urbanization development on the municipality and ignores the process needed to coordinate among its entities. After several decades of political and administrative centralization initiated with the development politics model and seen through the military government period resulted in failure, there are many great difficulties hard to overcome in the process of recovery of land rent, which results fundamentally in the applying of collective effort coordinated by States action over land. The cases analyzed are examples of the dissociation between built environment production and the recovery of land rent; which results of failures, inequities and dilemmas; is captured in a symbolic quantity which implies in increasing difficulties for the financing of cities.

Depuis le début des années quatre-vingt, l’économie algérienne a connu un vaste mouvement de restructurations et de réformes. Curieusement, après plus de deux décennies de mise en œuvre de mesures censées ajuster l’économie du pays en la soumettant aux règles de concurrence et de rentabilité, la réalité des performances économiques algériennes demeurent pratiquement inchangée. En effet, mis à part le rétablissement des équilibres macro financiers grâce à l’augmentation des prix internationaux du pétrole, l’économie algérienne demeure loin des dynamiques d’accumulation. Visiblement, ni les contraintes internes, ni les conditionnalités du FMI et ses recommandations, n’ont résisté à la « réalité algérienne ». La présente thèse, qui se veut une contribution à la définition des conditions de succès de la transition économique vers le marché à la lumière de l’expérience algérienne des réformes, pose dans toutes ses dimensions la question des obstacles aux réformes dans les périodes de transition. L’analyse du système politique, de ses contraintes et ses contradictions est le point de départ de toute réflexion sur les problématiques des transitions. Le poids du passé, et son influence déterminante sur le déroulement du passage d’une organisation économique à une autre est, quant à lui, un facteur que nous questionnerons dans cette perspective. / Since the beginning of the 1980s, the Algerian economy has undergone a vast programme of restructuring and reform. Curiously, after three decades of implementing measures designed to bring the economy in line with the rules of competition and profitability, the reality of Algerian economic performance has changed very little. In fact, apart from the recovery of the macrofinancial balance, due to rising international oil prices, the Algerian economy is far from the dynamics of capital accumulation. Clearly, neither internal constraints nor the conditions or recommendations of the IMF have been able to fight against the current of ‘Algerian reality’. In this thesis, I aim to define the conditions for a successful transition to a market economy based on the Algerian experience of reform. I will also consider obstacles to reform in periods of transition. My starting point for reflection on the question of transition will be an analysis of the political system, its constraints and contradictions. My purpose is also to examine the importance of Algeria’s past in terms of its determining influence on the transition from one economic system to another.

As relações políticas existentes na construção do planejamento das cidades brasileiras constituem o objeto de pesquisa desta tese de doutorado. Apesar da criação do Estatuto da Cidade, em 2001, pouco se avançou na garantia do direito à cidade para aquelas pessoas que mais sofrem com as diversas desigualdades sociais, construídas historicamente sob um leque de privilégios de grupos dominantes nas cidades. Entre esses grupos estão os empresários que, reunidos em associações, pautam firmemente as ações estatais, sobretudo as políticas urbanas, desde as metrópoles até as pequenas cidades. Para analisar tal ação política, utilizaremos a teoria do rent-seeking, amplamente difundida na Economia e na Ciência Política. Esta tese busca provar a existência de um rent-seeking urbano, pois o que está em disputa na cidade é a renda a partir da terra urbana, maximizando lucros e expandindo as fronteiras da acumulação do capital, o qual está imbricado em uma extensa rede financeira global e se expressa nas cidades, lócus da reprodução da vida dos cidadãos. Aplicaremos essa tese ao caso da cidade de Joinville, situada no estado de Santa Catarina, detentora da terceira maior população da região Sul do país. Joinville possui uma grande articulação de entidades empresariais com poderoso capital político, capaz de influenciar os diversos grupos sociais e políticos locais. A partir da criação do Plano Diretor de Joinville, em 2008, coincidindo com o período da grande expansão do setor imobiliário brasileiro, novos interesses entram em disputa. Para garantir o rent-seeking urbano, a coalizão de empresários precisou realinhar conservadoramente as instâncias da democracia participativa, financiar campanhas eleitorais e exercer lobbies sob os principais marcos legais em discussão. Excluindo, assim, aqueles que contestam os privilégios políticos de alguns grupos e desmandos empresariais. / The existing political relations on construction of urban planning in Brazilian cities are the research object of this doctoral thesis. Despite the creation of the City Statute in 2001, little progress was made in guaranteeing city rights for those people who suffer most with several social inequalities, historically built under a range of privileges from dominant groups in the cities. Among these groups there are entrepreneurs who participate in associations and debate firmly on state actions, mainly urban politics, from metropolis to small cities. To analyze this political action the rent-seeking theory, which is widely used on Economy and Political Science, will be used. This thesis aims to prove the existence of urban rent-seeking, because what's on stake in the city is the wealth provision of urban land, maximizing profits and expanding the borders of capital accumulation, which is interwoven into an extensive financial network and this is expressed in the cities, locus of citizen's lives. This thesis will be applied in Joinville city, located in Santa Catarina state, with the third largest population of the country's southern region. Joinville has a great political business entities articulation with plenty political power which influences several social and political groups. With the creation of Joinville masterplan in 2008, coinciding with the expansion of Brazilian real estate industry, new interests are in disputation. To ensure the urban rent-seeking, the coalition of entrepreneurs needed realign conservatively the participatory democracy, fund election campaigns and lobby the principals legal frameworks in discussion. Thereby, excluding those who contest political privilege of some groups and business entities.

Este trabalho tem por objetivo confrontar a teoria da renda da terra de David Ricardo com a análise de Adam Smith sobre este mesmo assunto. Isto significa que este trabalho irá encontrar na obra “A Riqueza das Nações” uma suposta teoria da renda da terra e mostrar que Adam Smith possui uma teoria tão rica quanto à análise de David Ricardo sobre a renda da terra. Será abordada a análise da renda da terra sob o enfoque do desenvolvimento econômico, ou seja, será verificada qual das teorias têm melhores condições de explicar a temática do desenvolvimento econômico sob a ótica da fertilidade da terra e seus rendimentos. Os objetivos específicos serão comprovar a importância do progresso técnico e dos rendimentos crescentes da terra como enfoque de confrontação da teoria da renda da terra de David Ricardo e também verificar a importância da produtividade da terra, inserida na análise de ambos os autores, para o progresso contínuo do desenvolvimento econômico. Para tanto, foram buscadas referências nas próprias obras de Adam Smith e David Ricardo, textos que abordassem o pensamento destes autores e trabalhos que relacionassem o tema progresso técnico e fertilidade da terra. / The aim of this dissertation is to confront the theory of land rent of David Ricardo with the theory of Adam Smith. It means that this dissertation will try to find in the “Wealth of Nation” a theory of land rent and show that Adam Smith have a theory as better as the analyze of land rent by David Ricardo. The dissertation will analyze the land rent by the conception of economic development. It means verify what theory has more condition to explain the economic development by optic of the land fertility. The specific aim will be prove that technical progress and increase fertility, inside analyze of Smith, can confront Ricardo’ theory and verify that land productive, inside analyze of both authors, is important to keep economic development and progress of nations. To build this work, it will be find references own by Adam Smith and David Ricardo, papers by others authors that study the theory of this two authors and books that make connection between technical progress and land fertility.

Saudi Arabia, along with other Gulf oil monarchies, represents an original politico- economic system. Huge revenues in the form of oil rent, flowing to the Treasury since the oil boom in the early 70's, have fundamentally changed the socio-economic structure, which was in literature termed the rentier state. The origin, development and description of typical characteristics of rentier state are the main topic of this thesis. The first section discusses the theoretical foundations and approaches to the issue. The second chapter provides a historical background in order to position the study in the context of previous political, economic and ideological development. In an analysis of the formation of state structures, the work deals with the relationships between members of the ruling house of Saud, between the government and social elites, with functioning of clientelist structures and interactions within the bureaucratic apparatus. Based on the study of these relationships the thesis marks out particularities of the Saudi politico-economic system that distinguish it from the classical concept of rentier state model. The main distinctive feature is the diminished autonomous ability of state to regulate the functioning of state institutions and to encourage individual agencies to cooperate actively...

A investigação tem por objetivo aprofundar a análise de temas relacionados à recuperação de renda fundiária decorrente de investimentos públicos que tenham gerado valorização em imóveis urbanos no Brasil. A renda fundiária, capturada por instrumentos fiscais e urbanísticos, consiste em fonte adequada de financiamento ao desenvolvimento local, pois atua sobre um largo potencial de receita e não implica conflito de competência com os demais níveis de governo. Entretanto, no caso brasileiro, com o rápido desenvolvimento das cidades, foi formada uma rede urbana muito diversificada, o que resultou em problemas socioespaciais agravados com o aprofundamento da lógica capitalista sobre a terra. Neste trabalho, esses problemas são explorados em duas cidades: Diadema, em que é analisado o dilema do governo local em relação à política de habitação de interesse social e as conseqüências do processo de apropriação da renda fundiária; e Barueri, onde surgiu o emblemático produto conhecido como Alphaville, que se constitui num exemplo paradigmático de urbanização dispersa. Mesmo considerados os avanços no reconhecimento da função social da propriedade e o caráter inédito do Estatuto da Cidade, os problemas decorrentes da lógica de desenvolvimento das cidades brasileiras o modelo federativo que centra o desenvolvimento da urbanização no Município impõem dificuldades de difícil superação ao processo de recuperação da renda fundiária, que resulta fundamentalmente da aplicação do esforço coletivo coordenado pela ação do Estado sobre o território. Os casos analisados são exemplos da dissociação entre a produção do ambiente construído e a recuperação da renda fundiária que, decorrente de falhas, iniqüidades e dilemas, retorna à Administração em quantidade incipiente o que implica dificuldades crescentes para o financiamento das cidades. / This investigation has as its goals strengthening the analysis of themes related to the recovery of urban land rent originated in public investments which may have resulted in value added of urban real estate in Brazil. The urban land rent, captured through fiscal and urban instruments, consists in an adequate source of financing to local development, since it acts over a large income potential and it doesnt imply in a competency conflict with other levels of government. Therefore, in the Brazilian case, along with cities quick development, a diversified urban network was formed, which ended up creating social-spatial issues exacerbated by the increased emphasis on the capitalist rational thought over land. Those issues are examined in the Diadema city case where it is analyzed the local government dilemma in relation to the social interest housing politics and the consequences of land rent appropriation process. Also, in Barueri city case where it was originated the emblematic product known as Alphaville, which constitutes a paradigm example of disperse urbanization. Considering the advances in the recognition of the social function of property and the unforeseen aspects of the Estatuto da Cidade (main Brazilian law), the problems resulting from the thoughts on the development of Brazilian cities is examined. Also, the influence of the federal model which centers urbanization development on the municipality and ignores the process needed to coordinate among its entities. After several decades of political and administrative centralization initiated with the development politics model and seen through the military government period resulted in failure, there are many great difficulties hard to overcome in the process of recovery of land rent, which results fundamentally in the applying of collective effort coordinated by States action over land. The cases analyzed are examples of the dissociation between built environment production and the recovery of land rent; which results of failures, inequities and dilemmas; is captured in a symbolic quantity which implies in increasing difficulties for the financing of cities.

O trabalho trata das questões que permeiam a relação entre provisão de habitação sob a forma de arrendamento, e a política pública habitacional, discutindo conceitos arraigados no ideário da população brasileira, muito em função das noções intrínsecas ao modelo tradicional de aquisição do imóvel que caracterizou a política pública habitacional das últimas décadas. A partir da abordagem de paradigmas como o do estímulo à propriedade, da incorporação conflituosa da habitação como mercadoria e não como um direito e da disseminação do conceito da casa própria, avança-se no estabelecimento de quadro de referência do Programa de Arrendamento Residencial (PAR) sob o prisma do rompimento destes paradigmas, descrevendo as diretrizes e expondo os mecanismos através da compilação da legislação do PAR, resgatando o processo de implementação do programa na cidade de Marília - SP, pontuando a participação de cada agente institucional diretamente envolvido, objetivando no estudo de caso do Residencial Cavalari a verificação prática do programa e de novos paradigmas pertinentes à política pública habitacional sob a forma de arrendamento residencial. Utilizam-se como recursos metodológicos a pesquisa documental, pesquisa com os arrendatários e entrevista com os agentes envolvidos. O estudo resulta na caracterização de um empreendimento do PAR, no registro do processo de implementação do programa em Marília e na análise da atuação dos agentes envolvidos. / This paper approaches questions about the relation between the habitational provision as the real statement leasing (housing projects), the public habitational politics, discussing concepts that come from the bottom of the braziliam people\'s knowledge, due to strong standards from the traditional real statement acquisition way that characterized the public hatitational politics during the last decades. From the boarding of paradigms as the real statement incentive, from the interpretation of the difficult habitation\'s acquisition as a merchandise instead of a right and the dissemination of real statement\'s concept, it is possible to go forward into the configuration of the Programa de Arrendamento Residencial (PAR) under the disruption of this paradigms, describing lines of direction and displaying the mechanisms through the compilation of the PAR\'s legislation, rescuing the program\'s process of implementation in Marília (São Paulo), showing the participation of each directly connected institutional agent involved. This paper also intends to verify the program in action through the study of case at the Residencial Cavalari and the new paradigms that are pertinent to the public habitational politic as the real statement leasing (housing projects). The documental research is used as methodology resource as also the research through investigation and interviews with involved agents. The research results in the characterization of a PAR\'s enterprise, on the record of the program\'s implementation in Marília and the analysis of the involved agents\' performance.

為因應市場變動性及解決租約僵固性，不動產租賃契約中多存在變動條款，以提供承出租雙方彈性管理使用。租金調整係不動產租賃契約中常見的選擇權條款，惟在契約自由原則下，不論歐、美國家租金僅向上調整方式，或國內以一固定比例向上調整租金方式，均造成租金下固性之情形，明顯獨厚出租人，導致承租人過度負擔市場變動風險，進而產生租約價值偏離理論價值之缺失。由於傳統評定租約價值之現金流量法無法評價租約中選擇權價值，近年來國外學者廣泛應用各種選擇權評價方法，期能求得理論上之租約價值，同時改善承出租雙方間權益不公之現象。 　　本研究基於租金僅向上調整隱含選擇權價值之觀點，應用二項式選擇權評價方法，建構不動產租賃契約評價模式。經由個案模擬，探討不同租金調整方式下租約價值之差異；同時運用敏感度分析，瞭解各變數變動對於選擇權價值將產生何種影響。最後藉由分析結果，對於承出租雙方在租金調整決策上提出建議。 / To manage more flexible and reduce transaction costs for both landlords and tenants, most clauses of real estate lease implicit option value. Rent review is a common option-like term. Leases with upward-only rent review clauses not only existed in USA and UK, but also in Taiwan. The rent will be merely adjusted upwards. Because of traditional discounted cash flow method can not deal with the option nature in leases, many scholars applied option pricing approaches to evaluate lease contract value in recent years. 　　This research assumes that upward-only rent review clause is embedded option value and uses binomial option pricing approach to develop the lease pricing model for real estate. Firstly, the author compares different rent review types and their value by case study. Moreover, this study uses sensitive analysis to probe how important variable affect option value. Finally, I provide suggestions to landlords and tenants in rent review policy decision.