Made available in DSpace on 2016-04-25T18:39:54Z (GMT). No. of bitstreams: 1 Claudio Goncalves dos Santos.pdf: 1107656 bytes, checksum: eabf420541f3dc3be47a28e1581159b5 (MD5) Previous issue date: 2013-06-27 / The market for financial disintermediation, through financial asset securitization in Brazil has been growing in recent years. Constant improvements in regulation, has contributed to closer business investors in a regulated environment, making it possible to carry out financial transactions outside the traditional banking financial market. There is much yet to be done by regulators to strengthen the market. This work seeks to contribute to the theme, suggesting some changes in the regulations. From 2000 to 2012, the securitization transactions through structures with CRI, FIDC, and FII moved R$ 149.8 billion, equivalent to 3.4% of the GDP in 2012. Operations tend to increase, however, there are some variables in the Brazilian market, which will be analyzed in this work, that need to be adjusted so that the securitization market is nimble robustly contributing to the financing of companies. In this paper we analyze the main sources of funding for companies, as equity and the various sources of debt, and securitization. Will also analyzed the market for corporate debt, without which the operations are limited to the traditional banking system. The development of the debt Market strengthens the growth of the securitization market / O mercado de desintermediação financeira, por meio de instrumentos de securitização de ativos, vem crescendo no Brasil nos últimos anos. Melhorias constantes na regulamentação têm contribuído para aproximar empresas de investidores, em ambiente regulado, tornando possível a realização de operações financeiras fora do mercado financeiro bancário tradicional. Mas ainda existe muito a ser feito pelos reguladores para fortalecer o mercado. Nesse sentido, este trabalho procura contribuir com o tema, sugerindo algumas mudanças na regulamentação. De 2000 a 2012, as operações de securitização por meio de estruturas como CRI, FIDC e FII, movimentaram R$ 149,8 bilhões, o equivalente a 3,4% do PIB brasileiro de 2012. As operações tendem a aumentar, porém existem algumas variáveis no mercado brasileiro, as quais serão analisadas ao longo deste trabalho, que precisam ser ajustadas, para que o mercado de securitização se desenvolva de forma robusta, contribuindo para o financiamento das empresas. Nesta dissertação, serão analisadas as principais fontes de recursos para empresas, como capital próprio e as diversas fontes de capital de terceiros, além da securitização. Será analisado, também, o mercado de dívida para empresas, sem o qual as operações ficam limitadas ao sistema bancário tradicional. O desenvolvimento do mercado de dívida fortalece o crescimento do mercado de securitização

O presente trabalho tem como objetivo analisar os processos de inserção do terrorismo na agenda de segurança sul-americana. Ele se enquadra nas Resoluções nº 114/2014 e 115/2014 da Câmara de Pós-Graduação da Universidade Federal do Rio Grande do Sul e, portanto, é dividido em três partes. A PARTE I consiste em uma contextualização do objeto de pesquisa, composta por uma descrição geral do objetivo do trabalho, bem como a delimitação do objeto, marco teórico e marco temporal. A PARTE II apresenta o artigo em si, o qual analisa os processos de securitização do terrorismo no Norte Andino, a partir da associação entre os movimentos guerrilheiros colombianos e o narcotráfico com o terrorismo, e no Cone Sul, através das suspeitas de financiamento de grupos extremistas islâmicos decorrente de atividades ilícitas na região da tríplice fronteira entre Argentina, Brasil e Paraguai. O objetivo consiste em demonstrar as maneiras com as quais o terrorismo foi inserido na agenda regional de segurança e as influências dos atores externos e internos nestes processos. Para tanto, foram utilizadas técnicas de analise qualitativa, com base nas contribuições da Escola de Copenhague, no âmbito dos Estudos de Segurança Internacional, no exame de documentos oficiais e mídias locais dos países envolvidos. A PARTE III apresenta a descrição da agenda de pesquisa a ser seguida. / This paper aims to analyze the processes of the insertion of terrorism in the South American security agenda. It is in accordance with Resolutions 114/2014 and 115/2014 of the Federal University of Rio Grande do Sul and is therefore divided into three parts. PART I consists in a contextualization of the object of research, composed by a general description of the paper’s objectives, as well as the delimitation of the object, theoretical framework, and timeframe. PART II presents the article itself, which analyzes the processes of securitization of terrorism in the Andean North, throughout the association between Colombian guerrilla movements and narcotrafficking with terrorism, and in the Southern Cone, through the suspicions of Islamic extremist groups financing due to illicit activities in the tri-border area between Argentina, Brazil and Paraguay. The main goal is to demonstrate the means through which terrorism was inserted in the regional security agenda and the influences of external and internal actors in these processes. In order to do so techniques of qualitative analysis were used, based on the contributions of the Copenhagen School, under the scope of International Security Studies, in the examination of official documents and local medias. PART III presents the description of the research agenda to be followed.

Made available in DSpace on 2016-04-26T20:23:48Z (GMT). No. of bitstreams: 1 Renato M Buranello.pdf: 2028823 bytes, checksum: 04bceda8b28c90f5788b8fffa93912dc (MD5) Previous issue date: 2015-08-24 / The purpose of this dissertation is to describe the operating development and to identify institutional shortfalls in Brazil s rural credit market. According to this study, the establishment of the National Rural Credit System (SNCR) has brought forth advances and the enactment of Law 11,076, of December 31, 2004, has provided for a new relationship with the financial and capital market, from the perspective of the necessary break with the former system. Research conducted for this dissertation differs from the traditional legal approach, which singles out the assessment of financial transactions. Credit is assessed herein as an instrument of public policy, in planning the activity to develop agribusiness. This study also intended to innovate by including a broad discussion on the economic foundations and legal technology in the organization of the Private System for the Financing of Agribusiness and the securitization of receivables to mobilize crops and risk mitigation mechanisms. This dissertation includes the assessment of the rural credit bonds that are part of such system, which provide for the diversified distribution of both physical and financial resources among producers, private enterprises and financial agents alike. Additionally, this study highlights that the instruments currently available to mobilize credit and diversify risks have guaranteed the supply of a substantial portion of the funds, including in markets with diversified risks and greater complexity, as is the case of the markets of the Agroindustry Systems. Having focused on the development of the private credit market within the scope of the capital market as the main purpose of this dissertation, it has been possible to conclude that there is a break in the funding methods available in the Brazilian rural industry, especially in relation to the inputs of public policies and corporate strategies: i) gradual and proportional withdrawal of government-controlled funds; ii) entry of private companies in the industry, via trade credit; iii) increasingly direct relations between credit and the development of the rural debt capital market; and iv) use of mechanisms to reduce uncertainty, and credit safety / Essa tese buscou descrever a evolução operacional e identificar falhas institucionais no mercado de crédito agrícola brasileiro. Verificou-se que, desde a criação do Sistema Nacional de Crédito Rural (SNCR), avanços foram realizados e uma nova relação com o mercado financeiro e de capitais foi inaugurada com a edição da Lei n. 11.076, de 31 de dezembro 2004, em uma perspectiva de necessária ruptura com o antigo sistema. As pesquisas conduzidas neste trabalho diferiram da abordagem jurídica tradicional que analisa a transação financeira de forma isolada. Analisamos o crédito como instrumento de política pública no planejamento da atividade para desenvolvimento do agronegócio. Este estudo pretendeu inovar ao oferecer ampla discussão sobre os fundamentos econômicos e a tecnologia jurídica na formação do Sistema Privado de Financiamento do Agronegócio e a securitização de direitos creditórios para mobilização de safras e mecanismo de mitigação de risco. Descrevemos os títulos de crédito que formam esse sistema, responsáveis por uma alocação diferenciada de recursos físicos e financeiros entre produtores, empresas privadas e agentes financeiros. Ainda, evidenciamos que os instrumentos atuais de mobilização de crédito e diversificação de riscos têm permitido suprir parte relevante dos recursos, inclusive em setores de riscos diversificados e de maior complexidade como os internos dos Sistemas Agroindustriais. Centralizando o desenvolvimento do mercado de crédito privado no âmbito do mercado de capitais como objeto principal deste trabalho, foi possível concluir que há uma ruptura nas formas de financiamento agrícola brasileiro com destaque de inputs para políticas públicas e estratégias empresariais: i) retirada gradual e proporcional do recurso controlado pelo governo; ii) entrada de empresas privadas no mercado por meio de trade credit; iii) desintermediação do crédito e desenvolvimento do mercado de capitais de dívida agroindustrial; e iv) adoção de mecanismos redutores de incerteza e maior segurança do crédito

O presente trabalho analisa as orientações das políticas sobre drogas brasileiras tendo como referência duas determinantes: o regime internacional proibicionista de drogas e a política externa norte-americana para o tema. Utiliza-se a Teoria da Securitização para analisar processos de uso da força por um Estado com o fim de neutralizar a ameaça representada pelo tráfico de drogas e atividades afins. São descritos os processos de formação do regime internacional e de institucionalização da política de guerra às drogas nos Estados Unidos. Mostra-se o processo de adequação da política de defesa brasileira ao tema das drogas, que ocorreu de modo conservador e avesso à militarização são apresentados os impactos de uma política de segurança pública pautada na redução da oferta de drogas no Brasil. / This work analyses the orientations of the brazillian drug policies using two main references: the international drug prohibition regime and the United States’ policies towards this issue. The Theory of Securitization is used to analyse the of use of the force by a State in order to neutralyze the menace represented by drug trafficking and related activities. The formation of the international regime and the institutionalization of the war on drugs’ policies on the United States are described. The paper also reviews the process of adequation of the brazillian defense policies to the drugs issue, which occurred under a conservative and militarization averse framework, as well as the impact of a public safety policy guided by supply reduction on Brazil.

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Esta dissertação trata do que se entende como terrorismo após os atentados de setembro de 2001, seja como lógica de ação ou como método de ação. A partir desta data, o terrorismo alcançou enorme projeção e passou a figurar como tema central tanto na imprensa cotidiana quanto em reuniões internacionais de cúpula. O fenômeno era, muitas vezes, historicamente circunscrito às nações que enfrentavam esse problema. Após o Onze de Setembro, o debate expandiu-se e as políticas, e a propaganda, antiterroristas incidiram sobre a sociedade, modificando comportamentos individuais e coletivos. A associação entre Islamismo e terrorismo foi frequente e a Guerra Contra ao Terror (GCT), promovida pela política externa norte-americana de George W. Bush, contribuiu para difundir uma percepção do terrorismo como uma lógica de ação afeita à violência em si. Isso contrasta com a percepção quanto a grupos terroristas de momentos históricos anteriores, cujo recurso ao terrorismo era compreendido como método de ação com valor instrumental para alcançar objetivos políticos diversos, como a emancipação nacional e a desestabilização de regimes políticos estabelecidos. O estudo de caso da Organização de Xangai (OCX) visa demonstrar que a identificação entre terrorismo e Islã leva ao equívoco de compreender os grupos terroristas contemporâneos islâmicos, com lógicas próprias, como uma fenômeno só o que leva à imprecisão de atribuir ao terrorismo o caráter de primeiro fenômeno macro-securitizado. Este breve histórico da ascensão do terrorismo na agenda política contemporânea, mediante a análise do processo securitizador tanto na GCT quanto na Organização de Cooperação de Xangai, serve como referência para as análises contidas no trabalho que o leitor tem em mãos, uma vez que o sentido atribuído ao terrorismo só pode ser entendido em termos dos atores políticos envolvidos na sua definição e no contexto em qual o fazem. Na OCX, o verificou-se o entendimento do terrorismo como método de ação de grupos separatistas, o que não corresponde à ideia do terrorismo como lógica de ação contida na GCT. / We wrote about our understanding what terrorism, after the September 2001 attacks, is liking as a logic and a method of action. After September 2001, terrorism has achieved a huge projection and has been integrated as a central theme in both the daily press and in international summit meetings. The phenomena was often historically confined to nations facing this problem. After 9/11, the debate has expanded and the political counter-terrorism propaganda was focused on society changing individual and collective behavior. The association between Islam and terrorism was common and the War on Terror (WOT), promoted by the American foreign policy of George W. Bush, helped to spread a perception of terrorism as an logic action of pure violence itself. The contrast between perception of the terrorist groups in previous historical periods, whose thinking to practice to terrorism was understood as an method of action with instrumental value to achieve different policy objectives, such as national emancipation and the destabilization of established political regimes. This study of Shanghai Organization (SCO) seeks to demonstrate the identification between terrorism and Islam leads to misunderstanding of understanding (a lack of comprehension) between the contemporary Islamic terrorist groups, with their own logic, and as a phenomenon only - which leads inaccurate to attribute terrorism to an first macro-securitized phenomenon character. This brief history of the rise of terrorism in contemporary political agenda has been analyzing the securitizer process both in WOT and the Shanghai Cooperation Organization. This study serves as a reference about our thinking and analyzes terrorism not only can be understood in terms of the political actors involved in its definition but in the context in which they do. The SCO has a understanding about terrorism like a method of action of separatist groups, which does not correspond to the idea of terrorism as an logic of action contained in the WOT doctrine.

The thesis is focused on the process of trading in credit derivatives on the global financial markets. The first part deals with the history and the development of credit derivatives from the very beginning to the present and all factors that influenced and affected them during that time. Various derivative instruments are explained, in terms of their purpose, suitability for use and the risks arising from them. Mainy focus of the thesis is put on the selected stock markets (CME Group Inc., Eurex AG, NYSE Liff Holdings LLC). This section begins with their history, then it describes their structure and purpose. It explains stock market membership conditions and settlement of exchange contracts principles. The final part clarifies the role of credit derivatives in the financial crisis and the reasons that led to it. In the final part of the thesis organizations that regulate credit derivatives are described, in addition to regulation methods and aids, specifically in terms of new regulatory measures under Basel III and the organization of ISDA, which are also included. At the very end the possibilities of securitization and credit risk diversification are explained as well as methods of credit instruments valuation, which are demonstrated on an example of Credit Default Swap.

Subject of my thesis is a credit risk in the czech banking environment. It consists of five chapters. First one contains description of basic risks banks are exposed to. The next one addresses the credit risk itself and its management, including determination of credit policy and the process of credit granting. Related to this topic is hedging, in broader sense also including provisioning and reserves creation. Third chapter is about credit derivatives, via which the credit risk can be reduced. Closely related to this topic is a securitisation process and it's products. Fourth chapter deals with regulation, which is an essential part of the banking sector nowadays. I focus primarily on Basel II and its credit risk part. In the final chapter I describe credit risk management of one of the biggest czech banks, Ceska sporitelna, which granted most credits in 2010.

O presente estudo examina, sob o enfoque do Direito Brasileiro, a captação de recursos por empresas viáveis em crise, durante o processo de recuperação judicial, por meio do mercado de capitais, especificamente com a cessão de direitos creditórios a Fundos de Investimento em Direitos Creditórios. Em alguns casos, os FIDCs podem consistir em uma alternativa constante de captação de recursos, a custos consideravelmente menores que os praticados por instituições financeiras. Todavia, muitos cuidados e precauções devem ser tomados nas cessões de créditos a FIDCs, a fim de garantir segurança e transparência aos investidores e aos credores das empresas em recuperação. / This research examines, from the Brazilian Law focus, the fund-raising for viable Companies in crisis, during the judiciary reorganization procedure, through the capital markets, specifically with the assignment of receivables to Receivables Funds. In some cases, these investment funds may consist of an usual-recurrent alternative, with considerably lower costs than those charged by financial institutions. However, many precautions should be taken in the FIDCs credit assignments in order to ensure safety and transparency to investors and companies creditors.

This thesis examines, empirically, the securitization of aid delivery at the Dadaab refugee camps in Kenya. Through a series of semi-structured interviews with aid workers, it documents their security concerns, organizatinonal responses to security risks, and discusses the impacts of these concerns and responses on the delivery of aid to the camps. Armed with a biopolitical conceptualization of sovereignty, articulated in the human security paradigm, the humanitarian aid industry has increasingly reached beyond national borders to touch ‘bare life.’ By now, it is widely recognized that humanitarian principles such as neutrality have often failed to protect aid workers from violent attack as they increasingly venture into the world inhabited by “surplus populations.” Drawing on existing research, this study demonstrates how humanitarian aid delivery in high-risk environments, like refugee camps, is essential to the broader task of using aid to securitize and contain high-risk populations and political instability. Paradoxically, without the securitization of aid at the operational level, humanitarian workers are left exposed to the same enduring elements of insecurity that persistently threaten the lives of those they endeavor to help.

近年來，文化創意產業已經成為全球各國競相發展的軟實力重要產業，特別是在英國引領全球風潮，韓國異軍突起之後，臺灣近十年來也積極將施政重心放在文創產業的發展與提升之上。然而，文創中小微型新創事業基於先天本質上具有需求不確定性高、創作者重創意而忽略經濟性、不易與資金持有者溝通等特性，加上臺灣市場規模較小，新創事業失敗風險較高，且政府的政策、法規，亦未能充分發揮作用，故普遍面臨籌資困境。經本研究從證券化可分散風險、利潤共享、增加宣傳機會、提供穩定長期民間資金之角度出發，參考外國立法例及進行個案比較分析，本研究認為股權型群眾募資較適合臺灣文創中小微型新創事業，建議除了現行相關籌資政策、法規仍應進行調整外，也應鬆綁民間成立股權型群眾募資平臺，並採取風險控管之機制。最後，就長遠來看，兩岸應可考慮就股權型群眾募資進行合作，俾使臺灣業者利用現有之軟實力優勢，能夠結合中國大陸的市場及資金，共同邁向雙贏。 / In recent years, cultural and creative industries have become an important soft power around the world, especially after UK leading the global trend and South Korea’s emerging success. Taiwan is also actively focusing on the development of cultural and creative industries over the past decade. However, the micro, small and medium-size startups in cultural and creative industries are usually characterized with high uncertainty for demands, creators ignoring the economy, and hard to communicate with the capital holders. In addition, given Taiwan’s smaller markets, high risk of startups, and the ineffective government’s policies and regulations, fundraising difficulties are generally confronted. This study aims to focus on the securitization for its benefits: risk arrangement, profit sharing, more promotional opportunities and long-term private fund. By referencing to foreign regulations and conducting comparative analysis of related cases, this study concluded that the equity crowdfunding is the better solution for Taiwan’s cultural and creative startups. As a result, it is recommended that the financing policies and regulations should be modified, and should allow the establishment of private equity crowdfunding platform and adopt risk control mechanisms. Moreover, in the long run, Taiwan and Mainland China should consider seeking cooperation for equity crowdfunding to combine Taiwan’s soft power advantage with the fund and market of Mainland China, jointly moving towards a win-win situation.