Made available in DSpace on 2016-04-26T20:48:43Z (GMT). No. of bitstreams: 1 Giordanno Nader.pdf: 2014490 bytes, checksum: 5d246c8f2ff948afb14ec335109b04f8 (MD5) Previous issue date: 2016-03-07 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Around a non-consensual discussion about the macroeconomic policy under President Dilma Rousseff, this thesis aims to analyze the limits and obstacles of Brazilian monetary policy, in light of post-Keynesian political economy. Based on the concepts of liquidity preference, convention of interest rates and the relationship of financial and rentier sectors in the capitalist mode of production, this paper seeks to show that the failure of the attempt of inflection in monetary policy is closely related to the influence financial sectors and rentiers play in the Brazilian economy / Em torno de uma discussão não consensual a respeito da condução da política macroeconômica durante o primeiro governo Dilma Rousseff, a presente dissertação tem por objetivo analisar os limites e os obstáculos da política monetária brasileira nesse período à luz da economia política pós-keynesiana. Baseando-se nos conceitos de preferência pela liquidez, convenção da taxa de juros e as relações dos setores financeiros e rentistas no modo de produção capitalista, este trabalho busca evidenciar que o malogro da tentativa de inflexão na política monetária possui estreita relação com a influência que os setores financeiros e rentistas exercem na economia brasileira

This thesis examines the relationship between corporate liquidity and dividend policy. The corporate liquidity is measured by proven liquidity ratios and the dividend policy is divided into cash dividends and share repurchases. In order to examine the possible relationship between corporate liquidity and dividend policy, public European firms are examined. Denmark, France, Germany, Norway, Sweden, and the UK are selected based on the similarities in the regulation and market structure in the countries. The thesis aims at furthering the knowledge on the role played by corporate liquidity for dividend policy. In our ambition to investigate the before-mentioned relationship we use a panel data set over five years extracted from Datastream. Any newfound evidence on the subject can help investors, creditors, and other stakeholders in evaluating firms based on their liquidity.  We used a deductive quantitative method to analyse the chosen relationship. The study concluded a significant relationship between corporate liquidity and dividend, although negative as opposed to our expectations. With regards to share repurchase, no significant effect was found from corporate liquidity. Free cash flow on the other hand appears to have a positive effect on the amount of share repurchases carried through. We discuss mentioned relationships and attribute them to the mature firms in this sample and the liquidity levels of mature firms.The theories supporting these findings are Agency Theory, Pecking Order Theory, Shareholder Theory, Stakeholder Theory, Liquidity Preference Theory.

Made available in DSpace on 2016-04-26T20:48:39Z (GMT). No. of bitstreams: 1 Andre Guilherme Pereira Perfeito.pdf: 3054360 bytes, checksum: 8d87f333e047a6920da6f98fa9d61477 (MD5) Previous issue date: 2013-08-29 / This work aim to organize the main contributions of Brazilian economists (both orthodox and heterodox) about the high interest rates level in Brazil under the current economic crises (2008-2013), and also point out the Keynesian critic about those readings under the Liquid Preference theory of interest. To achieve this goal the work is divided in 3 chapters and also a conclusion where we state our opinion about the high level of interest rate in Brazil and point out problems for further research / O presente trabalho busca trazer as contribuições de economistas brasileiros (tanto ortodoxos como heterodoxos) sobre a persistência de elevadas taxas de juros no Brasil à luz da conjuntura econômica recente (2008 a 2013) bem como fornecer um contrapronto crítico sob o ponto de vista da literatura keynesiana onde temos no corolário da Preferência pela Liquidez os fundamentos da taxa de juros monetária. Para tanto organizamos a presente dissertação em três capítulos mais uma conclusão onde apontaremos nossa própria opinião sobre as teses apresentadas bem com sugestões de encaminhamento sobre o tema

O presente trabalho tem por objetivo analisar os modelos da firma bancária e crédito a partir de uma visão keynesiana. Inicialmente são apresentadas as proposições teóricas de Keynes e as derivações dessa a partir dos velhos e novos keynesianos. Na 2 parte os modelos representativos da firma bancária dessas escolas são descritos através de Tobin e Stiglitz, sendo neste último caso introduzido o conceito de assimetria de informação. No 3 capítulo é desenvolvida a abordagem pós-keynesiana de endogeneidade da oferta de moeda, sendo apresentados os modelos horizontalista de Moore, bem como as críticas da visão estruturalista, além do modelo de estratégia bancária de Alves, Dymski e Paula, desenvolvido a partir da hipótese de fragilidade financeira de Minsky. No capítulo 4 efetua-se uma discussão, feita por autores pós-keynesianos, sobre a possibilidade de compatibilizar em alguma medida o modelo de Tobin e o modelo de racionamento de crédito com a concepção pós-keynesiana de banco e crédito. / The present work aims at analyzing the models of the banking firm and credit from a Keynesian approach. Initially the theoretical proposals of Keynes and the Old and New Keynesian view of banking and credit are presented. In chapter 2 the representative models of the banking firm of these schools are described through Tobin and Stiglitzs model. In chapter 3 is developed the Post-Keynesian approach of money endogeneity - Moores banking firm model and the criticism made by the Post-Keynesian structuralist view. We also consider other Post Keynesian banking firm model, such as Dymskis model and Alves, Dymski and Paula banking strategy model. In chapter 4 we discuss if compatible the Post Keynesian approach is compatible or not with the conventional Keynesian theory of banking. In chapter 4 we consider the hypothesis of financial fragility of Minsky.

Made available in DSpace on 2009-11-18T19:01:35Z (GMT). No. of bitstreams: 1 Manoel-Aparecido.pdf: 289442 bytes, checksum: a43d4ad1ad996fa4cb5202a13a3475c3 (MD5) Previous issue date: 2005 / This work intends to study the relationship between Brazilian Internal Public Debt mix and Mutual Funds. In the theoretical framework, the discussion about liquidity preference theories implies considering risk averse investors. Portfolio selection is also discussed, particularly Markowitz efficient frontier. Historical data from November of 1999 to December of 2004 of Brazilian Internal Public Debt mix and Mutual Funds portfolio are analyzed. Official goals concerning Public Debt's mix and its actual composition are presented, as well as Mutual Fund preferences as buyers of public debt securities. Time series of three securities (LFT, LTN and NTN-C) in Public Debt mix and Mutual Funds portfolio are compared and a similar behavior is identified. Relevant facts of the macroeconomic context which may have affected Public Debt or Mutual Funds are discussed. Some indications of a possible influence of Mutual Funds upon Public Debt Mix are obtained and hypothesis to be tested in future studies are proposed. / Esta dissertação tem por objetivo estudar a relação entre a composição da Dívida Pública Mobiliária Federal interna - DPMFi e os Fundos de Investimento, que se caracterizam como os principais demandantes de títulos públicos. Discutem-se, no referencial teórico, abordagens teóricas à preferência pela liquidez - que levam a postular o investidor como avesso ao risco - assim como a composição de portfólio, particularmente, a fronteira eficiente de Markowitz. Foram analisados dados históricos da composição da DPMFi do patrimônio de Fundos de Investimento no período de novembro de 1999 a dezembro de 2004. Os objetivos do governo acerca do mix de títulos da dívida pública e os resultados alcançados são delineados, assim como as preferências dos fundos em relação a tais títulos. As séries do montante de três papéis (LFT, LTN e NTN-C) na DPMFi e em poder dos Fundos de Investimento são comparados e comportamentos semelhantes são identificados. Discutem-se fatos relevantes do contexto macroeconômico no período em termos de sua influência sobre o mix da Dívida Pública e dos Fundos de Investimento. Encontram-se indícios de uma possível influência dos Fundos de Investimento sobre o perfil da DPMFi e propõe-se hipóteses para estudos futuros.

O presente trabalho tem por objetivo analisar os modelos da firma bancária e crédito a partir de uma visão keynesiana. Inicialmente são apresentadas as proposições teóricas de Keynes e as derivações dessa a partir dos velhos e novos keynesianos. Na 2 parte os modelos representativos da firma bancária dessas escolas são descritos através de Tobin e Stiglitz, sendo neste último caso introduzido o conceito de assimetria de informação. No 3 capítulo é desenvolvida a abordagem pós-keynesiana de endogeneidade da oferta de moeda, sendo apresentados os modelos horizontalista de Moore, bem como as críticas da visão estruturalista, além do modelo de estratégia bancária de Alves, Dymski e Paula, desenvolvido a partir da hipótese de fragilidade financeira de Minsky. No capítulo 4 efetua-se uma discussão, feita por autores pós-keynesianos, sobre a possibilidade de compatibilizar em alguma medida o modelo de Tobin e o modelo de racionamento de crédito com a concepção pós-keynesiana de banco e crédito. / The present work aims at analyzing the models of the banking firm and credit from a Keynesian approach. Initially the theoretical proposals of Keynes and the Old and New Keynesian view of banking and credit are presented. In chapter 2 the representative models of the banking firm of these schools are described through Tobin and Stiglitzs model. In chapter 3 is developed the Post-Keynesian approach of money endogeneity - Moores banking firm model and the criticism made by the Post-Keynesian structuralist view. We also consider other Post Keynesian banking firm model, such as Dymskis model and Alves, Dymski and Paula banking strategy model. In chapter 4 we discuss if compatible the Post Keynesian approach is compatible or not with the conventional Keynesian theory of banking. In chapter 4 we consider the hypothesis of financial fragility of Minsky.

Submitted by Marcelo Lustosa (mclustosa@gmail.com) on 2013-02-28T01:36:43Z No. of bitstreams: 1 Tese_20130227_v1.8.pdf: 906869 bytes, checksum: 5fe60e0917b07bc61431ffe91501f466 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-02-28T21:17:10Z (GMT) No. of bitstreams: 1 Tese_20130227_v1.8.pdf: 906869 bytes, checksum: 5fe60e0917b07bc61431ffe91501f466 (MD5) / Made available in DSpace on 2013-02-28T21:21:36Z (GMT). No. of bitstreams: 1 Tese_20130227_v1.8.pdf: 906869 bytes, checksum: 5fe60e0917b07bc61431ffe91501f466 (MD5) Previous issue date: 2013-02-05 / Muitas teorias de finanças implicam em relações monotônicas nos retornos esperados em função de variáveis financeiras, tais como a hipótese de preferência por liquidez e o Capital Asset Pricing Model (CAPM). No entanto, estudos empíricos que testam este tipo de relação não são muitos explorados, principalmente no mercado brasileiro. A contribuição científica neste trabalho é utilizar ativos domésticos e verificar se no mercado nacional estas implicações monotônicas das teorias de finanças são sustentadas empiricamente. Fizemos uma revisão dos testes presentes na literatura para verificar a monotonicidade: os testes t, Bonferroni utilizado por Fama (1984), Wolak (1989) e o teste MR, de Patton e Timmermann (2010). Utilizamos a técnica de bootstrap e incluímos na análise dos resultados os testes 'Up' e 'Down'. No teste para verificar a hipótese de preferência por liquidez foram utilizadas as séries da taxa referencial de swaps DI pré-fixada para vencimentos de até 1 ano. Os testes convergem e encontram evidências estatísticas de relação monotônica entre os retornos e os prazos de vencimento. No caso do teste no CAPM, foram utilizadas as séries históricas do preço das ações que compuseram o índice IBrX. Contrário ao esperado, para os dados amostrados, os testes não sustentaram a implicação teórica de monotonicidade entre os retornos médios dos portfólios e os betas de mercado ordenados crescentemente. Este resultado é de grande relevância para o mercado brasileiro. / Many theories in finance imply monotonic relationships in expected returns due to financial variables, such as the liquidity preference hypothesis and the Capital Asset Pricing Model (CAPM). However, empirical studies that test this relationship are not many exploited, especially in the Brazilian market. The scientific contribution of this work is to use domestic assets and verify whether these monotonic implications are supported empirically in the domestic market We did a literature review of the monotonicity tests such that: t-tests, Bonferroni, Wolak (1989) and MR test of Patton and Timmermann (2010). We use the bootstrap technique and the “Up” and “Down” tests to results analysis. To verify the liquidity preference hypothesis it was used series of reference rate swaps DI pre-set for maturities up to 1 year. The tests converge and find statistical evidence of monotonic relationship between returns and maturities. In the case of testing the CAPM, we used the time series of the stock prices that composed the IBrX index. Contrary to expectations, for the sampled data, the tests did not sustain the theoretical implication of monotonicity between the portfolios average returns and the market betas. This result is of great importance for the Brazilian market.

This paper examines current and suggested iterations of the climate finance architecture and potential risks in capital generation and delivery. Which is achieved via the construction of a literature review which aims to capture the main actors involved in the climate finance architecture. This is then contrasted to a post-keynesian and development economics synthesized framework focusing on liquidity preference, asymmetrical relationships and Minskyan financial instability. Utilizing data on current accounts, private capital flow instability and reserve asset accumulation we are able to show the explanatory power of our synthesized framework in explaining global capital imbalances and its impact on global financial flows and the impact on middle and low income countries. Using the insights gathered from our synthesized framework we then contrast it to the literature review, examining it for observable limitations in capital generation and delivery. In doing so a couple of things are noted, there are significant points of contention relating to capital generation and delivery in the climate finance architecture, potentially resulting in volatile asset prices and a negative impact on effective climate finance. Simultaneously it’s observed that climate finance is not catalytical for financial instability but a growing dependency and intertwining with conventional private financial flows may result in bouts of greater financial instability of climate finance assets. Lastly the paper affirms that there is a need to further examine the role and function of blended finance mechanisms.

The purpose of this thesis is to argue that the core of a monetary economy is a network of triangular contracts between banks, firms, workers and capital goods suppliers. Not only does this network give rise to the creation and valuation of money but it is the organising feature of modern economies, giving rise to both episodes of stability and crises. In constructing this argument I consider both orthodox and heterodox points of view. We analyse equilibrium models of money, and find that while money can exist in sequence economies with frictions, models of this type give no justification for its creation, valuation or holding for any significant duration, either theoretically or experimentally. Models that introduce dated goods and trading frictions to motivate the issue of risk-spreading ‘bundled’ debt are more promising for money creation, although they still cannot explain the the holding and valuation of money. Using the concept of team-production of Alchian and Demsetz and that of ‘hostage-taking’ in contracts owing to Williamson, we demonstrate how the issue of a token of generalised purchasing power from a team-production contract can enhance output and consumption. This conclusion motivates an original monetary theory of production that integrates the insights of Post-Keynesian monetary theory and the triangular contracts of the Circulation Approach and expresses them in a way that shows consistent asset and liability matching through a balance sheet approach. The creation and valuation of money and the determination of interest are embedded within the central processes of this economy. The features of the monetary production economy we analyse are in contrast to the mainstream proposition that the economy as a whole is rendered coherent by the existence of a unique and stable equilibrium determined by the utility-maximisation of households and the profit maximisation of firms. Apart from their inability to describe the economy in aggregate, such models treat money as an afterthought that is in no way core to their conception. We set the triangular contracts within a rigorous stock-flow framework of the type developed by Godley and Lavoie and argue that the shifting of the level of impact of uncertainty and failed expectations induced by money leads to specific patterns of economic disruption. These patterns are independent of the specific behavioural characteristics of households and firms and so are robust to policy changes that leave the institutions of the monetary production economy intact. We briefly assess current monetary policy and alternatives in the light of these findings.