Magister Philosophiae - MPhil

Submitted by Heloisa Gomes Slav (slav@slavadvogados.com.br) on 2015-09-30T14:18:54Z No. of bitstreams: 1 HeloisaGomesSlav_TradeFinance_Financiamento_a_Exportacao.pdf: 2783123 bytes, checksum: 3f52e35d42ee2e1f427db77b94c56f22 (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Heloisa, boa tarde Conforme contato telefônico, será necessários alguns ajustes devido às normas da ABNT. Estarei encaminhando por e-mail. Att Renata on 2015-09-30T18:13:12Z (GMT) / Submitted by Heloisa Gomes Slav (slav@slavadvogados.com.br) on 2015-10-01T13:36:14Z No. of bitstreams: 1 HeloisaGomesSlav_TradeFinance_Financiamento_a_Exportacao.pdf: 2783550 bytes, checksum: eb2d4cb0c24f9b2efc0fad1e1fd8807b (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2015-10-01T14:06:29Z (GMT) No. of bitstreams: 1 HeloisaGomesSlav_TradeFinance_Financiamento_a_Exportacao.pdf: 2783550 bytes, checksum: eb2d4cb0c24f9b2efc0fad1e1fd8807b (MD5) / Made available in DSpace on 2015-10-01T14:27:03Z (GMT). No. of bitstreams: 1 HeloisaGomesSlav_TradeFinance_Financiamento_a_Exportacao.pdf: 2783550 bytes, checksum: eb2d4cb0c24f9b2efc0fad1e1fd8807b (MD5) Previous issue date: 2015-09-02 / The purpose of this work is to analyze legal issues related to the international trade finance of commodities with a particular focus on pre-export finance. In light of the importance of this transaction, which is sanctioned by the monetary authorities as an 'Advanced Payment for Exports,' to promoting Brazilian exports, the author seeks to analyze legal instruments established under Brazilian legislation or socially typified, which are premised on the implementation of contractual and collateral structures aimed at eliminating basic risks in cross-border transactions with emerging economies such as Brazil. These instruments are applied during the various stages of the structured trade and commodity finance, and pose challenges for their agents – financiers, executives, and attorneys – related to obligations, risks, liabilities, collaterals, and contingencies that are under-explored in the legal literature. The topic is examined in nine chapters. The first chapter reviews the various types of trade finance transactions; the second chapter analyzes structured trade and commodity finance transactions; the third chapter deals with the parameters of rationalities (such as combined analyses of balance sheets, cash flows and assets mobilization) adopted by foreign lenders in order to provide credit to exporters; the fourth chapter is reserved for a detailed study of the transaction’s risks and their mitigation; the fifth chapter discusses the key features of pre-export finance; the sixth chapter is dedicated to regulatory aspects, concept, features, and field of application of the 'Advanced Payment for Exports'; the seventh chapter analyzes contractual aspects that are inherent to a pre-export finance transaction; the eighth and ninth chapters are dedicated to a study of collaterals, particularly with respect to the preservation of goods and rights granted as collateral for the purpose of reimbursing the capital to the foreign lender. From this perspective, the key elements of structured finance for Brazilian commodities exports shall be analyzed in order to contribute to the improvement and dissemination of these business and legal mechanisms (that are still restricted to a highly specialized audience), which were designed to promote economic development in Brazil. / O presente trabalho tem por objeto analisar aspectos jurídicos relacionados com o financiamento internacional do comércio de commodities, com dedicada atenção ao chamado 'financiamento pré-exportação' (ou pre-export finance). Considerando a relevância dessa operação ao fomento das exportações brasileiras, admitida pelas autoridades monetárias como 'Recebimento Antecipado de Exportação', ter-se-á como objetivo a análise dos instrumentos jurídicos que, recepcionados pela legislação brasileira ou socialmente tipificados, têm como premissa a implementação de estruturas contratuais e de garantias voltadas para a eliminação de riscos em operações transfronteiriças com economias emergentes, como o Brasil. Esses instrumentos são empregados nas diversas fases do financiamento estruturado de commodities, impondo aos seus agentes – financiadores, executivos e advogados – desafios relacionados com obrigações, riscos, responsabilidades, garantias e contingências pouco exploradas pela literatura jurídica. O tema será desenvolvido em nove capítulos. O primeiro conceituará as diversas modalidades de operações de trade finance; o segundo dedicará análise para as operações estruturadas de financiamento do comércio de commodities; o terceiro tratará dos parâmetros de racionalidades (como análises conjugadas de balanço contábil, fluxo de caixa e mobilização de bens) adotados pelos financiadores estrangeiros para a concessão do crédito ao exportador; o quarto será reservado ao estudo criterioso dos riscos da operação e sua mitigação; o quinto discutirá as características principais do financiamento pré-exportação; o sexto será dedicado aos aspectos regulatórios, conceito, características e campo de aplicação do 'Recebimento Antecipado de Exportação'; o sétimo analisará os aspectos contratuais inerentes à operação de financiamento pré-exportação; o oitavo e o nono serão dedicados ao estudo das garantias, sobretudo no que diz respeito à preservação de bens e direitos outorgados em garantia, com vistas ao reembolso do capital ao financiador estrangeiro. Sob esse prisma, serão analisados os principais elementos do financiamento estruturado à exportação brasileira de commodities, a fim de contribuir com o aprimoramento e a divulgação dessas técnicas empresariais e jurídicas (ainda restritas a um público especialíssimo) engendradas em prol do desenvolvimento econômico brasileiro.

Centralized data storage and reconciliation by trusted intermediaries has historically put financial systems in the hands of a single central parties. The emergence of bitcoin and blockchain, combined with the 2008 financial crisis, has shifted the Swedish financial sector’s traditional perspectives on democratization, centralization, transparency and automation. Trade and export finance is one of many sectors investigating how blockchain and distributed ledger technology can be used other than as a digital currency system. Swedish trade and export finance connects importers, exporters, banks, credit providers, customs, and transporters into a fragmented and complex process with many stakeholders. Sweden further has a history of quickly adopting technological innovations. Banks therefore face a dynamic environment and an inconsistent, manual operative process that removes profitability incentives in providing small enterprises with credit. The adoption of DLT could provide efficiency gains and cost savings in administration, communication, reconciliation and accounting. In this thesis, the costs, benefits, and remaining barriers of implementing distributed ledger technology in Swedish trade finance are identified. Further, Swedish contextual factors’ effect on the rate of adoption is addressed. The chosen methodology of deep interviews and thorough studying of literature provides an assessment of the potential transition dynamics, forming a foundation for future investment decisions. The conclusions drawn suggest that the main costs related to adoption lie in research and development and implementation. R&D costs for distributed ledgers in the Swedish financial sector during 2019 were approximated to USD 40 million. The main benefits of automation, efficiency and reduced level of complexity were concluded to likely outweigh the costs within approximately ten to twenty years. Experience will allow companies to optimize governance structures and consensus mechanisms, while learning to expose parts of networks into public space. The innovative, adaptive Swedish market environment presumably enables faster than average diffusion of innovation, while remaining barriers in cooperation, trust, interoperability and regulation may extend the adoption process

一國用以協助其國內資本財廠商提高產品對外競爭的方法固不祗一端, 但金融措施的配合不失為一個有效的途徑。事實上, 國際上利用「中長期輸出信用」, 以實現其經濟持續發展者不乏其例, 例如早期的英國, 近代的西德、日本, 以及晚近的韓國比比皆是。就我國而言, 早在民國六十八年也有成立中國輸出入銀行, 負責中長期的輸出融資, 而「中長期出口票據貼現融資業務 (Forfaiting)」,亦是針對資本財的中長期輸出融資, 不僅申請手續簡便, 核貸作業迅速, 相信可適度地彌補中國輸出入銀行中長期輸出融資的不足, 同時能提供廠商一條更便捷、更安全的融資管道。由於國內現階段資本財出口廠商的自有資本薄弱, 且主要的外銷品亦大部分集中在東南亞及非洲等外匯短缺的地區, 廠商對中長期輸出融資的需求尤感迫切, 相信Forfaiting業務之推展能適度的滿足廠商的資金需求, 且增加出口競爭力, 而有助於我國經濟的發展。且隨著我國經濟在國際舞台上扮 演的角色不斷提升, 國際金融業務亦日形重要, 為了在遠東地區的金融市場占有一席之地, 並逐步將台北建立為區域金融中心, 新的金融商品的引進與推廣將必然的趨勢。由於Forfaiting業務本身具備許多的優點, 且是較新的貿易融資工具, 幾乎只有極少部分的人了解該項業務, 是導致筆者研究Forfaiting業務的動機。希望經由對該業務多方面的探討, 能對要使用該項融資工具的出口商或提供該項業務的業者, 有所幫助。該業務只要能夠有效地推廣, 由於其本身具備的固有優點, 相信必定能夠在國際貿易上被廣泛使用。本論文從Forfaiting交易的基本概念出發, 介紹Forfaiting交易的起源與發展、交易流程、特色以及此一融資交易的功能, 也就是對交易中各當事人進行優缺點分析等。然後探討規範該項業務的相關法律、國際間實務上認同的習慣, 以及使用該業務在法律上可能遭遇到的問題。最後, 就我國現況, 對國內推廣Forfaiting 交易提出個人淺見。

This dissertation considered trade and trade finance in Mesopotamia over a period of 2000 years commencing with Sumeria and ending with Achaemenid Persia, taking in Ur III and Assyria. A range of financial instruments was selected together with important business transactions, for instance, agricultural finance, specifically the brewing industry and the working capital requirements of merchants and money lenders. The role of women in private enterprise was examined, including their role in retail finance. The great estates of temple and palace had a substantial impact on finance and trade throughout the periods. Their interaction with merchants and money lenders was important to the study. I used reductionism to facilitate analysis of complex products highlighting the essentials of finance namely, borrowing, lending and return. The study concludes that, during the era under consideration, the evolution and enhancement of the financial instruments and products developed in self-generated, incremental and progressive steps. / Biblical & Ancient Studies / M.A. (Ancient Near East Studies)

This dissertation considered trade and trade finance in Mesopotamia over a period of 2000 years commencing with Sumeria and ending with Achaemenid Persia, taking in Ur III and Assyria. A range of financial instruments was selected together with important business transactions, for instance, agricultural finance, specifically the brewing industry and the working capital requirements of merchants and money lenders. The role of women in private enterprise was examined, including their role in retail finance. The great estates of temple and palace had a substantial impact on finance and trade throughout the periods. Their interaction with merchants and money lenders was important to the study. I used reductionism to facilitate analysis of complex products highlighting the essentials of finance namely, borrowing, lending and return. The study concludes that, during the era under consideration, the evolution and enhancement of the financial instruments and products developed in self-generated, incremental and progressive steps. / Biblical and Ancient Studies / M.A. (Ancient Near East Studies)

Master‘s thesis shows the value of the company and possible active export products to foreign markets. Parts the work are also of important information, analysis and solutions on how best to use this process in the company's favor. The firm could face a situation where it is possible to achieve considerable competitive advantage.