Modelo para avaliação do custo burocrático do FCVS (Fundo de Compensação de Variações Salariais) : um estudo de caso

• Ano de defesa: 2008
• Autor(a) principal: Granja, Paulo Roberto Santos
• Orientador(a): Freitas Júnior, Antônio de Araújo
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: SFH; FCVS; Financiamento imobiliário; Fundos públicos; Subsídios; Housing finance system
• Palavras-chave em Inglês: Public funds; Subsidies
• Link de acesso: http://hdl.handle.net/10438/3856

In 1964, year of the military coup, the Brazilian government established a housing finance system with the intention of reducing the housing shortage that had been going on for decades. In order to reach this goal, the government created the Housing Finance System (acronym in Portuguese ¿ SFH), a set of rules which intended to set up a regulated market through standardized contracts and compulsory sources of funds. The system survived for some time, due to the state control of prices and salaries in the authoritarian regime. However, the increasing inflationary pressure obliged the government to adopt a populist subsidy policy, which left as a consequence outstanding balances at the end of the contracts that very often exceeded the value of the financed units. The solution adopted was to create a fund to settle these residual balances. Such fund should be capitalized by the government and by compulsory contributions from borrowers and financial institutions. Since the government did not make such contributions, the debt of this fund increased on a yearly basis, reaching around 3,5 % of Brazil¿s GDP in December 31, 2006. Due to the decline of private investments in the housing finance system, this debt concentrated mostly on public and state-owned companies, government agencies and public funds. The outcome of this policy was the Salary Variations Compensation Fund (acronym in Portuguese ¿ FCVS), which has a negative net equity of 76 billion reais and costs 100 million reais per year to be managed, and whose main creditor is the Federal Government itself.