Financeirização e acumulação de capital no Brasil: 1995-2007

• Ano de defesa: 2010
• Autor(a) principal: Castelo Branco, Iracema Keila
• Orientador(a): Marquetti, Adalmir Antonio
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Pontifícia Universidade Católica do Rio Grande do Sul; Porto Alegre
• Palavras-chave em Português: ECONOMIA - BRASIL; INVESTIMENTOS; NEOLIBERALISMO; CAPITAL
• Link de acesso: http://hdl.handle.net/10923/2578

This thesis presents a study of the relationship between finance and accumulation of fixed capital for Brazil between 1995 and 2007. The neoliberal policies of deregulation and liberalization of capital markets enabled the growth of capital appreciation in the financial sphere. With the emergence of institutional investors and corporate governance, companies now have their management focused on maximizing "shareholder value" with implications on investment decisions in accumulation of fixed capital. The results of the econometric model estimated by GMM proposed by Arellano e Bond showed a negative relationship between financialization and real investment based on a sample of 209 non-financial companies. This relationship can be explained by two reasons. First, the opportunities for high financial gains would lead to a growth in financial investments, resulting in reduction of real investments. Second, increases in financial payments in the form of interest and dividends may reduce the funds available for investment in fixed capital accumulation.