Investimento produtivo dos fundos de pensão: uma crítica à estrutura de juros brasileira

Detalhes bibliográficos
Ano de defesa: 2017
Autor(a) principal: Mesquita, Leandro Silva
Orientador(a): Borelli, Elizabeth
Banca de defesa: Não Informado pela instituição
Tipo de documento: Dissertação
Tipo de acesso: Acesso aberto
Idioma: por
Instituição de defesa: Pontifícia Universidade Católica de São Paulo
Programa de Pós-Graduação: Programa de Estudos Pós-Graduados em Economia Política
Departamento: Faculdade de Economia, Administração, Contábeis e Atuariais
País: Brasil
Palavras-chave em Português:
Palavras-chave em Inglês:
Área do conhecimento CNPq:
Link de acesso: https://tede2.pucsp.br/handle/handle/19788
Resumo: Brazil's economic history is characterized by a strongly shortage of saving, and this has always been considered one of the main causes for the low level of productive investment in the economy. The pension funds could boost the country economy by allocating a portion of their available reserves in the manufacturing sector of the economy. Nowadays, the majority of the pension funds investment resources are concentrated in the speculative market; it means that they practically do not contribute with the economic development of the country. The Brazilian’s very high interest rate disincentives the investment in the manufacturing sector, because the pension fund managers can fulfill their obligations by concentrating investments only in bonds or other promissory certificates issued by the government. The ultimate goal of a pension fund is to ensure comfortable retirement for its participants, and the fund managers must ensure the liquidity and solvency of the offered plans. However, in addition to promoting the country's social security (main role), the pension funds could also be actively contributing to Brazil's economic development. The capital investment in the hands of pension funds could be extremely useful for social development, but it is eventually redirected to the speculative market