Brazilian Update: Securitization in Brazil, Tax Reform, and International Trade Issues (original) (raw)
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Long-term Financing: Exploring the Recent Advances in the Brazilian Bond Market
RAC: Revista de Administração Contemporânea, 2022
Contexto: houve no Brasil uma expansão de captações privadas via debêntures, especialmente a partir de 2017. Antes disso, as fontes de financiamento de longo prazo se concentravam na captação via recursos estatais. Objetivo: o estudo examina as possíveis razões dessa expansão e como ela poderia sugerir uma nova tendência de financiar uma maior parcela de projetos de infraestrutura com capital privado. Métodos: por meio de uma abordagem de pesquisa mista, envolvendo testes econométricos de quebra estrutural em séries temporais e análises qualitativas de entrevistas com profissionais do mercado financeiro. Resultados: foi confirmado que houve uma mudança na tendência de emissão de debêntures a partir de 2017, mais pronunciada em alguns setores específicos, como o elétrico. Utilizando entrevistas, sugerimos que os fatores determinantes estão relacionados ao crescimento da demanda por esses títulos de dívida e à redução nas taxas de juros no Brasil. Conclusões: assim, o estudo reforça a ideia da importância das condições do mercado local e das políticas governamentais e seu efeito na atratividade relativa entre o capital privado e o capital público no financiamento corporativo. Palavras-chave: financiamento de longo prazo; infraestrutura; debêntures; financiamento público.
The Quarterly Review of Economics and Finance, 2000
Since the 1950s, the financing of economic development in Brazil has relied significantly on selective credit policies, inflationary financing and external saving. We claim that in the 1990s and for the first time in its post-war history, due to the developments both in the international and in the domestic financial markets, there existed opportunities to develop non-inflationary private sources of long-term finance and to reduce its dependency on foreign savings. These opportunities have been so far spared due to the lack of policies towards enhancing some of the positive aspects of recent developments in Brazil's financial systems, and avoiding excessive volatility and instability of financial markets.
Securitization, Credit Rating and Issuers’ Characteristics.
BBR. Brazilian Business Review (English Edition. Online), 2014
Given the growth of securitization through Credit Receivables Investment Funds (Fundos de Investimento em Direitos Creditórios -FIDCs) in Brazil in recent years, this work aims to investigate empirically the relationship between securitization and credit rating in the Brazilian market. All issues of FIDCs held by banks and registered in the CVM from 2005 to July 2010 were analyzed. The two hypotheses discussed by were confirmed to Brazilian financial institutions. There is evidence of an implied contract between the transferor companies and investors in securitizations made via FIDCs. Companies with higher credit risk, worst ratings, tend to securitize more. However no relationship was found between securitization and asset value, amount of loans or capital ratio.
New financing trends in Latin America : an overview of selected issues and policy challenges
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During the past fifteen years, financial markets in Latin America have experienced a major transformation. This process and its effects on the nature of risks and policy challenges in Latin America were the focus of a May 2007 conference in Mexico City sponsored by the Representative Office for the Americas of the Bank for International Settlements and the Americas Center of the Federal Reserve Bank of Atlanta.
SECURITIZATION OF HOUSING AND FINANCIALIZATION OF THE CITY IN BRAZIL
SECURITIZATION OF HOUSING AND FINANCIALIZATION OF THE CITY IN BRAZIL , 2021
With the promulgation of the Real Estate Finance System (REFS) in 1997, the sociotechnical mechanisms needed to develop real estate securitization in Brazil started to be created, particularly the Certificates of Real Estate Receivables (RERCs). Their use, dissemination, and main agents are analyzed in this text, searching for a deeper understanding of the connections between real estate and finance in Brazil. Thus, the objectives of this work are on the one hand to analyze the trajectory and specificities of the financialization process of housing in particular and cities in Brazil and to understand the RERCs' contribution to the expansion and intensification of housing financialization processes on the other. The analysis focuses, in a critical perspective, on two specific agents presenting their shares on the securitization market: the Caixa Econômica Federal (CEF), the largest supplier of credit for housing in Brazil, and MRV Engenharia S/A, one of the largest Brazilian construction companies and real estate developers. The transformations emerging from their actions have resulted in the creation of a unique financialization and securitization model, which involves the expansion of the process to cities of different sizes and residential properties of different values and the strong presence of the State, sharply underscoring residential real estate financialization trends and the production of urban space in Brazil.
Structured Finance and the Financial Turmoil of 2007-2008: An Introductory Overview
SSRN Electronic Journal, 2008
The Occasional Paper Series seeks to disseminate work conducted at the Banco de España, in the performance of its functions, that may be of general interest. The opinions and analyses in the Occasional Paper Series are the responsibility of the authors and, therefore, do not necessarily coincide with those of the Banco de España or the Eurosystem. The Banco de España disseminates its main reports and most of its publications via the INTERNET at the following website: http://www.bde.es. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged.
A Brazilian municipal bond market: theory, repression and prospects
In 1890, Henry Adams lamented municipal corruption in the US caused by credit practices and compounded by a liberal bias against public finance that reproduced underdevelopment of local government. Municipal bonds proved critical for reversing repression of local public finance, reducing corruption and sustaining growth. Over a century later, the over US$3.2 trillion municipal bond market provided safe haven for investors in the US amidst the 2008 crisis and, as it has for decades, ensured access to long term capital for local governments and public entities. Deepening of local public credit and working toward a Brazilian municipal bond market provide similar opportunities to modernize municipal management and increase growth. Ideas about fiscal dominance, recentralization and biases against local public finance have predominated in Brazil since transition from military rule, reorganization of sub-national debt in 1997 (Central Bank of Brazil, 2000), fiscal responsibility legislation and hard won stability during the 1990s and 2000s (AFFONSO, 2003). Today, the repression of municipal finance is perhaps the single most important cause of slow growth and disappointing politics in Brazil. This paper presents three diagnoses and a proposal. The first diagnosis is that municipal finance underdevelopment is the most critical bottleneck for Brazilian economic and political development. The second diagnosis is that steps toward a Brazilian municipal bond market are politically viable, timely and necessary to reap the rewards of reforms and modernization that have produced investment grade ratings for sovereign and corporate issues. The third diagnosis is that municipal bond markets abroad provide sound guidelines and benchmarks for freeing more effective local finance and design of a Brazilian market. The paper concludes with a proposed timeline for mobilizing interested parties, design and implementation of a Brazilian Municipal Bond Market 2012-15.
Basel Rules in Brazil: What are the Implications for Development Finance?
Palgrave Macmillan UK eBooks, 2010
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