Brazilian privatization in international perspective: the rocky path from state capitalism to regulatory capitalism (original) (raw)

Analyzing privatization in Brazil: the role of independent regulatory agencies

2003

Brazil is going through an institutional transition in the provision of public services, which had historically been supplied by State monopolies. A core element in this process is been the creation of a new form of public sector institutions-regulatory agencies with operational and financial autonomy. In this paper we identify their most important decisions and provide detailed analysis of the economic and political context in which they have been taken. We then compare Brazil with some of its peers and argue that its regulatory performance has been rather satisfactory so far, although three main problems must be addressed, namely how to improve coordination between different bodies, better define their respective competencies, and increase their regulatory sovereignty.

Costs and benefits of privatization: Evidence from Brazil

2003

Abstract: Although the Brazilian privatization program has been a sweeping endeavor involving more than 100 firms and billions of dollars, most of the studies have been published only in Brazil, and in Portuguese. This paper is the most comprehensive study to date in terms of the companies covered, and includes the most recent data. It looks at the results of privatization in Brazil for a broad range of economic variables to answer the question: Has the widespread popular discontent with the program been justified?

Financial and Operational Performances of Newly Privatized Firms in Brazil: A Panel Data Analysis

The Brazilian privatization program has been a major one by international standards. From 1991 to July 2001, the state transferred the control of 119 firms and minority stakes in a number of companies. In those cases where the government had majority participation in control 1, and in those where it had minority participation in control 2, the auctions produced US 67.9billioninrevenues,plusthetransferofUS67.9 billion in revenues, plus the transfer of US 67.9billioninrevenues,plusthetransferofUS18.1 billion in debt.

O papel de governança corporativa em companhias recentemente privatizadas: evidências brasileiras

2005

Examinamos as diferenças de preço entre diferentes classes de ações em companhias abertas no Brasil com particular ênfase a empresas privatizadas, e discutimos o papel do controlador, liquidez, e problemas de governanças que influenciam esta diferença ao longo do tempo. Nos incluímos uma breve discussão sobre o sistema societário brasileiro, e seus efeitos sobre os acionistas, e as características do processo de privatização, antes de passar a análise econométrica. Encontramos evidência empírica que suporta a hipótese de que a razão ação sem direito a voto sobre a participação acionária total, liquidez, e tipo de controle majoritário, e mudanças na regulamentação são significativas na determinação das diferenças de preço entre ações.

State and Electricity Sector in Brazil: Privatization and Reform in Perspective

Since the debate with strong influence from Economic Commission for Latin America and Caribbean -ECLAC in the 1950s in Brazil, the theme of choices and strategies for national development were on the agenda. In part, this debate has characterized clashes between nationalists and pro openness to foreign capital, but also between statists and privatizing. Nearly 50 years after the questions about the type of development strategy are still on the agenda and once again, focused on different theoretical and methodological perspectives and practicalpolitical. Within this discussion we intend to confront the gap between the implementation of the privatization of the Brazilian electric sector and the creation of mechanisms and Regulatory Agency (ANEEL) needed for this new type of industry, because ANEEL is created with the privatization process has underway. With this we aim to show that the transformations are the dual interest between global (foreign) interests and national (local). The discussion, even if modest, on these two questions is our purpose in this paper. the privatizing. Almost 50 years later, questions about the type of development strategy are still on the agenda and, again, focused on different theoretical and methodological perspectives and practical-political.

The New Century: Critical Junctures in Privatisation Policy in Brazil and Argentina?

Ⅰ. Introduction Ⅱ. The Problem of Time Lags and the Identification of Critical Junctures Ⅲ. Latin America Turns to the Left Ⅳ. Testing for a Critical Juncture in Privatisation Policy Ⅳ.1. Identification of Macro-economic Crisis Ⅳ.2. Identification of Ideational Change Ⅳ.3. Identification of Change in Government Economic Policy Ⅴ. Conclusion ... For institutionalists (Mahoney 2000; Pierson 2000), periods of abrupt change are regarded as initiated by crises. This has resulted in scholars differentiating the past into periods of normalcy and critical junctures.

Public Governance as a Factor in the Effectiveness of the Constitutional Rules Applicable to State-Owned Enterprises in Brazil

Beijing Law Review, 2022

This article evaluates the constitutional provisions regarding direct state exploitation of economic activity or entrepreneurial state, with a specific focus on the inertia involved in forming and managing state-owned enterprises. It aims to provide a balanced analysis without subjective evaluations. Based on analytical research conducted through document analysis, our objective was to establish a constitutional interpretation that links the collective interest with principle of efficiency, while developing a constitutional filter that is backed by a system of public governance. A filter like this can guarantee that the decision-making process surrounding the establishment, upkeep, or privatization of state-owned enterprises is based on evidence and avoids the political-ideological conveniences that periodically change. The guidelines enhance the constitutional understanding of the matter, providing improved guidance for the exercise of representative democracy when conducting an intertemporal analysis of the entrepreneurial state. This enables a more informed public debate on the nature of the state's entrepreneurial activity, aligning it with the collective interest.

The “State-of-the-Art” of State-Owned Enterprises in Brazil

"Hidden Corners of Public Finance" by the International Budget Partnership (IBP), 2014

Part of a wider study on the "Hidden Corners of Public Finance", this Case Study looks at state-owned enterprises (SOEs) in Brazil. The study examines what information on SOEs in Brazil is publically available, and what oversight mechanisms are in place, to assess the transparency and accountability of public spending in this area. The specific cases discussed were the national developmente bank, BNDES, and the major petrol corporation, Petrobrás.