Rafael Cattan
Universidade Estadual de Campinas, Instituto de Economia, Graduate Student
The paper analyses the financial fragility of Brazilian open-capital non-financial enterprises between 2010 and 2016 according to the typology suggested by Minsky (1992). Applying the methodology from Bacic (1990), the profile of 19 of... more
The paper analyses the financial fragility of Brazilian open-capital non-financial enterprises between 2010 and 2016 according to the typology suggested by Minsky (1992). Applying the methodology from Bacic (1990), the profile of 19 of the 20 economic sectors listed by the Economatica software was analyzed. Concerning the selected period, which was characterized by the reduction of commodities prices, currency depreciation, deceleration of economic growth at the global and domestic levels, and worsening of the financial sources, it was possible to identify a reduction of firms in hedge position and an increase in the number of speculative and ponzi enterprises. However, there are specific sectorial patterns that suggest that some sectors are more resilient than others. This analysis supports the conclusion that, during the reversal of economic cycle, the overall financial fragility of open-capital enterprises increased.
Este trabalho se propoe a analisar o processo de financeirizacao da economia capitalista moderna, compreendido como a dominância do capital portador de juros sobre a economia produtiva. Refletindo mudancas nas praticas economicas em um... more
Este trabalho se propoe a analisar o processo de financeirizacao da economia capitalista moderna, compreendido como a dominância do capital portador de juros sobre a economia produtiva. Refletindo mudancas nas praticas economicas em um mundo cada vez mais globalizado, a analise vigente neste trabalho busca tanto em fatores macroeconomicos, como o padrao monetario internacional e a criacao de moeda, quanto em aspectos micro, como as novas formas de gestao corporativa, elementos fundamentais para a compreensao de um novo padrao de gestao da riqueza no mundo. Podendo ser percebido, sobretudo, a partir do fim do Acordo de Bretton Woods, a natureza instavel da financeirizacao colaborou para o aumento da desigualdade, para a reducao do nivel de crescimento economico global e para a maior ocorrencia de crises economicas na maior parte dos paises.