Suchergebnisse

During periods in which there are large fiscal adjustments in a country's economy, spending and public investment decreases as a result of the adjustment process. Often we are witnessing a general tax increase to generate more public revenue, and at the expenditure side, a 'blind' cut in government expenditure in order to reduce public spending. A greater tax burden has consequences, direct or indirect, on labour income that, in turn, lead to a decrease in the purchasing power of the population and hence the decline in domestic demand. This type of fiscal policies, in the short term, leads to contraction of a country's economy and the economic recovery strongly depends on the goods and services export sector in which is included the tourism sector. Between 1970 and 2012 Portugal was required to make three large fiscal adjustments due to external imbalances. This paper aims to understand if the international tourism demand is in countercyclical with business cycle, thus functioning as a stabilizer for the economy, or whether it is in accordance with it. Using a Autoregressive Distributed Lag (ADL) Model for the period 1970-2012, the result of the estimations suggest that the tourism sector during the three periods of large fiscal adjustment has never worked as a stabilizer of the economy. ; Em períodos onde ocorrem grandes ajustamentos orçamentais na economia de um pais, a despesa e o investimento publico diminuem em consequência desse processo de ajustamento. Frequentemente assiste-se a um aumento generalizado de impostos de forma a gerar mais receita publica, e, pelo lado da despesa, a um corte 'cego' nas despesas do Estado de forma a reduzir os gastos públicos. Ora uma maior carga fiscal tem reflexos, diretos ou indiretos, nos rendimentos do trabalho que, por sua vez, levam a uma diminuição do poder de compra da população e consequentemente a diminuição da procura interna. Este tipo de politicas orçamentais, no curto prazo, conduz a contração da economia de um pais e a retoma económica depende fortemente do setor da exportação de bens e serviços onde se encontra o turismo. Entre 1970 e 2012 Portugal viu-se forcado a fazer três fortes ajustamentos orçamentais devido a desequilíbrios externos. O presente trabalho pretende inferir se a procura turística externa em Portugal evoluiu a contraciclo funcionando desta forma como um estabilizador da economia, ou se pelo contrario, apresenta uma evolução cíclica a par da conjuntura económica. Utilizando-se um modelo autorregressivo de desfasagens distribuídas para o período 1970-2012, o resultado das estimações sugere que o setor turístico durante as fases de ajustamento orçamental nunca serviu de estabilizador da economia.

From 2005 to 2015, the total assets managed by open private pension funds increased more than six times in Brazil, where the Free Benefit Generating Plan (PGBL) and the Free Benefit Generating Life (VGBL) represent 90% of these assets. However, private pension institutions are characterized by the collection of high management fees, thus keeping for themselves much of the benefits offered by the government as incentive for investment in this modality. High management fees are justified only when there is active management of these funds, theoretically generating higher performance: this study indicates that this is not the case in this market segment. Similar problems have been faced in other countries, such as the United Kingdom, Denmark, and Sweden, which filed investigation concerning funds that charge high management fees for active management, while they actually provide management that may be regarded as passive. This demonstrates the scale and relevance of this issue, which has been surveyed and addressed by this study. To do this, dynamic style analysis was performed, through rolling regressions, followed by Kalman filter analysis in funds from the top-five private pension institutions in Brazil. Analyzing the exposure evolution of these funds to various asset classes and the R2 generated, passivity traces were found, mainly in composite variable income funds. Such funds are precisely those that should be more actively managed, as they charge the highest management fees. This article also demonstrates it is possible to build a passive portfolio, having a very similar style and returns without statistically significant differences, but at a lower management fee (and aligned with passive funds). ; De 2005 a 2015, o total de ativos geridos por fundos de previdência privada aberta no Brasil mais do que sextuplicou, com o Plano Gerador de Benefícios Livres (PGBL) e o Vida Gerador de Benefícios Livres (VGBL) representando 90% desses ativos. Entretanto, as instituições de previdência privada têm como característica a cobrança de elevadas taxas de administração, ficando, assim, com boa parte dos benefícios oferecidos pelo governo como incentivo para os investimentos nessa modalidade. Altas taxas de administração são justificáveis quando há uma gestão ativa desses fundos, gerando, em tese, uma performance superior: este estudo indica que não é isso que ocorre nesse segmento de mercado. Problemas semelhantes têm sido enfrentados em outros países, como Reino Unido, Dinamarca e Suécia, nos quais se abriu investigação a respeito de fundos que cobram altas taxas de administração por uma gestão ativa enquanto proporcionam, na realidade, uma gestão que pode ser considerada passiva. Isso demonstra o tamanho e a relevância desse problema, que foi levantado e abordado por este estudo. Para tanto, recorreu-se à análise dinâmica de estilos, via janelas móveis, seguida da análise via filtro de Kalman em fundos das cinco principais instituições de previdência privada do Brasil. A partir da análise da evolução das exposições desses fundos às diferentes classes de ativos e dos R2 gerados, encontraram-se indícios de passividade, principalmente nos fundos compostos com renda variável. Tais fundos são justamente os que deveriam ter gestão mais ativa, pois cobram as maiores taxas de administração. Este artigo também demonstra que é possível construir uma carteira passiva, com estilo muito semelhante e retornos sem diferenças estatisticamente significativas, mas com taxa de administração mais baixa (e alinhada com fundos passivos).

This article examines the world military expenditures in the period 1991-2009, based on an exploratory analysis about the institutional and economic factors that affected the defense budgets in the countries with the largest military expenditures in the world. Furthermore, there is a comparative analysis of the composition of military expenditures in Brazil and North Atlantic Treaty Organization (NATO) countries in the 2000s, expounding differences on the proportions of resources allocated for weapons purchases and payment of personnel. Finally, the article analyzes the different degrees of investments on capital intensity in these countries' militaries, stressing their differences in comparison with the United States.

The 2014 FIFA World Cup in Brazil gathered approximately BRL 24 billion in investment to build and improve airports, sports arenas, ports, and urban mobility through public-private partnerships. This study analyzes these partnerships and discusses potential conflicts of interest and corruption driven by networking. From the structural sociology of relationships, we built a graphical representation of the investment network and the centrality, proximity, and intermediate positions of 446 actors involved in this sporting event. The results show that, in public-private partnerships, the state takes on different roles in public services coordination. The study found that INFRAERO is the most powerful state agency in the network of investments examined, followed by BNDES and CEF bank. In addition, the research identified seven private companies involved in the well-known corruption case Operation Car Wash. This study contributes to the literature by highlighting the composition of the investment network formed around the 2014 FIFA World Cup, enabling society and governments to consider public-private partnerships in the context of ethics, conflicts of interest, and corruption that may emerge from these relationships. ; La Copa Mundial 2014 reunió inversiones de aproximadamente 24 mil millones de reales para la construcción o mejora de aeropuertos, estadios deportivos, puertos y movilidad urbana en Brasil, a través de asociaciones público-privadas. El propósito del artículo es analizar las asociaciones entre el Estado y el sector privado en inversiones para la Copa Mundial 2014 y discutir posibles conflictos de intereses y corrupción impulsados por la creación de redes. A partir de la sociología estructural de las relaciones, construimos una representación gráfica de la red de inversión y las posiciones de centralidad, proximidad e intermediación de 446 actores involucrados en este evento deportivo. Los resultados muestran que en este arreglo organizativo las entidades públicas asumen diferentes roles en la organización de los servicios públicos licitados – Infraero es el actor público más poderoso de la red, seguido por otras organizaciones prominentes como BNDES y CEF. Además, la encuesta identificó 7 empresas privadas involucradas en la operación Lava-Jato. La investigación contribuye a resaltar la composición de la red de inversión y permite a la sociedad y los gobiernos considerar las asociaciones público-privadas en el contexto de la ética, los conflictos de intereses y la corrupción que pueden surgir de estas relaciones. ; A Copa do Mundo de 2014 reuniu investimentos de aproximadamente 24 bilhões de reais para a construção ou adequação de aeroportos, arenas esportivas, portos e mobilidade urbana no Brasil por meio de parcerias público-privadas. O artigo objetiva analisar as parcerias entre o Estado e a iniciativa privada nos investimentos para a Copa de 2014 e discutir os conflitos de interesse e corrupção impulsionados pela formação de redes. Com base na sociologia estrutural dos relacionamentos, construímos uma representação gráfica da rede de investimentos e as posições de centralidade, proximidade e intermediação de 446 atores envolvidos nesse evento esportivo. Os resultados mostram que, nesse arranjo organizacional, os entes públicos assumem diferentes papéis na organização dos serviços públicos licitados – a Infraero é o ator público mais poderoso na rede, seguida por outras organizações de destaque, como BNDES e CEF. Além disso, a pesquisa identificou 7 empresas privadas envolvidas na operação Lava-Jato. A pesquisa contribui para evidenciar a composição da rede de investimentos e possibilitar que a sociedade e os governos considerem as parcerias público-privadas no contexto de ética, conflitos de interesse e corrupção que podem emergir desses relacionamentos.

Este trabalho tem o objetivo de estudar a construção do público, entendido como os interlocutores em ação, a partir de duas histórias diferentes. A primeira consiste em uma conversação improvisada da dupla de performers Los Torreznos, em La caverna (2012), que tinha o público como seu objeto de observação; e a outra é extraída da análise que o Comité Invisible fez sobre o movimento de ocupação das praças, ocorrido em diferentes cidades do mundo desde 2008. O objetivo é confrontar duas abordagens diferentes do público – cênica e estética, por um lado, e social e política, por outro – e traçar um caminho de ida e volta entre a cena e a rua, considerando ambos os espaços como dispositivos de ação e de representação procurando operar de outras maneiras ante a ordem política e econômica, reforçada desde a década de 1990. ; El objetivo de este artículo es estudiar la construcción del público, entendido como los interlocutores de una acción, a partir de dos relatos distintos. Uno está formado por la conversación improvisada del dúo de performers Los Torreznos en su obra La caverna (2012), que tenía al público como objeto de su mirada; y el otro está extraído del análisis de Comité Invisible del movimiento de ocupación de las plazas desarrollado en distintas ciudades del mundo desde el 2008. La finalidad es confrontar dos acercamientos distintos al público —Escénico y estético, por un lado, y social y político, por otro—, y trazar un camino de ida y vuelta entre la escena y la calle, considerando ambos espacios como dispositivos de actuación y representación que están buscando otras formas de operar frente al orden económico y político consolidado desde los años noventa. ; The aim of this article is to study the constitution of the audience, understood as an interlocutor in action, based on two different stories. The first one is an improvised dialogue by the artistic duet Los Torreznos, in La caverna (2012), in which the audience was their object of observation; the other one is extracted from the analysis made by the Comité Invisible about the occupation movement in squares all over the world since 2008. The objective is to confront two different approaches of audience – scenic and esthetic, on one hand, and social and political, on the other – and trace an inward and outward journey between scene and street, considering both spaces as mechanisms of action and representation, operating differently before the political and economic order, reinforced since 1990.

Objective: To understand/reveal the experiences of undergraduate students of the Nursing School of the Universidade de São Paulo in international academic mobility. Method: A cross-sectional, descriptive study with a qualitative approach conducted between February and July 2017. Data were collected using a semi-structured interview and submitted to content analysis. Results: Twenty-two (22) students participated in the study. Five analytical categories emerged from the analysis of the interviews: Interinstitutional Relationships Dimension, Personal Dimension, Professional Dimension, Academic Dimension and Cultural Dimension. Conclusion: There are many advantages that international mobility can bring to vocational training. Greater governmental and institutional investment is considered necessary, but with mutual planning and monitoring by the institutions in order for it to contribute to the development of Nursing and the Country. ; Objective: To understand/reveal the experiences of undergraduate students of the Nursing School of the Universidade de São Paulo in international academic mobility. Method: A cross-sectional, descriptive study with a qualitative approach conducted between February and July 2017. Data were collected using a semi-structured interview and submitted to content analysis. Results: Twenty-two (22) students participated in the study. Five analytical categories emerged from the analysis of the interviews: Interinstitutional Relationships Dimension, Personal Dimension, Professional Dimension, Academic Dimension and Cultural Dimension. Conclusion: There are many advantages that international mobility can bring to vocational training. Greater governmental and institutional investment is considered necessary, but with mutual planning and monitoring by the institutions in order for it to contribute to the development of Nursing and the Country.

This text for discussion is part of a research aimed to understand the institutional constraints to the implementation of investment in infrastructure in contemporary Brazil and to propose public policy improvement. The rationale for their implementation is that there is evidence that indicate the low capacity of the Federal Government and Brazilian companies to perform "accelerated" investment in infrastructure projects. For analysis were selected six case studies, three successful and not successful three considered, namely: exitosos: thermoelectric of Candiota III hydroelectric power plant phase Teles Pires and BRT south exit DF; and successful not-Transnordestina, subway of Salvador and BR-163 North of Mato Grosso, Santarém (Pará). For each case study, seven conditions were analyzed: planning, designing, managing and coordinating intragovernamental; Bidding and Contracting; Socio-environmental licensing; Expropriation and land conflicts; Federal joint, State and society; Bureaucratic and judicial controls ("U"); and private protection Market of goods and services. This text, in particular, addresses the environmental licensing etching. In Brazil, through licensing, in recent years, through changes in its regulatory framework, has been a theme yet little understood and object of permanent criticism, particularly by the productive sector and linked to major economic infrastructure projects. Are cited issues such as slow decision-making and reasoning, ideological content, process and contribute to delays, increased costs, judicialization, creation of contingent liabilities and non-compliance with service delivery goals to improve the well-being of society. This text aims to make a general analysis of the problems, with the general question: what are the guiding factors and institutional conditions that interfere with the implementation of public and private investment in economic infrastructure in Brazil? Two specific questions are were defined: i) how and why the licensing relates to the ability to execute? and ii) what are the possible alternatives to improve it? Given this, some points analyzed in references and in six selected case studies help answer the question guiding general: i) the still low overall coordination capacity of MMA; ii) little articulation and cooperation between the institutions involved within and outside of Amazonia; iii) the licensing body is continually overwhelmed with questions and demands that are not necessarily of its responsibility; and iv) important intervention but sometimes excessive MPF; among others. As to the first question guiding specific, can be answered by licensing be deprecated or little considered in decision-making; by the progress of works of the projects; ideological contamination of the process; excess "developmentalism" of entrepreneurs; entrepreneurs with great economic and political power; poor quality of technical studies; among others. As for the second question guiding specific suggestions for improvements are make involving policy, regulatory, institutional issues contracts, multiplicity of actors, judicialization, etc.

Objective: The study proposes the systematization of costs of the Continuous National Household Sample Survey conducted by the Brazilian Institute of Geography and Statistics (IBGE) in the region under the responsibility of its office in Florianópolis in the state of Santa Catarina. Methodological Procedures: The Continuous National Household Sample Survey (PNADC) object of this study is one of the many research works developed by the Brazilian Institute of Geography and Statistics (IBGE). This descriptive and documental research is based on a case study and adopts a mixed qualitative and quantitative approach. Data was collected from systems of the Brazilian federal government and from reports, spreadsheets, organizational documents, and internal systems of the IBGE's office in Florianópolis, in Santa Catarina. Results: The systematization of costs proposed in this research starts by identifying expenses and is followed by a classification of them as direct costs – readily allocated to the cost object – and indirect costs – for which it was necessary to use an allocation criterion. The criterion adopted was the workload of the IBGE's unit in Santa Catarina, estimated based on the number of questionnaires collected in the many research works the institute conducted in the state. After establishing the indirect costs distribution method, direct and indirect costs were allocated, and the cost of the 2017 PNADC in the region covered by the IBGE's office in Florianópolis was calculated. The study found that the cost per questionnaire applied during the PNADC in the region was BRL 261.89, an amount obtained by dividing the total cost of the PNADC in the region by the number of questionnaires applied in those municipalities. The cost per questionnaire offers a basis to project the total cost of the PNADC in each period, relating the sample size, how long it takes for collection, the technical staff involved, and the resources needed to carry out the survey. Originality: The topic of costs in the public sector is still ...

ENERGIA é um ingrediente essencial para a vida na sociedade moderna. A ampliação da infra-estrututa energética do Brasil, tanto na sua produção como no consumo exigirá grandes investimentos. Daí a necessidade da presença do Governo no planejamento das atividades energéticas, que são geralmente implementados pela iniciativa privada. Esta presença é essencial para: 1. atender a demanda da sociedade por mais e melhores serviços de energia; 2. estimular a participação de fontes energéticas sustentáveis e duradouras; 3. priorizar o uso eficiente da energia para liberar capital aos setores mais produtivos da economia e preservar o meio ambiente; 4. utilizar o investimento em energia como fonte de geração de empregos e de estímulo à indústria nacional; 5. incorporar à matriz energética insumos importados quando isso resultar em vantagens comerciais e sociais ao país, inclusive através da abertura de exportação de produtos e serviços e, 6. produzir energia de diversas fontes, reduzindo o risco da eventual escassez de algumas delas de forma compatível com as reservas disponíveis no país. ; ENERGY is an essential ingredient to life in modern society. The expansion of Brazil's energy infrastructure, both for production and consumption, will demand large investments. This, in turn, requires government planning of energy-related activities, which are usually implemented by the private sector. This presence is essential for: 1. Fulfilling society's demand for more and better energy services; 2. Stimulating participation in sustainable and enduring energy sources; 3. Prioritizing efficient energy use in order to disengage capital for more productive areas of the economy and to preserve the environment; 4. Using investment in energy as a source of jobs and a stimulus to domestic industries; 5. Incorporating foreign inputs into the energy portfolio when it is commercially and socially advantageous for Brazil - including the exportation of energy products and services; and 6. Generating energy from various sources to reduce the risk of eventual shortages, in keeping with the country's available energy reserves.

The electric power sector is hugely important from an economic, political and social standpoint. The wealth created by this sector represented, on average, 2% of Brazil's GDP in the period from 1998 to 2002. By looking at the financial statements of companies in the sector, one finds a very low rate of investments, but that these firms are still highly indebted. As a result of this debt load and the respective increase in financial expenses, besides the lack of investments, most electricity distributors have been accumulating significant losses. The objective of this study is to examine the way these companies are financing themselves and how the wealth they produce is being distributed to internal and external financial agents. By means of their Value Added Statements (VAS), one can observe that the portion of wealth going to remunerate capital (own and third-party) has gone mainly to external financiers. Our research also shows that in the past three years, electricity distributors have been creating increasing levels of wealth, but the volume of assets necessary for its creation has fallen significantly. ; O setor energético é essencial e um dos mais importantes sob diversos aspectos: econômico, político e social. O valor da riqueza criada por esse setor representou, em média, 2% do PIB nacional no período de 1998 a 2002. Por meio das demonstrações contábeis das empresas desse setor, pode-se constatar que tem havido poucos investimentos e que, ainda assim, tais empresas estão altamente endividadas. Como conseqüência desse endividamento e do respectivo aumento das despesas financeiras, além da falta de investimentos, os resultados têm sido negativos e boa parte das distribuidoras de energia elétrica tem acumulado prejuízos significativos. O objetivo deste estudo é apresentar a forma como essas empresas estão se financiando e como a riqueza que elas produzem tem sido distribuída a dois de seus agentes: financiadores internos e externos. Por meio da Demonstração do Valor Adicionado – DVA pôde-se observar que a ...

This paper analyzes the proposals under discussion in the Brazilian Congress concerning the direct elections for Mercosur Parliament (Parlasur), originally planned to be held on 2014. The proposed rules are investigated in order to find out which changes may impact the profile of the new representation to be elected and the consequences by either strengthening or weakening the institutional role of Brazilian representation in Parlasur. Pending electoral legislation for Parlasur may represent the most important experiment in political reform in the country in recent years - changing the open list of candidates to the closed list (with strict party nomination), prohibiting party coalitions, establishing exclusive public financing of campaigns, besides rules targeting gender equality. Notwithstanding, if members of congress do not strengthen reform to provide a more robust institutional framework, Brazilian representation in Parlasur will be weakened rather than strengthened.

É surpreendente a resistência da economia brasileira à crise internacional nos primeiros meses de 2009. A queda da produção e dos investimentos foi intensa, mas não houve crise cambial, nem crise fiscal ou abalos no sistema financeiro. O governo conseguiu adotar medidas anticíclicas, com corte de impostos e redução dos juros, favorecido pela arrecadação fiscal elevada e pelo fortalecimento dos bancos, depois de anos de juros elevados, além de dispor dos bancos públicos e dos fundos públicos, instrumentos poderosos herdados do passado. No lado externo, a entrada de capitais é estimulada pela ampla liquidez gerada pelas políticas de expansão monetária dos Estados Unidos, enquanto as exportações refletem a sustentação da demanda chinesa, com forte aumento da participação de produtos primários e redução das vendas de produtos industrializados. A capacidade de reagir à crise é um grande teste para o modelo brasileiro de abertura e liberalização, da mesma forma que as dificuldades para sustentar as exportações de industrializados e para a recuperação dos investimentos e da atividade produtiva são também desafios consideráveis. ; Reviewing the first months of 2009, it's surprising to see the Brazilian economy resistance over the international crisis. The decline on production and investment were intense, however, there has not been neither a foreign exchange crisis nor fiscal and financial system breakthrough. The government could apply anti-cyclic policies, as tax cuts and interest reduction, helped by the actual large extend of tax collection and banks strength, after years of high interest rates, besides using the public banks and the public funds, valuable legacy instruments. Regarding the external side, the capital inflow is stimulated by the wider liquidity generate by the US recent monetary expansion policy, while the exports are due to China demand maintenance, with significant increase in basic commodities and decrease of manufactured products. The capacity of reacting to the crises is a great test for the Brazilian model of economic opening, in the same way that the difficulties to sustain the industrialized good exports and recovery of investment rates in the manufacturing activities are considerable challenges.

This article aims to estimate the impact of lower tax revenues on the funding of basic education, in the context of the economic impact of the COVID-19 pandemic. Three hypothetical scenarios of lowering tax revenues are estimated and analyzed, along with their effects on the investment in education in the states and municipalities, per-pupil and overall, using a methodology that combines data on tax revenues, mandatory allocation in education, and enrollment numbers. In the most optimistic scenario, the reduction of 7% in the net tax revenues would lead to a decrease in investment in basic education of more than R$ 16.6 billion. The monthly per-pupil expenditure, which in 2018 was R$ 460 on average, could drop between 4.1% and 26.9% depending on which scenario is considered. This probable reduction in revenues requires urgent measures to attenuate the deepening of educational inequalities, converging to the transference of federal funds to sub-national governments. Finally, we highlight the economic virtue of investing in education, when considering the capillarity of education, and its character of intensive investment in personnel. ; El objetivo del artículo es estimar los impactos de la caída de la recaudación tributaria en el financiamiento de la educación básica frente a los efectos económicos adversos de la pandemia de COVID-19. Para ello, se analizan tres escenarios hipotéticos de caída de la recaudación y sus efectos sobre el presupuesto educativo y por alumno en los estados y municipios, por medio de una metodología que combinó datos de ingresos tributarios, recursos impositivos vinculados a la educación y matrículas. En el escenario más optimista, la reducción del 7% de los ingresos tributarios líquidos implicaría una disminución de los recursos para la educación básica de R$ 16,6 mil millones. Los recursos mensuales por alumno que en 2018 fueron de R$ 460,00 en promedio, podrían caer de 4,1% a 26,9%, dependiendo del escenario de reducción. Frente a la previsible disminución de recursos, se proponen medidas urgentes para atenuar la profundización de las desigualdades en la educación, las cuales convergen en la transferencia de recursos federales a los gobiernos subnacionales. Finalmente se resalta el papel virtuoso de la inversión educativa en la economía, dada la capilaridad de la educación y su carácter intensivo en personal. ; O objetivo do presente artigo é estimar impactos da queda da arrecadação tributária para o financiamento da educação básica em virtude dos efeitos econômicos adversos da pandemia da COVID-19. Para tanto, são analisados três cenários hipotéticos de queda da arrecadação e seus efeitos para as receitas da educação nos estados e municípios, por meio de um modelo de previsão que combinou dados de receitas de impostos com receitas vinculadas a educação e matrículas. No cenário mais otimista, a redução da receita líquida de impostos de 7% implicaria um decréscimo dos recursos para educação básica de R$ 16,6 bilhões por ano. A receita aluno-mês, que, em 2018, foi de R$ 460,00 em média, poderia cair em proporções que variam entre 4,1% e 26,9%, a depender do cenário de redução e do contexto de cada município. Diante da previsível diminuição de recursos, são propostas medidas urgentes para atenuar o aprofundamento das desigualdades na educação, as quais convergem para a transferência de recursos da União aos governos subnacionais. Finalmente ressalta-se o papel virtuoso do investimento na educação, dada a capilaridade desta e o seu caráter intensivo em pessoal.

A integração comercial e financeira global fortaleceu a classe capitalista em relação ao proletariado em cada país ao permitir às transnacionais deslocar suas empresas para países em que o custo da mão de obra é menor. A crise colheu a América Latina pela fuga das divisas fortes, extinção do crédito externo e queda das exportações, das inversões estrangeiras e das remessas dos emigrados. A crise se generaliza com as demissões em massa, a difusão do pânico que faz o crédito encolher, derrubando as vendas de bens de maior valor e os investimentos. Os governos do Primeiro Mundo trataram de resgatar os seus bancos falidos, comprando parte do seu capital ou sua totalidade com recursos do Tesouro. No Brasil, o governo faz que os bancos públicos estendam o crédito aos setores abandonados pelos bancos privados e baixem os juros que cobram. Os governos latino-americanos estimulam o mercado interno a absorver a produção que não enontra mais compradores no exterior mediante redistribuição da renda e aumento do investimento público. Nos últimos seis anos, os emergentes cresceram 50%, enquanto os industrializados cresceram apenas 10%, o que ampliou o número de nações cuja coordenação é indispensável para que a crise mundial possa ser domada do G-7 para o G-20. Uma das lições da crise é que, em lugar da globalização financeira, o povo de cada país deve ter o direito de decidir como seu excedente social deve ser administrado. A guarda do dinheiro do público e o seu empréstimo a investidores e consumidores devem ser reservados ao poder público e a entidades associativas sem fins de lucro. ; Global commercial and financial integration has strengthened the capitalist class in comparison with the proletariat around the globe as it permitted multinationals to relocate their companies to countries in which the cost of the labor force was lower. The crisis reached Latin America through the flight of capital, disappearance of external credit and a drop in exports, foreign investment and emigrant remittances. The crisis spread due to mass job redundancies, diffusion of panic which negatively affected credit availability and decreased sales of higher added value goods and investments. Developed-countries governments rescued their bankrupt banks acquiring part of their capital or even the entire institution with Treasury resources. In Brazil, the government forced public banks to extend credit to the sectors that had been abandoned by the private market and to decrease their interest rates. Latin-American governments stimulated the domestic market to absorb the production that could no longer find buyers abroad in return for redistribution of income and increase of public investment. In the last six years, emerging economies have grown 50% while industrialized countries have grown only 10%. Such fact has enlarged the number of nations that must be coordinated to tackle the global crisis from seven (G7) to twenty (G20). One of the lessons to be learned from the crisis is that instead of financial globalization, the people of each country must have the right to decide how their social surplus must be managed. Monitoring the use of public money as well as public loans to investors and consumers must be the role of the public authorities and not-for-profit organizations only.

The main subject of this study is to propose an agenda to understand capabilities and limitations of state governments in Brazilian federalism. Governance capabilities, named here as economic-fiscal and political-institutional capabilities, are brought to the focus of the analysis. It is well known that our federalism has been recentralized in the past two decades and a small role is due to state governments. Otherwise the federal government in the president Lula administration has, after a decade (in the 1990's) of low levels of economic growth and repression on state budgets, boosted the national economy through expansion in social expenditures, public investment and public credit to the private sector. Very fruitful impacts were noted on state economies and finances but what it is not known is whether state governments had prepared themselves, in terms of strategic orientation and planning, to this new and positive scenario.