This article focuses on current aspects of the public servants` pension system in Brazil, dialoguing with the legislative proposal (PL no 1.992/2007) which aims to introduce a complementary pillar in the civil servants pension system. The proposal is been considered in Congress and will allow...

Besides the introduction and the final conclusions, this Discussion Paper has four sections. The first presents the "state of art", that is, the current debate about the long-term financing of the neo-corporatist state capitalism in Brazil. Then it shows the personal and corporate wealth as...

Brazilian pension funds hold together a portfolio that exceeds R$ 1 trillion. This volume of resources justifies researches that try to understand the management of these portfolios. This paper aims therefore to analyze the allocation of the wealth managed by these funds. As an associated goal,...

This paper aims to present the main features of an important segment of the Brazilian financial market, the investment funds. These funds, along with insurers and pension funds, constitute the institutional investors or so-called money managers (Minsky, 1989). The arguments are organized as...

It is discussed the weakening of special funds, as a mechanism for financing public policies. It operates on two fronts to support this fragilization. In the first one, innovations in the management of public resources are presented, making the funds expendable both to the linking of revenues...

Investment funds are key institutions for understanding the dynamics of a country's financial wealth and for analysing the interaction between wealth owners and the macroeconomic policy management. This text has three fundamental objectives: firstly, it seeks to construct a profit proxy of the...

Portuguese Abstract: O capital humano é reconhecidamente o fator mais importante no crescimento econômico nos tempos modernos. Isto deveria ser prioridade em nossa política sócio econômica. No entanto, simples reconhecimento desse fato não é suficiente para um salto qualitativo no...

Portuguese Abstract: Adaptado de um trecho de minha tese de doutorado, este artigo discute alguns dos riscos envolvidos na estratégia de financiamento coletivo conhecida como crowdfunding, e defende que, com algumas ressalvas, ela tem ótimo potencial para fomentar a produção de cultura de...

Portuguese abstract: A transformação digital tem sido um terreno fértil para a modernização dos serviços financeiros. O desenvolvimento de aplicações de soluções tecnológicas foi um dos principais fatores que estimularam o surgimento e o crescimento acelerado das FinTechs: startups de...