Marcello Muniz da Silva

Outward FDI from Brazil and its policy context, 2012

Brazil became a significant source of outward foreign direct investment (OFDI) only in the 2000s. Concentrated in the secondary and tertiary sectors, OFDI from Brazil goes primarily to neighboring economies and the United States and Europe. OFDI flows from Brazil include large amounts in tax havens to escape domestic regulations and taxes. Brazils OFDI flow was negative (-US

Eficiência de mercado e custos de transação: teoria e estudos de caso da Bolsa Eletrônica de Compras do Estado de São Paulo e da Central de Suprimentos do Instituto de Pesquisas Tecnológicas

10 billion) in 2009 during the global financial and economic crisis, due to the repatriation of capital, mainly through intra-firm lending by foreign affiliates of Brazilian multinational enterprises (MNEs) to their parent firms. However, in 2010, OFDI flows from Brazil were positive again, at US

FOREIGN DIRECT INVESTMENT: DIAGNOSIS AND PROPOSALS FOR A PUBLIC POLICY AGENDA FOR BRAZIL

12 billion. The stock jumped from US

Indústria de construção naval: percepção de risco nas operações de financiamento no Brasil

52 in 2000 to US

Competitividade da indústria têxtil brasileira

181 billion in 2010. Except for loans provided selectively by the state investment bank BNDES, Brazil still has no institutionalized policy measures to support OFDI. Always lower than inward FDI so far, Brazils OFDI follows Brazilian economic growth and local currency appreciation that generate increased savings, and its recent growth reflects market opportunities abroad that are open to Brazilian national champions with competitive advantages and large-scale operations. Trends and developments In the 1990s, after monetary stabilization and pro-market reforms, Brazil consolidated its position as a significant global recipient of FDI flows. In the decade since 2000, it also became a significant investor abroad together with other emerging economies. Annex table 1 shows that a noticeable increase in OFDI is a new development, common to all the BRIC (Brazil, Russia, India and China) economies, driven by their domestic economic growth coupled with monetary stability and stimulated by market opportunities globally. In Brazil, the expansion of export-led industries, mainly commodities, resulted in an increasing trade surplus. Large inward FDI (IFDI) flows and the trade surplus have boosted foreign-exchange reserves, coupled with an The authors wish to thank Marcos Amatucci and Milton de Freitas Chagas for their helpful comments. The views expressed by the authors of this Profile do not necessarily reflect opinions of Columbia University, its partners and supporters. Columbia FDI Profiles (ISSN: 2159-2268) is a peer-reviewed series.

Política Industrial de Apoio ao Desenvolvimento da Indústria Brasileira de Semicondutores

Diversos estudios ponen de relieve las ventajas del e-commerce, presentando su creciente importancia en el desempeno organizacional. Sistemas electronicos de compras incrementan la eficiencia y anaden valor a los canales de interaccion entre compradores y vendedores. El perfeccionamiento de metodos que permitan una implementacion eficaz de dichos sistemas aumenta la eficiencia de los mercados, lo que contribuye a eliminar imperfecciones economicas. En este articulo se discuten, con base en la moderna literatura, los fundamentos economicos de la introduccion y de la operacion de sistemas de compras basados en el uso de Internet e Intranet. Se alcanza tal objetivo con la caracterizacion del funcionamiento de los mercados y el analisis y clasificacion de los principales componentes de los costos de transaccion, concepto aportado por la escuela denominada Nueva Economia Institucional. Los costos de transaccion representan una innovadora dimension del tradicional analisis neoclasico de costos de produccion. Con base en esa investigacion, se presenta un modelo teorico general que permite analizar las variables relevantes para las tecnologias de la informacion y como dichas tecnologias, utilizadas en sistemas de gestion de suministros, pueden contribuir para generar economias en el corto y en el largo plazos. Se recogieron datos empiricos de dos experiencias: Bolsa Electronica de Compras de Sao Paulo (BEC/SP) y Central de Suministros del Instituto de Investigaciones Tecnologicas (CS/IPT).

Parques tecnológicos brasileiros: uma análise comparativa de modelos de gestão

The research analyses the viability to adopt policies to enhance Brazilian Foreign Direct Investment FDI. Based on statistical data and on literature review, the policy agenda frames the underling questions surrounding FDI. There is not yet a theoretical framework to deal with emergent countries economic outward FDI. There exist strong evidences that capital flows through FDI generate externalities in the following domains: macroeconomic, international trade, and microeconomic (in themes closed related to industrial organization and innovation). The theoretical proposition has its grounds in the conception that international capital flows are absolutely compatible in the following contexts: monetary, commercial, industrial organization and innovation policies. A better positioning of national enterprises internationally may result in growing partnership within the foreign environment. Brazil has not yet a set of policies to deal with inward and outward Brazilian FDI flows, without necessarily jeopardizing macroeconomic policy and the related monetary and currency stabilization goals. Summing up, it is contended that FDI stimulus by means of public policies may contribute not just to a better competitiveness and innovation of Brazilian enterprises but also to assure balanced growing and economic structural change.

O TELETRABALHO NA PERCEPÇÃO DOS TELETRABALHADORES

Esse artigo avalia as condicoes empresariais de captacao e a percepcao de riscos das operacoes de financiamento de projetos de construcao naval no Brasil. Ao fazer isso, discute o problema do financiamento setorial por meio da (i) analise estatistica de indicadores economico-financeiros (IEF) obtidos a partir de Demonstracoes Financeiras de amostras nao intencionais de empresas de transporte e apoio maritimo (nacionais e estrangeiras) e da (ii) percepcao de diferentes atores ligados ao setor (armadores, estaleiros, agentes financeiros, membros de entidades classistas, etc.). Os procedimentos metodologicos adotados se baseiam, respectivamente, em testes estatisticos de diferenca de medias de IEF e em entrevistas feitas com atores das diversas contrapartes envolvidas nas operacoes. Por meio do confronto entre essas procedimentos, os resultados apontam que nao ha diferencas pronunciadas na estrutura financeira entre amostras nao intencionais de empresas nacionais e estrangeiras e que ha fortes divergencias nas opinioes expressas em torno dos riscos associados ao financiamento. Isso sugere que a base de negociacao e precaria conduzindo, frequentemente, a impasses na transferencia de ativos para o financiamento a construcao naval remetendo a questao das garantias de credito.