Paulo Augusto P. de Britto

Securitisation of Leases of Port Areas and Installations in Brazil

The Brazilian Federal and State Governments’ lack of funds for investing in port infrastructure is notorious. Accordingly, there is a need to seek out other sources of finance to address the needs of Brazilian ports. One of the options available in the financial market is securitisation whereby credit rights over future cash flows can be associated to regularise financial assets. In the case of ports, the leasing of the port areas generates the credit claims. This article proposes the securitisation of future cash flows stemming from the leasing of port areas and installations as an alternative source of finance for the authorities. It introduces the proposal, portrays the model for leasing port areas and the main concepts concerning the securitisation of credit claims and also simulates an operation based on credit claims on proceeds from port leasing using data from a hypothetical bulk-grain shipping terminal.

Promoting competition in the port sector: an analysis from the global models and application to the Brazilian case

Paulo Augusto P. de Britto Universidade de Brasília Vander Mendes Lucas Universidade de Brasília Paulo César Coutinho Universidade de Brasília Alexandre Xavier Ywata de Carvalho Instituto de Pesquisa Econômica Aplicada Universidade de Brasília André Luís Rossi de Oliveira Utah Valley University Paulo Roberto Barbosa Lustosa Universidade de Brasília Pedro Henrique Melo Albuquerque Universidade de Brasília Adelaida Pallavicini Fonseca Universidade de BrasíliaThe growth in demand for services in the infrastructure sectors, coupled with the lack of public investment, led to policies to promote private participation in those sectors. In the port sector, the private participation started in the early 90s, when the growth of international trade resulted from increasing globalization has highlighted the generalized inefficiency of this sector. This article aims to discuss the private participation in the port sector from the analysis of ways of organization, as well as the evolution of this sector in different countries, analyzing the possible competition models associated to different ownership structures in the areas of the port. The article also presents the evolution and the current organization of the Brazilian port model. Throughout the discussion, examples of ports are presented to illustrate the discussed concepts.

Promoción de la competencia en el sector portuario: un análisis de los modelos globales y aplicación al caso de Brasil

Paulo Augusto P. de Britto Universidade de Brasília Vander Mendes Lucas Universidade de Brasília Paulo César Coutinho Universidade de Brasília Alexandre Xavier Ywata de Carvalho Instituto de Pesquisa Econômica Aplicada Universidade de Brasília André Luís Rossi de Oliveira Utah Valley University Paulo Roberto Barbosa Lustosa Universidade de Brasília Pedro Henrique Melo Albuquerque Universidade de Brasília Adelaida Pallavicini Fonseca Universidade de BrasíliaThe growth in demand for services in the infrastructure sectors, coupled with the lack of public investment, led to policies to promote private participation in those sectors. In the port sector, the private participation started in the early 90s, when the growth of international trade resulted from increasing globalization has highlighted the generalized inefficiency of this sector. This article aims to discuss the private participation in the port sector from the analysis of ways of organization, as well as the evolution of this sector in different countries, analyzing the possible competition models associated to different ownership structures in the areas of the port. The article also presents the evolution and the current organization of the Brazilian port model. Throughout the discussion, examples of ports are presented to illustrate the discussed concepts.

Decision Model on Basic Sanitation Management Using Environmental Kuznets Curve (EKC)

Discussions addressing basic sanitation frequently revolve around the question of urban drainage and solid waste. In this context, the management of public policies in Brazil has been undergoing an intense change in recent years, with the incorporation of new methods and tools for analysis of areas of intervention, public programs monitoring, and in decision making in general. This chapter illustrates the use of information by a public official in order to decide whether to invest and how much to invest in basic sanitation and waste collection. The information is paramount to evaluate the prospects of a policy. In order to demonstrate the decision-making process regarding the systematic relation between alterations in income and the quality of the environment, we use the environmental Kuznets curve (EKC).

Project Finance and Concession Pricing Models: An Application to Brazilian Ports

ABSTRACT Since the Lei dos Portos (“Ports Law”) of 1993, Brazilian ports have operated under the landlord regime, which places the management of ports in the hands of a national authority and provides for the rendering of private services inside the facilities. The model has enabled increases in capacity as well as gains in efficiency, both of which are currently limited due to infrastructure constraints. Expanding infrastructure by building additional ports was an option for the sector to meet the needs of a growing economy. In this context, this article discusses the adoption of public–private partnerships and project finance structure to propose a formula to compute the value of a new port.

Critérios de Notificação de Atos de Concentração: Uma Análise de Perdas para Diferentes Parâmetros Aplicados ao Sistema Brasileiro de Defesa da Concorrência DOI: http://dx.doi.org/10.18836/2178-0587/ealr.v6n2p269-283

A analise de atos de concentracao e uma das principais funcoes da defesa da concorrencia. Contudo, como todo tipo de associacao entre rivais pode ser considerado um ato de concentracao, o volume de atos analisados por um orgao de defesa da concorrencia tende a ser grande. Para contornar esse problema estabelecem-se criterios ad hoc para notificacao obrigatoria que definem quais operacoes devem ser analisadas. Na maioria dos paises, os criterios de notificacao sao relacionados ao tamanho das empresas envolvidas, usando-se como proxies seus faturamentos. Nesse contexto, o objetivo desse artigo e discutir o criterio de notificacao por faturamento determinado pela legislacao brasileira, testando os efeitos de mudancas em seu valor atraves de uma analise de perdas, segundo a qual se verifica atos de deveriam serem analisados, mas nao seria para cada novo valor. A principal conclusao do trabalho consiste da constatacao de que aumentos no criterio de faturamento minimo do segundo maior grupo economico devem ser favorecidos, ante a elevacao no criterio de faturamento do maior grupo economico.

Setting up a price-cap for passenger coach service: an alternative model

This article offers an alternative method model for pricing passengers coach service in regulated markets. The method implementation has low cost and is suitable to situations where the regulator has no historical economic and financial data to establish the tariffs based on the cost of service. Furthermore, it does not require complex calculations neither is based on unverifiable historical financial or market data. The model draws on the concepts of the model of price-cap regulation. A coefficient of type X-factor in price-cap is used to determine the productivity gains in order to induce future efficiency on the service provision. In this article, the model is applied to a hypothetical case of passenger transportation by bus and thus the X-factor is defined as an index of industrial activity of passenger coach services. The financial economic literature defines several levels of activity, one of them is the ratio between revenue and net fixed assets. Moreover, the proposed model is used to establish upper and lower limits for the tariff-bid, reducing possible opportunistic behavior at the auction.

Marco regulatório do transporte rodoviário interestadual de passageiros e opções reais

The Brazilian legal doctrine on interstate bus passengers (TRIP) gives to the concessionaire the option to supply a premium service alongside to the conventional one during the concession period. Not being on obligation, the concessionaire is free to access the private benefit from supplying this premium service. This article argues that this option should be regulated by the Regulatory Agency. By doing so, the value of the option could be internalized by the regulatory framework, as well as a timetable for the commencement of the premium service. The schedule is constructed in the light of a branch of the theory of financial economics, specifically the theory of real options. Demonstrates that it is possible to have: (a) lines without the offer of differentiated service throughout the permission of the conventional service, (b) the service lines that will supply years after the start of permission from the conventional and (c) lines immediately supply the differentiated service. It is argued that the legal doctrine on the TRIP has to be amended. The argument is that the proposed methodology is employed by the regulator of interstate transportation of passengers by bus to determine if and when a given row must be served by different service.