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Doctoral Thesis
DOI
https://doi.org/10.11606/T.12.1997.tde-18082022-113139
Document
Author
Full name
Katherine Hennings
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 1997
Supervisor
Committee
Campanario, Milton de Abreu (President)
Almeida, José Roberto Novaes
Gonçalves, Reinaldo
Kadota, Decio Katsushigue
Soares, Paulo de Tarso Presgrave Leite
Title in Portuguese
Os fluxos de capitais externos para o Brasil e seus determinantes: uma análise do período 1970-95
Keywords in Portuguese
Economia
Investimentos
Abstract in Portuguese
Este estudo tem como objetivo analisar os fluxos de capitais externos para o país e contribuir na busca de seus determinantes. Em função das diferentes naturezas que esses capitais possuem, foram desagregados e classificados em investimentos estrangeiros diretos, credito e investimentos de portfolio. Partindo da ótica dos cedentes dos recursos e fundamentados na abordagem dos estoques, conjugada a teoria de decisão de portfólio de Markowitz e Tobin, as hipóteses formuladas a respeito da sensibilidade desses capitais a fatores da economia interna e externa foram testadas. Os resultados demonstram a maior sensibilidade dos investimentos estrangeiros diretos e do credito ao crescimento da economia, enquanto os investimentos de portfólio mostraram-se expressivamente mais sensíveis a taxa de retorno oferecida pelo país. As sensibilidades desiguais sugerem que a economia pode recorrer a modalidades diferentes de capital externo em cada momento, influenciando o influxo do capital desejado pela criação de condições que lhe sejam mais atraentes. A avaliação das políticas econômicas adotadas pelo governo brasileiro indicaram a opção pelo capital de crédito na maior parte do período, promovendo-se uma alteração na composição do fluxo de capitais apenas nos anos recentes, influenciando mais intensamente o influxo de capitais de portfólio.
Title in English
Foreign capital flows to Brazil and their determinants: an analysis of the period 1970-95
Keywords in English
Economy
Investments
Abstract in English
This study aims at analysing the foreign capital flows to the country and contributing to the search of its determinants. Due to the different natures these capital have, they were divided and classified into foreign direct investments, portfolio investments and credit. The hypothesis formulated on these capitals sensitiveness on internal and external economic factors, were tested from the investor point of view and based on the stock approach, jointed to Markowitz and Tobin portfolio decision theory. The results show that foreign direct investments and credit were more sensitive to economic growth, while the portfolio investments were significantly more sensitive to the return rate offered by the country. The uneven sensitiveness suggest that economy may make use of different types of external capital for different occasions, this influencing the desired capitals inflow through creating conditions which are more attractive. The economic policies adopted by the Brazilian Government are, most of the time, directed to an option for the credit inflows, thus, just recently, causing a change in capital flow compositions, influencing more intensely the portfolio capital inflow.
 
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Publishing Date
2022-08-18
 
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