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Copyright of GeSec: Revista de Gestao e Secretariado is the property of Sindicato das Secretarias e Secretarios do Estado de Sao Paulo (SINSESP) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of European Journal of Applied Business & Management is the property of ISAG - European Business School and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

ABSTRACT This text analyzes the occurrence of crises in the financial markets of the so-called emerging economies. In the second section, we analyze the factors that can lead to financial crises in these markets, as well as suggest some macroeconomic measures or institutional arrangements that could prevent or minimize them. The third section discusses the role of international organizations, especially the IMF, in preventing and resolving these crises.

Copyright of Pegada is the property of Pegada and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The objective of the research was to analyze the changes in the financial ratings of agribusiness companies listed on the B3, in periods of economic prosperity and crisis, through the Fleuriet model. The research is descriptive and quantitative, with the use of secondary data, which were extracted from the companies' balance sheets and used to calculate the variables of the Fleuriet model, the financial ratings, and the descriptive and Spearman correlation analyses. The results found reveal that most organizations presented the "Solid" and "Unsatisfactory" financial situations, which are characterized by the presence of capital needs. [ABSTRACT FROM AUTHOR]

ABSTRACT This article investigates comparatively the recent developmental dynamics of four East Asian political economies: Japan, South Korea, Taiwan and China. We analyze how the critical juncture engendered by the systemic crisis of the US subprime impacted on its State capabilities, particularly regarding industrial policy, being mediated by the respective regulatory and institutional frameworks. Additionally, we compare the impacts of the 2008 crisis and the previous Asian regional crisis of 1997. Our findings indicate that State capabilities, associated to the historical construction of a Developmental State, were a central feature to understand the resilience of each political economy.

Purpose – An econometric model is established to explain bankruptcy in Ecuadorian banks. The utility of combining macroeconomic, financial, and idiosyncratic determinants to explain bankruptcy is empirically demonstrated. Design/methodology/approach – The cross-sectional analysis includes 24 banks between 1996 and 2016. Bankruptcy is considered as a rare event. Findings – Even in adverse macroeconomic conditions, the main factor explaining bankruptcy is lax administration. Also, those banks with higher levels of indebtedness with respect to their capital levels are more susceptible to bankruptcy. Higher levels of spread and lower inflation are associated with lower levels of bankruptcy. Ceteris paribus, after dollarization the bankruptcy probability decreases and the effective management of each bank becomes a relevant factor to explain bankruptcy. Originality/value – Different determinants are combined in order to produce predictive models with practical value and macro-dependent dynamics that are relevant for stress tests. There is empirical evidence that the change in the monetary system has helped to stabilize the financial system. The problem of having a small sample and rare events is evident and adequately addressed.

ABSTRACT This study sought to analyze the variables that can influence company bankruptcy. For several years, the main studies on bankruptcy reported on the conventional methodologies with the aim of predicting it. In their analyses, the use of accounting variables was massively predominant. However, when applying them, the accounting variables were considered as homogenous; that is, for the traditional models, it was assumed that in all companies the behavior of the indicators was similar, and the heterogeneity among them was ignored. The relevance of the financial crisis that occurred at the end of 2007 is also observed; it caused a major global financial collapse, which had different effects on a wide variety of sectors and companies. Within this context, research that aims to identify problems such as the heterogeneity among companies and analyze the diversities among them are gaining relevance, given that the sector-related characteristics of capital structure and size, among others, vary depending on the company. Based on this, new approaches applied to bankruptcy prediction modeling should consider the heterogeneity among companies, aiming to improve the models used even more. A causal tree and forest were used together with quarterly accounting and sector-related data on 1,247 companies, 66 of which were bankrupt, 44 going bankrupt after 2008 and 22 before. The results showed that there is unobserved heterogeneity when the company bankruptcy processes are analyzed, raising questions about the traditional models such as discriminant analysis and logit, among others. Consequently, with the large volume in terms of dimensions, it was observed that there may be a functional form capable of explaining company bankruptcy, but this is not linear. It is also highlighted that there are sectors that are more prone to financial crises, aggravating the bankruptcy process.

The purpose of this paper is to investigate the impacts of financial crises on investments and financing of constrained and unconstrained Brazilian firms, specifically analyzing the impact of the 2008 subprime crisis and the 2015 Brazilian economic crisis. For this purpose, the companies were classified as constrained or non-constrained by the criterion of the existence or non-existence of ratings, using quarterly data between Q1 2007 and Q3 2016, and adopting the panel analysis as the method. The results indicate that only the Brazilian crisis of 2015 had a negative impact on corporate investments, with this impact being greater on constrained firms, with evidence that cash was more relevant to these firms. Regarding the impact of crises on leverage, the 2008 subprime crisis showed a greater negative impact on the leverage of constrained firms, accompanied by an increase in the proportion of short-term debt, mainly to these companies.

Despite the extensive privatization achievements over the last decades, government ownership of publicly traded companies remains pervasive around the world. Consistent with past evidence of structural change in the beta coefficient during financial crises, the more recent economic recession of 2014 to 2016 in Brazil presents an opportunity to demonstrate the disadvantages of allocating investment in companies that are publicly traded, but are controlled by the government. Constructing a portfolio of publicly traded State Owned Enterprises, we find that the financial crisis produced a significant increase in risk exposure, results that were much more pronounced when compared with a portfolio of privatized companies. The results also indicate that, in addition to a market factor, the poor performance can be explained by controllership. We believe this study adds to the long-standing debate on whether state-owned firms perform worse than private firms, with higher volatility and lower returns, particularly, during a period of financial crisis.

This case addresses the dilemmas experienced by Mr. Ubiratã Araripe, governor of the Tupiniquim State, who, faced with the proposal to set up an American multinational company in Tupiniquim territory, finds himself in a deadlock conflict due to the financial crisis that strikes the state and the impediment of the granting of tax incentives, one of the conditions already listed by the American multinational when presenting its installation project. This is a fictional story, but it was based on actual data and information. Given the above, this case seeks to discuss the granting of tax incentives by the government to companies and the management of a public institution in times of financial crisis. As a teaching tool, this case is suitable for undergraduate and postgraduate courses in the area of public administration and accounting, studies of tax and fiscal planning, economics, public budget, governance and related. [ABSTRACT FROM AUTHOR]

The paper discusses alternative explanations for the crisis that hit the euro area in 2010-2012. The crisis is inseparable from the accumulation of external imbalances between member countries since the mid-1990s. Therefore, the explanation for its origins has to be found in the identification of the mechanisms that contributed to the accumulation of those imbalances. The different explanations discussed here - convergence between economies, fiscal practices, labour relations, capital flows and specialization profiles - are not mutually exclusive. However, the available evidence suggests that some processes are more relevant than others - and they are not the most obvious. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economia Contemporânea is the property of Revista de Economia Contemporanea and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In 1982, John Gerard Ruggie published a study of the international trade and monetary regimes in which he introduced the concept of “embedded liberalism”. This article describes how the concept of embedded liberalism has been altered or jeopardized after the 2007-2009 financial crisis.

ABSTRACT This study aims is to investigate the synchronicity levels of shares traded on the spot market of the São Paulo Stock, Commodities , and Futures Exchange (BM&FBOVESPA) in relation to the accounting convergence process towards International Financial Reporting Standards (IFRS) in Brazil. The term synchronicity refers to the amount that company-specific information and market information are reflected in stock prices. The more share prices reflect company-specific information rather than market information, the greater the informational content of these prices will be in terms of representing the economic value of a particular company. For this investigation, information on companies and shares from 2005 to 2015 was collected, excluding the financial sector. The data were analyzed using cross-sectional and panel regressions. The results indicate a reduction in the synchronicity levels of stocks in the period of full adoption of IFRS in Brazil from 2010 onwards. From 2008 to 2009, which includes the partial adoption of IFRS in Brazil, statistically significant results were not found for the synchronicity levels of shares. However, for times of financial crisis, evidence was found of a reduction in the relevance of accounting information even with the adoption of international accounting standards. The results obtained for the Brazilian context do not support the idea that the adoption of IFRS necessarily causes an increase in the informational content of financial statements and that relevant information is consequently reflected in stock prices.

This paper was written in 2003-04 and aims to investigate the two cycles of US economic expansion in the late of the 20th Century and the 2001 financial crisis. For this purpose, it starts an examination of the mutations of the capital since the 1970s. In the end, it analyzes the international context and the changes in the US hegemony nature at the beginnings of the 21st Century. [ABSTRACT FROM AUTHOR]

Copyright of Galician Journal of Economics / Revista Galega de Economía is the property of Universidad de Santiago de Compostela, Servicio de Publicaciones and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Gestão e Regionalidade is the property of Universidade Municipal de Sao Caetano do Sul and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Lusíada. Economia & Empresa is the property of Fundacao Minerva-Cultura-Ensino e Investigacao Cientifica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Conjuntura Internacional is the property of Conjuntura Internacional and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article analyses the relationship between law, gender, and finance, with a particular focus on gender inequalities in the financial literacy measure which was constructed by the Organisation for Economic Cooperation and Development (OECD). It seeks to trouble predominant claims about financial literacy as an effective, ‘edu-regulatory’ policy to address gender inequalities in the financial services market. The article suggests that instead of acting as a neutral assessment of people’s financial literacy, the measure, in fact, embodies gendered assumptions about finance and financial practices. The measure presents a financial world in abstract terms and fails to account for different contexts within which financial decisions are made. The article exposes the measure’s problematic deployment of the literacy/illiteracy binary in thinking about financial gender inequalities. Rather than being attentive to the ways in which gender inequalities are produced in financial markets, the OECD measure misattributes these to irrational financial behaviour, and further reproduces the marginalisation of women in the global financial market. Este artículo analiza la relación entre derecho, género y finanzas, realizando un enfoque particular en las desigualdades de género existentes en el estudio sobre los conocimientos financieros que elaboró la Organización para la Cooperación y el Desarrollo Económico (OCDE). Busca contrastar las afirmaciones dominantes sobre los conocimientos financieros como una política efectiva, “edu-reguladora” para abordar las desigualdades de género en el mercado de servicios financieros. El artículo sugiere que, en lugar de realizar una evaluación neutral de los conocimientos financieros de las personas, la medida plasma asunciones de género sobre las finanzas y las prácticas financieras. El estudio presenta un mundo financiero en términos abstractos y no tiene en cuenta los diferentes contextos en los que se toman las decisiones financieras. El artículo plantea el uso problemático que el estudio realiza del binomio conocimiento/desconocimiento al pensar sobre desigualdades de género financieras. En lugar de prestar atención a cómo se producen las desigualdades de género en los mercados financieros, el estudio de la OCDE las atribuye erróneamente a un comportamiento financiero irracional, y reproduce así la marginalización de las mujeres en el mundo financiero. DOWNLOAD THIS PAPER FROM SSRN: http://ssrn.com/abstract=2533828

In recent years, Greece experiences a very intensive financial crisis that -as it is expectedhas important effects on the primary sector. ? new form of entrepreneurship for Greece, contract farming, appeared the last years. A successful case study of contract farming in Greece is between the large enterprise “ATHENIAN BREWERY” and the producersmembers of two agricultural cooperatives of Northern Greece. The main aim of this paper is to examine the process of contract farming through agricultural cooperatives. Specifically, this paper investigates the production process of malted barley through contracts of members of the cooperative of Epanomi and the cooperative of Trilofos, in the Prefecture of Thessaloniki (Northern Greece) and the private firm “ATHENIAN BREWERY”. Using a structured questionnaire that it was distributed in 132 producers- members of the agricultural cooperative of Epanomi or Trilofoss it was examined the advantages and the disadvantages of this form of cooperation for both growers-members of these two cooperatives and the private firm. Moreover, it was investigated the role of agricultural cooperatives in the process of contract farming. The results reveal that the most important benefit for the growers is to ensure availability of the products in a predetermined price. The most important benefit for “ATHENIAN BREWERY” is a better production plan which ensures a certain quantity and quality of raw materials. The role of both cooperatives is determinative as it guarantees the safety of the process for both contracting parties.

Copyright of Ciência & Trópico (03042685) is the property of Fundacao Joaquim Nabuco and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The last four decades of economic thought have been marked by the rise, hegemony and revision of economic liberalism epitomized by the New Consensus Macroeconomics. The consolidation of a "new neoclassical synthesis" in the early 1990s resulted in the implementation of inflation targeting regime in several countries, in the defense of great moderation in the early 2000s and the occurrence of the financial crisis from 2007. However, the review of the New Macroeconomic Consensus, still ongoing and with many disagreements comes relativizing the impact of the crisis and proposing adjustments to economic policies despite of reaffirming the orthodoxy theoretical foundations. [ABSTRACT FROM AUTHOR]

Copyright of Espaço Jurídico: Journal of Law is the property of Espaco Juridico: Journal of Law and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Cadernos de Gestão Pública e Cidadania is the property of Fundacao Getulio Vargas, Escola Brasileira de Administracao Publica e de Empresas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The purpose of this article is to describe the changes in the governance structure of the National Fund for Scientific and Technological Development (FNDCT) - especially as a result of the changes that occurred due to MCT Regulation n.° 151/2004 and further elaborated by Law n.° 11.540/2007 - and to relate the current financial crisis through which the FNDCT is going through. Detailed readings on the subject, such as those carried out by the debates in the Senate's Committee on Science, Technology, Innovation, and Information Technology, allow us to conclude that the process of weakening the decision-making structure of FNDCT's governance happened due to the dismantling of the shared management model and changes in that structure made by those laws. Also concluded that these structural changes led to a process of political and institutional fragilization, culminating in the aforementioned financial crisis. [ABSTRACT FROM AUTHOR]

Public organizations are primarily engaged in providing efficient and effective services to society. As part of the strategy to ensure more efficiency in an organization, the managerial salary level is a relevant variable, and therefore needs to be scientifically addressed. Using a 2009-2013 database of managers' salaries in the Portuguese public health sector, we address its evolution throughout the financial crisis occurring in Portugal. The findings suggest that the public managers were left relatively unscathed by the salary cuts that most of the public servants had to endure during the period, due mainly to the increase in their variable earnings. [ABSTRACT FROM AUTHOR]

Copyright of Saúde e Sociedade is the property of Universidade de Sao Paulo, Faculdade de Saude Publica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Administração da UEG is the property of Universidade Estadual de Goias and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Pretexto is the property of Revista Pretexto and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In the 1990s many Ecuadorians migrated to Spain in order to escape the national crisis. Today, these migrants are among those most acutely affected by the global financial crisis. Both the effects of the crisis and the remigration policies of the Spanish and Ecuadorian state have made remigration an attractive option for many migrants. This article analyses the remigration processes of Ecuadorian women and asks to what extent the return schemes address remigration realities.

The starting point of this essay is to show that, in our view, the problem of the traditional economics is not in the deductive method nor the mathematical methods used, but to attribute to economic agents "power" on the future and prescribe the existence of ergodic stochastic processes in their economic analyzes. Thus, building a theory on the ground whose bases are not able to sustain a proper understanding of the world, mainstream economics has difficulties in using the modeling for establishing deductions and conclusions that help understanding the system. Thus, the logical-mathematical rigor in economic models and deduction can be used with appropriate axioms, which is not the case of mainstream economics. Our hypothesis is that the inability of the mainstream in predicting economic crisis is due to the non-recognition of some principles that best describe the dynamics of financialized contemporary capitalism, as the principles of non-ergodicity and Keynesian uncertainty.

With Brazil and the BRIC economies becoming more important to world growth and financial investment, it is important to understand the inner-workings of the financial institutions that will help spur on continued economic growth. This article focuses on the recent history of the market structure of the Brazilian banking sector as well as the effects of the global financial crisis of the late 2000s on the overall relative efficiency of the Brazilian banking sector by using Data Envelopment Analysis. The period studied—2002-2011—shows a marked decrease in overall relative efficiency in the Brazilian banking sector. The negative effects were felt across the board regardless of bank size or ownership type. Small and medium sized banks had the most significant drop in relative efficiency while larger banks were able to weather the crisis more successfully. This alludes to the idea that “Bigger is Better” when dealing with financial shocks to banking efficiency, and would allow us to summarize that the Brazilian banking sector is not participating in the “Quiet Life” of concentrated markets. Also, looking at ownership type, the study shows that Brazilian banks that are controlled by the government were ranked as the most efficient types of banks. Their foreignowned counterparts, however, were ranked as the least efficient and had a larger drop in overall efficiency and participation during the financial crisis than their domestic Brazilian counterparts. The article contributes to the continued need for more information on the Brazilian banking sector’s history and development.

This research focuses on the relationship between corporate governance and performance in the largest European listed banks, which have been studied to a lesser extent within this field. The study is based on agency theory and we use a sample of 404 observations referring to 97 banks selected from the annual ranking of the 2,000 biggest companies in the world prepared by Forbes. The paper covers the period from 2006 to 2010, thus, examining the changes in the performance drivers in the recent financial crisis. On the basis of the panel data analysis, we confirm that the variety of governance factors including board size, insider appointed, directors’ age, board meetings and affiliated committees influence the performance of the banks. This paper contributes to a better understanding of the effect of corporate governance on the financial performance of the financial companies in times of high capital market volatility.

This study investigates the impact of asset allocation on the net flow of fixed income funds in the Brazilian market, by exploiting the exogenous variation in the risk perception of bank liabilities (CDs) caused by the financial turmoil that followed Lehman Brothers’ demise in September 2008. The central hypothesis is that the exposure to assets negatively affected by the crisis impacts negatively the fund’s net flow. We find that, for mutual funds, the larger proportion of assets negatively affected by the crisis the larger the net outflow of resources, indicating that shareholders monitor asset allocation and exert disciplining power on fund managers by withdrawing their resources. In exclusive (fundos exclusivos, i.e., funds with a single shareholder), for which the shareholder is presumed to exert more influence on asset reallocation, we find no significant relationship between the exposure to assets negatively affected by the crisis and net flows.

This study aimed to investigate whether the international financial crisis of 2008 caused impacts on the capital structure of companies around the globe. Using a sample of 29,803 companies, from 48 different countries, were detected and measured the impacts of the crisis on six indicators of leverage, measured for all companies and for two groups, one composed of the companies located in emerging countries and other composed of the companies of developed countries. The results showed statistically consistent changes in capital structures of the companies between the pre-crisis and post-crisis period. There was a reduction in leverage levels, a result that was observed for all groups. The results also showed that the crisis has affected in a similar way companies of both types of countries, developed and emerging. [ABSTRACT FROM AUTHOR]

Copyright of Revista Brasileira de Ciencias Sociais is the property of Revista Brasileira de Ciencias Sociais and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Ensaios FEE is the property of Fundacao de Economia e Estatistica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The 2007 USA financial crisis impacted in the European Union (EU) countries. The EU states suffered in 2009 the greatest fall in their economic activities since the II World War. Some EU countries with higher previous economics imbalances, like Greece, suffered the distrust of financial markets and had to implement austerity policies. Greece was one of the first EU countries to show financial crisis signs due to increase its sovereign risk. In the present work we analyzed, from the principles of game theory, how different financial agents (Greek Government, Investors and the EU), made decisions that led into Greece crisis. The financial agents decisions are shown as a dynamic game with complete information. This paper also provides the solution of the game through Nash equilibrium.

Private corporate actors have played a central role in the construction of the legal rules of globalized capitalism over the past four decades. In no sector has this been more true than in global finance, where private agents have reshaped the norms and practices of credit creation and allocation. The global financial crisis, however, has led many states to challenge aspects of this power and raised broader questions about the legitimacy and future of private power in the global legal order(s). In this paper, I argue that –while state actors have clawed back significant power in global finance– the specific powers of credit creation and allocation combined with the structural pull of transnational legal pluralism will enable major private financial institutions to retain substantial power in the face of these challenges and questions. In the process, I present some broad suggestion about how we can think about private power in the making of global commercial law. Durante las últimas cuatro décadas, actores corporativos privados han desempeñado un papel decisivo en la construcción de las normas legales del capitalismo globalizado. En ningún sector ha sido esto más cierto que en las finanzas globales, donde los agentes privados han reformado las normas y prácticas de la creación de crédito y asignación. La crisis financiera global, sin embargo, ha llevado a muchos estados a cuestionar aspectos de este poder y planteado cuestiones más amplias acerca de la legitimidad y el futuro del poder privado en el/los ordenamiento/s jurídico/s global/es. En este trabajo se sostiene que –mientras que los actores estatales han recuperado un poder significativo en las finanzas globales– los poderes específicos de la creación de crédito y asignación combinados con la fuerza estructural del pluralismo jurídico transnacional permitirán a las principales instituciones financieras privadas retener poder sustancial ante estos retos y preguntas. En el proceso, se presentan diversas sugerencias generales sobre cómo se puede pensar el poder privado en el desarrollo del derecho comercial mundial.

The aim of this study was to identify the variables that influence the firms inclusion in the BM&FBOVESPA Corporate Sustainability Index (CSI), and if such membership is correlated with the firm market value in the Brazilian market. We collected annual data of firms for the period 2006 to 2011. The methodology included the use of methods such as regression analysis type logit and panel data models. The results showed that companies that have joined the ISE have characteristics distinct from those who did not opt for membership. Firms with larger size, higher profitability and sectors considered high environmental impact are more likely to be classified in the ISE. When examined whether inclusion in the CSI has relation with the metric firm value, the results did not reject the hypothesis of positive relationship, even during the financial crisis of 2008, however, found evidence of a negative relationship in the post-crisis period.

The world financial crisis initiated in 2008 may have affected the international financing mix of firms in Brazil and their determinants, given its aftereffects. Financial crisis are recurrent events with varying degrees of severity. Many public Brazilian firms use international financing in their capital structure mix and it is relevant to understand their behavior during international crises. Thus, our goal was to investigate the foreign financing mixes of Brazilian listed companies before (2004) and during the 2008 world financial crisis by means of descriptive and probit regression analyses of their components and determinants at the end of these years. Brazilian companies usage of Eurobonds fluctuates with the value of the real (R$) and is still small considering the size of Brazil’s economy. Short-term financing and bank loans, domestic and foreign, decreased in 2008 and were replaced by domestic and international bonds and American Depository Receipts (ADRs). Firms with foreign shareholders more often resorted to foreign capital markets and their presence became a more important determinant in 2008, while the other determinants did not change. Firms that employ international debt tend to use all other sources of financing more often. International bank loans may be the first step to reduce international financing constraints.

In the 1990s, anti-globalization movements began contesting the effects of neoliberal policies and their social consequences, organizing several protests in Seattle (1999), Genoa (2001), New York (2002), targeting institutions such as the G-8 group or the World Trade Organization (WTO). After the financial crisis of 2008 in the United States, other social movements of resistance to capitalism began to protest in the streets of the U.S. and Europe, among which are the Indignados (Spain), Occupy Wall Street (USA) and Geração à Rasca (Portugal). The purpose of this article is to perform a theoretical analysis, based on contemporary social science authors, of the social movements that emerged after the financial crisis of 2008, placing them in the context of contemporary capitalism. It concludes that, despite the increased incidence of such social movements worldwide, the present context of economic recession still causes high unemployment rates in the countries most affected by the crisis, the environment remains threatened and most political parties suffer a big crisis of representation within civil society.

O artigo discute a crise atual, comparando concepções marxista e pós-keynesiana. A primeira seção examina as razões teóricas para a inerência das crises no capitalismo conforme as duas visões. A segunda mostra como e por que o neoliberalismo agravou a crise, ainda que inerente ao capitalismo. A terceira examina criticamente os limites das políticas atuais de enfrentamento da crise.The article discusses the current crisis, comparing Marxian and Post-Keynesian views. The first section examines the theoretical reasons why crises are inherent in the functioning of capitalism, according to each theory. The second shows why and how neoliberalism has caused the crisis to worsen, even though it is inherent to capitalism. The third section critically examines the limits of the current policies in addressing the crisis.

The debate on economic policy has developed significantly in the past decade. The so-called Washington Consensus, which dictated most of the solutions proposed by international financial organisations, began to be questioned when a large number of emerging economies reduced their reliance on multilateral debt. The crisis of 2008 and 2009 accelerated the process of reflection on the prescriptive nature of the policy proposals advocated by monetarists, with their insistence on a uniform view as if all situations were alike. This has been termed ideology, and the ideology associated with the Washington Consensus has failed even in its methodological principles, as clearly demonstrated by the internal debate within organisations such as the International Monetary Fund or the World Bank. This article reviews the various internal arguments of the international financial organisations within the debate and provides a critique of preconstructed models involving a return to Keynesian economics. It ends with an optimistic view of the broadening and democratisation of the debate on economic policies, termed the new features of the post-Washington Consensus.

This article intends to demonstrate that a good sociological approach to the "financial crisis" is to view the theme as a dispute between different social representations, rather than proposing an alternative explanation to the phenomenon (simply different from or complementary to those presented by the economists). I draw on information and assemble chronologies based on the situation in the United States, and particularly that of Brazil. I then suggest that there is not "a crisis" in the singular, but various narratives vying for primacy, and that this social game, first and foremost, provides the basis for the distributive conflict inherent to any capitalist society.