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Copyright of International Journal of Professional Business Review (JPBReview) is the property of Open Access Publications LLC 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 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.)

This work explores the affinities between the discourse of the Universal Church of the Kingdom of God in Portugal, during the financial crisis and the austerity program, and the neoliberal thought, using the concept of entrepreneurship as the central analysis in the rhetoric of both. We delve into UCKG's written production - the newspaper Folha de Portugal - for a two-year period (2010 and 2012), researching all references to entrepreneurship and related concepts, carrying out discourse analysis. The data collected points to an overestimation of entrepreneurship as a solution to the crisis, and a poor understanding of the constraints caused by the crisis and austerity and, this suggests the alignment of this religious discourse with the neoliberal habitus and ideology. [ABSTRACT FROM AUTHOR]

Oscillations within the financial market during the subprime crisis caused an increase in volatility and a fall in asset prices, in addition to increasing the degree of normal market movements. This study analyzed the contagion effect of the international financial crisis on the Brazilian stock market indices upon studying the estimated covariance patterns between the Brazilian and American stock market indices. The empirical analysis was based on the multivariate BEKK-GARCH models. The results showed that the estimation of the covariance structure between 2007 and 2010 had clear evidence of contagion in the indices investigated: Electricity (IEE), Telecommunications (ITEL), Consumption (ICON), Industrial Sector (INDX), Real Estate (IMOB), and Financial (IFNC). During the period of the international financial crisis, there was an increase in the covariance between the American and Brazilian market indices. The IMOB and IFNC indices showed the highest contagions among all the ones analyzed, reflecting the losses of the civil construction industry along with internal and external credit scarcity. [ABSTRACT FROM AUTHOR]

Argentina on the brink of disaster is an economic analysis of the Argentine crisis. The text begins with an analogy between the plagues of Egypt and the serious economic problems facing Argentina, attributed to the lack of adequate measures by the State: high inflation, loss of purchasing power, increase in informality, economic stagnation, flight of capital, decrease in international reserves, massive devaluation and the possibility of a right-wing government at the end of the year. [ABSTRACT FROM AUTHOR]

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RESUMO Este ensaio tem como objetivo delinear as discussões teóricas sobre a crise financeira. Três abordagens explicam o evento: a monetarista, a abordagem de informação assimétrica e a hipótese de instabilidade financeira. O primeiro se mostrou inadequado quando confrontado com a experiência. Os outros dois têm em comum a tentativa de incluir o mercado financeiro com todas as suas instituições na análise econômica. No entanto, eles diferem na concepção sobre o modo de funcionamento da economia.

This paper analyzes the main features of the restructuring of the Spanish banking system after the 2008 crisis. The Bank of Spain -the enforcement arm of the European Central Bank's policy- and successive governments accentuated the oligopolistic nature of Spanish banking, as their measures contributed to limit internal competition (eliminating savings banks) and to socialize the costs of the bank bailout. [ABSTRACT FROM AUTHOR]

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]

O trabalho objetivou analisar o pressuposto da violação aos direitos e as garantias fundamentais, denominado Estado de Coisas Inconstitucional e seus reflexos na esfera da ordem econômica sob a ótica da crise financeira, marcada pelo elevado índice de desemprego e pelas parcas condições do assalariado brasileiro, circunstâncias que dão por resultado a inefetividade de preceitos constitucionais, eleitos nesse trabalho os artigos 5º, XIII e 7º, IV, do Texto Constitucional. Concluiu-se que a economia compartilhada se mostrou como uma solução apta a dirimir a problemática identificada, haja vista, que a base deste novo modelo econômico efetiva a promoção dos direitos fundamentais em tempos de crise econômica. A justificativa do estudo marca a extensão dessa novel amostra e a sua contribuição para o desenvolvimento socioeconômico. Utilizou-se uma base teórico-científica, sob o método dedutivo e sistêmico de pesquisa, tendo o Estado de Coisas Inconstitucional e a crise econômica nacional como plano de fundo, a teoria da complexidade como referencial teórico e como sistema de referência, adotou-se Edgard Morin.

RESUMO Este artigo, escrito em 2003-04, tem como objetivo analisar os dois ciclos de expansão econômica dos Estados Unidos no final do século XX e a crise financeira de 2001 que lhes sucedeu. Para tanto, parte-se de um exame das mutações do capital, sobretudo a partir da década de 1970. Ao final, empreende-se uma reflexão sobre a conjuntural internacional e as mudanças da natureza da hegemonia dos Estados Unidos no início do século XXI.

Os conglomerados financeiros geram uma série de desafios do ponto de vista da fiscalização financeira prudencial. A sua atuação nos setores bancário e de investimentos, bem como securitário, exigem grande coordenação entre os agentes de supervisão não somente nacionais, mas também de outros Estados-Membros da UE e mesmo de países terceiros em que atuem. A UE regulou pela primeira vez a matéria na Dir. 2002/87/CE, prevendo uma supervisão complementar, a qual sofreu sucessivas alterações em 2005, 2008, 2010, 2011 e 2013. A Dir. 2002/87/CE foi transposta para o direito português pelo DL 145/2006, alterado pelos DL 18/2013 e DL 91/2014. Neste artigo serão expostas as deficiências na transposição do direito europeu para o ordenamento nacional e pontuados alguns desafios a serem enfrentados no futuro como os conflitos entre o direito de supervisão complementar e o direito societário, a atuação de shadow bankings, a fragmentação regulatória e a necessidade de coordenação entre um grande número de agentes reguladores.

O objetivo deste trabalho foi documentar a relação entre os dois mecanismos de atuação estatal (direcionamento do crédito e controle societário de bancos) e a concessão de crédito bancário no Brasil durante a crise financeira global de 2008. Há intenso debate na literatura sobre a efetividade da atuação do Estado no sistema financeiro e seus efeitos sobre a economia. Um dos aspectos dessa questão é identificar se a presença estatal contribui para estabilizar a concessão de crédito e suavizar o impacto econômico das crises financeiras. Os estudos realizados até o momento não consideraram as diferenças entre os créditos livres e direcionados no nível dos bancos, nem sua eventual interação com o tipo de propriedade do banco. O tema do estudo é relevante pois pode ajudar a guiar políticas públicas anticíclicas para o enfrentamento de crises, incluindo a utilização de alterações no direcionamento do crédito ou a atuação dos bancos públicos. As análises realizadas podem contribuir para informar o debate sobre os prós e contras da presença estatal no mercado de crédito. O estudo analisa dados do período de 2005 a 2012 de instituições financeiras que captam depósitos do público. As inferências são baseadas em modelos de regressão linear incluindo ampla gama de variáveis de controle. Este estudo documenta redução significativa da concessão de crédito por bancos privados no Brasil e expansão por bancos públicos durante a crise de 2008. Esta evidência não se deve apenas a diferenças na taxa de captação de recursos durante o período ou a fundamentos econômicos, sugerindo que o efeito do controle societário relaciona-se possivelmente a uma atuação anticíclica dos bancos públicos. Os resultados apontam que os mecanismos de direcionamento de crédito foram pouco relevantes na suavização da contração decorrente da crise financeira. [ABSTRACT FROM AUTHOR]

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.

Copyright of Advances in Scientific & Applied Accounting is the property of Associacao Nacional de Programas de Pos-graduacao em Ciencias Contabeis 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 year of 2007 was marked by one of the most severe global financial crises, which led to an increase of psychopathological symptoms that negatively affected life satisfaction. This research analyzed how financial threat was associated with life satisfaction and how coping, as a mediating variable, influenced this relationship. The theoretical model was tested through a sample of 901 Portuguese individuals, averaging 37 years old (SD=12.86). A structural equation modelling (SEM) was used to obtain the results, by using a multiple-group analysis. Overall, the results showed that financial threat is negatively associated with life satisfaction and that proactive coping strategies have a positive association with life satisfaction. The results obtained from coping as a mediating variable were not significant (considering the total sample). However, when we performed a multiple-group analysis, in the group of individuals with lower levels of financial threat, the mediation effect was statistically significant, showing an almost total attenuation of the crisis's negative effects on life satisfaction. Thusly, we can infer that the mediating role of coping depends on the level of perceived financial threat. Since periods of financial threat have a negative impact on individuals' psychological health, coping strategies can mitigate this relationship by decreasing the aforementioned negative impact. [ABSTRACT FROM AUTHOR]

RESUMO O presente artigo discute o conceito de risco sistêmico e analisa sua relação teórica com as crises financeiras e a fragilidade financeira a partir da contribuição do professor Fernando Cardim de Carvalho. Em específico, busca-se analisar a interpretação de Cardim sobre o tema a partir do diálogo que estabelece com a literatura convencional e de sua leitura dos trabalhos de Minsky. A metodologia empregada consiste em uma revisão bibliográfica compreensiva sobre o conceito de risco sistêmico, com enfoque na obra do professor Cardim. A leitura pós-keynesiana, para a qual Cardim contribuiu sobremaneira, aponta para uma íntima conexão entre risco sistêmico, fragilidade financeira e crise sistêmica. Destacam-se o caráter endógeno desse risco e uma visão vertical sobre as crises, segundo a qual a crise afeta o sistema econômico como um todo.

El presente estudio analiza el fortalecimiento de la banca en Méjico a partir de la crisis financiera y bancaria de 1994-1995, promovida principalmente por los organismos financieros internacionales como el BIRF (Banco Mundial), así como la adopción de los acuerdos del Comité de Supervisión Bancaria de BASILEA, que generaron el diseño normativo, prudencial e institucional que hoy dan solidez al Sistema Bancario. Este trabajo muestra, además, que esa fortaleza coadyuvó a que Méjico enfrentara satisfactoriamente los efectos de la crisis financiera originada en EUA en 2007-2008. The study analyzes the Banking strengthening in Mexico from the financial and banking crisis of 1994-1995, driven mainly by international financial organizations such as the IBRD (World Bank), as well as the adoption of the Bassel Committee on Banking Supervision Principles, which generated the normative, prudential and institutional design that enhanced the Banking System. This work also shows that this strength supported Mexico to face satisfactorily the effects of the financial crisis originated in the USA during 2007-2008. Este estudo analiza o fortalecimento da Banca Mexicana a partir da crise financeira e bancária de 1994-1995, promovida principalmente pelos organismos internacionais como o BIRD (Banco Internacional para Reconstrução e Desenvolvimento), e também a adoção dos Acordos do Comitê de Supervisão Bancária da BASILEIA, que geraram o marco normativo, prudencial e institucional que atualmente dão solidez ao Sistema Bancario. Este trabalho mostra que essa solidez foi uma peça fundamental para que o México pudesse enfrentar satisfatoriamente os efeitos da crise financeira originada nos EUA em 2007-2008.

Esta pesquisa teve como objetivo investigar os impactos que a crise financeira internacional de 2008 causou na estrutura de capital de empresas de todo o mundo. Utilizando uma amostra de 29.803 empresas de 48 países diferentes, foram detectados e mensurados os impactos da crise sobre seis indicadores de alavancagem, medidos para o total das empresas e também para dois grupos, um composto pelas empresas localizadas em países em desenvolvimento e outro pelas empresas de países desenvolvidos. Os resultados mostraram que houve alterações estatisticamente consistentes nas estruturas de capital das empresas entre os períodos pré e pós-crise. Em síntese, houve redução nos níveis de alavancagem, resultado este que foi observado para todos os grupos analisados. Os resultados mostraram ainda que a crise afetou de forma similar as empresas de ambos os tipos de países, desenvolvidos e em desenvolvimento.

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. [ABSTRACT FROM AUTHOR]

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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 Dimensión Empresarial is the property of Universidad Autonoma del Caribe, Departamento del Atlantico 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 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.)

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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]

The recent increase in concentration levels and the regulation of financial systems around the world have revived the debate on the relationship between banking concentration, market competition, and financial stability. In this paper, we study the relationship between these variables for the recent Colombian case. Our results confirm the existence of a high banking concentration process during the last decade, which has been accompanied in turn by a decrease in the level of competition among banks. However, this process has not compromised the stability of the banking system. On the contrary, it has improved. Finally, we found a non-linear relationship between these variables, suggesting it is not recommended to increase the banking concentration levels into the future. [ABSTRACT FROM AUTHOR]

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Copyright of Dimensión Empresarial is the property of Universidad Autonoma del Caribe, Departamento del Atlantico 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.)

este estudo utiliza dados do Survey of Consumer Finances (scf) de 2007 e 2013 para examinar a propensão à poupança das famílias americanas no período de pré e pós-crise econômica, baseando-se no modelo de dois períodos de consumo/poupança de Bowman, Minehart e Rabin (1999). Esse modelo assume existência de assimetria no comportamento de poupança dos agentes em resposta a choques positivos e negativos na renda. Os resultados obtidos via modelos logit sugerem que a crise tenha aumentado a relevância de fatores como número de filhos, idade, grau de instrução, renda e incerteza econômica; enquanto patrimônio, tolerância a risco financeiro, horizonte de investimento, saúde e possuir casa própria foram fatores que perderam relevância. As evidências sugerem que eventos da magnitude da crise de 2008 podem ocasionar mudanças no comportamento financeiro dos agentes, as quais são inteiramente explicadas pelos choques financeiros.

This paper analyzes Portugal’s health policy from the perspective of Social Work in time of austerity. We have identified the competencies and responsibilities of Social Work in the field of health and evidenced the trajectory of the National Health Service since its inception until its recent developments. Notably, changes occurred to the health policy during the economic crisis of the State between 2010 and 2015, and an analysis was made of the impact of these changes in Social Service, while considering scenarios where the scarcity of resources and privatization of the sector are both common facts. In order to achieve the goals we have set, we opted for an approach focused on documentary analysis, based on the experience of the authors (evidence-based practice).

Resumo A administração pública é forçada a encontrar um equilíbrio entre eficiência e democracia na definição da sua agenda e curso de ação. Uma das características da administração pública é que todas as decisões devem refletir valores democráticos, para além de serem eficientes. No entanto, a reforma administrativa, motivada por dificuldades financeiras, tende a destacar a importância do desempenho financeiro, em detrimento dos aspetos democráticos nas políticas de gestão pública. Esta pesquisa visa analisar a relação e tensão entre a eficiência e a democracia à luz da mais recente crise financeira global. O trabalho utiliza uma abordagem quantitativa e recolhe dados de governos locais portugueses para testar o argumento de uma relação linear inversa de desempenho financeiro e procedimentos democráticos. Os resultados confirmam o argumento de uma relação inversa, definida por Waldo (1948). Adicionalmente, os resultados também permitem concluir que a crise financeira evidenciou o efeito negativo dos procedimentos democráticos no desempenho financeiro.

Ainda que a progressiva incorporação do constitucionalismo ao plano internacional e global implique avanços civilizatórios parciais, o certo é que o século XXI está provocando uma transformação essencial nas condições históricas que haviam dado lugar a sua formação e desenvolvimento. A globalização gerou um contexto caracterizado pela aceleração e transformação permanente, tanto no âmbito econômico como no tecnológico. As mudanças produzidas nas quase duas décadas do século XXI, alteraram substancialmente o mundo que conhecíamos até o final do século XX. Surgiram novos agentes de poder global tanto públicos como privados que não se vinculam aos valores inspiradores do constitucionalismo. NO caso dos públicos, porque se tratam de Estados autoritários nos quais não existem estruturas democráticas ou estas são muito débeis. No dos privados, porque vinculam sua atividade à lógica exclusiva do benefício econômico, desvirtuando os valores democráticos que haviam regido o espaço público até recentemente. A crescente permeabilidade do Estado aos agentes globais que agem no plano financeiro e comunicativo, determinou as duas grandes crises do constitucionalismo frente à globalização neste século XXI. Por um lado, a crise financeira, que deu lugar a uma exteriorização do poder estatal, submetido plenamente às condições econômicas ditadas do exterior. Por força da crise tentou-se implantar uma “interpretação econômica da Constituição” que debilitou os valores inspiradores do constitucionalismo. Por outro lado, a crise democrática, manifestada a partir do Brexit e das eleições presidenciais norte-americanas, com a incidência que tiveram as grandes agências provedoras de serviços de Internet sobre os processos eleitorais, mediante o desenho tecnológico de propaganda massiva adaptada às redes sociais. O Estado-Nação encontra-se atualmente indefeso ante tais agentes globais da especulação financeira nos mercados e da manipulação publicitária do espaço público (que têm conexões entre si). O constitucionalismo de nossa época somente pode aspirar uma regulação global ou, senão, supranacional, eficaz. Para além dos efeitos visíveis da intervenção destes novos poderes globais, surgem alguns problemas estruturais que podem afetar a própria essência do constitucionalismo em sua última fase de desenvolvimento até o momento, aquela representada pelas constituições normativas e a democracia pluralista. No plano econômico, minam-se as bases o Estado social e deterioram-se suas raízes culturais. No plano comunicativo, apesar da potencialidade participativa que têm as redes sociais, percebe-se um isolamento e encapsulamento da coletividade em grupos e uma mudança de padrões de conduta nos partidos políticos e nos meios de comunicação, que dificultam cada vez mais os processos comunicativos reflexivos, orientados no sentido da formação de consenso, que eram próprios da democracia pluralista. A segmentação e desagregação progressivas do espaço público se veem potencializadas extraordinariamente pelas redes sociais, já que lhes resulta economicamente produtiva às grandes plataformas de Internet. O fomento da instabilidade política e de conflitos sociais virtuais através das redes incrementa sua receita publicitária. A lógica economicista instalada nos grandes agentes globais está provocando um retrocesso civilizatório e uma crise existencial para o constitucionalismo como nós o conhecemos.

ABSTRACT This study contributes to the literature dealing with the influence of macroeconomic factors on accounting information quality, since it analyzes the earnings management strategies of firms, specifically identifying different discretionary behaviors among economic cycles: 1) different levels of earnings management through accruals between phases of the business cycle, and 2) the trade-off between earnings management through accruals and real earnings management. The results indicate that the accounting information reported should be analyzed with greater caution by its users, especially in periods of great economic oscillations, when managers can increase or reduce opportunistic behavior. The research population comprised non-financial companies with shares traded on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBovespa) and the sample was composed of 247 firms per year, covering the period from 2000 to 2015 and totaling 2,501 observations. The phases of business cycles were used as a proxy for the economic environment and were based on Schumpeter's (1939) study, which divides an business cycle into four distinct phases: expansion, recession, contraction, and recovery. Discretionary accruals were estimated according to the Pae (2005) and Paulo (2007) models. Real earnings management was estimated as described by Roychowdhury (2006), using only the abnormal behavior of production costs and operational decisions. The results of this research show that earnings management strategies, using either accruals or real manipulation, as well as the choice between these strategies, are impacted by the economic environment. The evidence suggests that managers have different opportunistic behavior in each phase of the business cycle. Specifically, they increase the level of discretionary accruals in contractionary phases and reduce it during recoveries, while they manage earnings downwards via real manipulation in recessions and contractions.

Copyright of Cadernos de Finanças Públicas is the property of Escola de Administracao Fazendaria 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 study contributes to the literature dealing with the influence of macroeconomic factors on accounting information quality, since it analyzes the earnings management strategies of firms, specifically identifying different discretionary behaviors among economic cycles: 1) different levels of earnings management through accruals between phases of the business cycle, and 2) the trade-off between earnings management through accruals and real earnings management. The results indicate that the accounting information reported should be analyzed with greater caution by its users, especially in periods of great economic oscillations, when managers can increase or reduce opportunistic behavior. The research population comprised non-financial companies with shares traded on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBovespa) and the sample was composed of 247 firms per year, covering the period from 2000 to 2015 and totaling 2,501 observations. The phases of business cycles were used as a proxy for the economic environment and were based on Schumpeter's (1939) study, which divides an business cycle into four distinct phases: expansion, recession, contraction, and recovery. Discretionary accruals were estimated according to the Pae (2005) and Paulo (2007) models. Real earnings management was estimated as described by Roychowdhury (2006), using only the abnormal behavior of production costs and operational decisions. The results of this research show that earnings management strategies, using either accruals or real manipulation, as well as the choice between these strategies, are impacted by the economic environment. The evidence suggests that managers have different opportunistic behavior in each phase of the business cycle. Specifically, they increase the level of discretionary accruals in contractionary phases and reduce it during recoveries, while they manage earnings downwards via real manipulation in recessions and contractions. [ABSTRACT FROM AUTHOR]

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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]

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ABSTRACT The crisis initiated in the United States in 2007, and spread worldwide in 2008, has been compared to the Great Depression of the 1930s. They have in common a deep fall in the level of activity (although in the 2010s government intervention was able to contain the fall before it could reach the dimensions of the 1930s), followed by a period where recovery is uncertain and fragile, as has been the case both in the US and in Western Europe. The paper outlines a theory of depression that comprises both aspects. The theory draws on the theoretical contributions of Keynes, Fisher, Minsky and Leijonhufvud, proposing that the concept of "corridor of stability" may help to explain how an initial adverse aggregate shock may lead to a contractionary spiral, where debt deflation is main mechanism to explain the downward movement of the economy and why one should expect a period of weak and volatile recovery to follow it.

A presente pesquisa tem como objetivo analisar e identificar o que ocorreu com os intangíveis e o valor de mercado na crise de 2008. A amostra foi extraída da base de dados Economática®, em 40 períodos trimestrais, de 2003 a 2012. A análise identificou a relação dos intangíveis ao longo do tempo e em momentos de crise financeira, sendo que, com esta crise, foi reduzido em 74%, uma perda superior a R$ 1,5 trilhões entre 2007 e 2008. O valor de mercado cresceu R$ 2 trilhões, entre 2003 e 2007, enquanto o patrimônio líquido manteve-se em contínuo crescimento. Assim, foi possível concluir que o mercado de capitais, no Brasil, teve uma significativa ampliação de seus intangíveis, semelhante a mercados emergentes e desenvolvidos, e na crise financeira de 2008, os intangíveis e os investidores tiveram perdas de R$ 1,2 e R$ 1,5 trilhões, respectivamente.