Modelo de hedge para royalties de petróleo aplicado ao setor público subnacional
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/19194 |
Resumo: | In the past few years, several Brazilian subnational governments have developed an extremely high dependency on royalties revenues from the oil and gas exploration, but the financial flow generated by those revenues keep a strong relation with the several market variables like the Brent price, the level of production and the exchange rate. Despite the fact that revenues may oscillate with the market, it is reasonable to assume that Brazilian public expenditures are inflexible in both short and medium term, so the government´s inertia towards market movements may compromise a sound budget policy. This paper intends to propose a hedge strategy for those revenues complying with restrictions imposed by the Brazilian legal framework. |
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Barros Filho, Roberto Gomides deEscolas::EPGEFGVCosta, Francisco Junqueira Moreira daMaia, Marcelo VerdiniGonçalves, Edson Daniel Lopes2017-11-29T13:41:45Z2017-11-29T13:41:45Z2017-05-19https://hdl.handle.net/10438/19194In the past few years, several Brazilian subnational governments have developed an extremely high dependency on royalties revenues from the oil and gas exploration, but the financial flow generated by those revenues keep a strong relation with the several market variables like the Brent price, the level of production and the exchange rate. Despite the fact that revenues may oscillate with the market, it is reasonable to assume that Brazilian public expenditures are inflexible in both short and medium term, so the government´s inertia towards market movements may compromise a sound budget policy. This paper intends to propose a hedge strategy for those revenues complying with restrictions imposed by the Brazilian legal framework.Nos últimos anos, diversos entes subnacionais brasileiros se submeteram a uma forte dependência das receitas oriundas de royalties e participações especiais provenientes da exploração de petróleo e gás natural. Entretanto, como o fluxo financeiro gerado por essas receitas guarda forte relação com o preço do Brent, nível de produção e câmbio, tal fluxo pode sofrer severas oscilações durante o exercício financeiro. Ocorre que, no Brasil, enquanto que as receitas ficam sujeitas à flutuações, as despesas obedecem a uma rigidez, e, nesse sentido, a inércia dos entes públicos perante aos movimentos do mercado pode comprometer a elaboração de um orçamento equilibrado. Dado o exposto, o presente trabalho visa propor uma estratégia de proteção às receitas em questão, observadas as restrições legais impostas aos entes subnacionais.porRoyaltiesOilState governmentLocal governmentsSubnational governmentsHedgePetróleoEstadosMunicípiosEconomiaHedging (Finanças)Petróleo e gás - RoyaltiesModelo de hedge para royalties de petróleo aplicado ao setor público subnacionalinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVTEXTDissertação-Mestrado_Roberto-Gomides.pdf.txtDissertação-Mestrado_Roberto-Gomides.pdf.txtExtracted 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|
dc.title.por.fl_str_mv |
Modelo de hedge para royalties de petróleo aplicado ao setor público subnacional |
title |
Modelo de hedge para royalties de petróleo aplicado ao setor público subnacional |
spellingShingle |
Modelo de hedge para royalties de petróleo aplicado ao setor público subnacional Barros Filho, Roberto Gomides de Royalties Oil State government Local governments Subnational governments Hedge Petróleo Estados Municípios Economia Hedging (Finanças) Petróleo e gás - Royalties |
title_short |
Modelo de hedge para royalties de petróleo aplicado ao setor público subnacional |
title_full |
Modelo de hedge para royalties de petróleo aplicado ao setor público subnacional |
title_fullStr |
Modelo de hedge para royalties de petróleo aplicado ao setor público subnacional |
title_full_unstemmed |
Modelo de hedge para royalties de petróleo aplicado ao setor público subnacional |
title_sort |
Modelo de hedge para royalties de petróleo aplicado ao setor público subnacional |
author |
Barros Filho, Roberto Gomides de |
author_facet |
Barros Filho, Roberto Gomides de |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.member.none.fl_str_mv |
Costa, Francisco Junqueira Moreira da Maia, Marcelo Verdini |
dc.contributor.author.fl_str_mv |
Barros Filho, Roberto Gomides de |
dc.contributor.advisor1.fl_str_mv |
Gonçalves, Edson Daniel Lopes |
contributor_str_mv |
Gonçalves, Edson Daniel Lopes |
dc.subject.eng.fl_str_mv |
Royalties Oil State government Local governments Subnational governments |
topic |
Royalties Oil State government Local governments Subnational governments Hedge Petróleo Estados Municípios Economia Hedging (Finanças) Petróleo e gás - Royalties |
dc.subject.por.fl_str_mv |
Hedge Petróleo Estados Municípios |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Hedging (Finanças) Petróleo e gás - Royalties |
description |
In the past few years, several Brazilian subnational governments have developed an extremely high dependency on royalties revenues from the oil and gas exploration, but the financial flow generated by those revenues keep a strong relation with the several market variables like the Brent price, the level of production and the exchange rate. Despite the fact that revenues may oscillate with the market, it is reasonable to assume that Brazilian public expenditures are inflexible in both short and medium term, so the government´s inertia towards market movements may compromise a sound budget policy. This paper intends to propose a hedge strategy for those revenues complying with restrictions imposed by the Brazilian legal framework. |
publishDate |
2017 |
dc.date.accessioned.fl_str_mv |
2017-11-29T13:41:45Z |
dc.date.available.fl_str_mv |
2017-11-29T13:41:45Z |
dc.date.issued.fl_str_mv |
2017-05-19 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/19194 |
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https://hdl.handle.net/10438/19194 |
dc.language.iso.fl_str_mv |
por |
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por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
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