FGTS and the market of real estate-backed securities: relationships and trends

Detalhes bibliográficos
Autor(a) principal: Royer, Luciana de Oliveira
Data de Publicação: 2016
Tipo de documento: Artigo
Idioma: por
Título da fonte: Cadernos Metrópole (Online)
Texto Completo: https://revistas.pucsp.br/index.php/metropole/article/view/2236-9996.2016-3502
Resumo: The article describes the relationships between the FGTS and real estate-backed securities. FGTS is the Brazilian government’s Severance Indemnity Fund: the employer deposits 8% of a worker’s salary into the fund and this is managed by the federal government. Since 2008, contracts undertaken with FGTS resources for the acquisition of real estatebacked securities have stimulated the real estate bonds and securities market in Brazil, constituting a mechanism that generates a minimum liquidity for its own operation. The investment logic of real estate funds is the logic of investment return and gain, without necessarily focusing on a housing and urban development public policy geared towards the universalization of rights. The dispute over FGTS resources and its role as a player in this market are discussed in the context of Brazil’s inclusion in financial capitalism.
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spelling FGTS and the market of real estate-backed securities: relationships and trendsO FGTS e o mercado de títulos de base imobiliária: relações e tendênciasfinanciamento habitacionaltítulos creditícios de base imobiliáriaFGTSfinanceirizaçãohousing financereal estate-backed securitiesFGTSfinancializationThe article describes the relationships between the FGTS and real estate-backed securities. FGTS is the Brazilian government’s Severance Indemnity Fund: the employer deposits 8% of a worker’s salary into the fund and this is managed by the federal government. Since 2008, contracts undertaken with FGTS resources for the acquisition of real estatebacked securities have stimulated the real estate bonds and securities market in Brazil, constituting a mechanism that generates a minimum liquidity for its own operation. The investment logic of real estate funds is the logic of investment return and gain, without necessarily focusing on a housing and urban development public policy geared towards the universalization of rights. The dispute over FGTS resources and its role as a player in this market are discussed in the context of Brazil’s inclusion in financial capitalism.O artigo pesquisa as relações entre o Fundo de Garantia do Tempo de Serviço e os títulos creditícios de base imobiliária. As contratações efetuadas com recursos do FGTS a partir de 2008 para compra de títulos de base imobiliária acabaram por alavancar o mercado desses títulos no país, constituindo-se em um mecanismo gerador de uma liquidez mínima para seu funcionamento. A lógica do investimento nesses fundos é a lógica da valorização e do retorno do investimento, sem que exista necessariamente foco em uma política pública de habitação e desenvolvimento urbano voltada à universalização de direitos. É discutida a disputa pelos recursos do fundo e seu papel como um player desse mercado, no contexto da inserção do Brasil no capitalismo financeirizado.Pontifícia Universidade Católica de São Paulo2016-03-12info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://revistas.pucsp.br/index.php/metropole/article/view/2236-9996.2016-3502Cadernos Metrópole; Vol. 18 No. 35 (2016): políticas públicas e formas de provisão da moradia; 33-52Cadernos Metrópole; Vol. 18 Núm. 35 (2016): políticas públicas e formas de provisão da moradia; 33-52Cadernos Metrópole; Vol. 18 No. 35 (2016): políticas públicas e formas de provisão da moradia; 33-52Cadernos Metrópole; v. 18 n. 35 (2016): políticas públicas e formas de provisão da moradia; 33-522236-99961517-2422reponame:Cadernos Metrópole (Online)instname:Pontifícia Universidade Católica de São Paulo (PUC-SP)instacron:PUC_SPporhttps://revistas.pucsp.br/index.php/metropole/article/view/2236-9996.2016-3502/19145Royer, Luciana de Oliveirainfo:eu-repo/semantics/openAccess2024-05-15T13:58:48Zoai:ojs.pkp.sfu.ca:article/25471Revistahttps://revistas.pucsp.br/metropolePRIhttps://old.scielo.br/oai/scielo-oai.phpcadernosmetropole@outlook.com||cadernosmetropole@outlook.com2236-99961517-2422opendoar:2024-05-15T13:58:48Cadernos Metrópole (Online) - Pontifícia Universidade Católica de São Paulo (PUC-SP)false
dc.title.none.fl_str_mv FGTS and the market of real estate-backed securities: relationships and trends
O FGTS e o mercado de títulos de base imobiliária: relações e tendências
title FGTS and the market of real estate-backed securities: relationships and trends
spellingShingle FGTS and the market of real estate-backed securities: relationships and trends
Royer, Luciana de Oliveira
financiamento habitacional
títulos creditícios de base imobiliária
FGTS
financeirização
housing finance
real estate-backed securities
FGTS
financialization
title_short FGTS and the market of real estate-backed securities: relationships and trends
title_full FGTS and the market of real estate-backed securities: relationships and trends
title_fullStr FGTS and the market of real estate-backed securities: relationships and trends
title_full_unstemmed FGTS and the market of real estate-backed securities: relationships and trends
title_sort FGTS and the market of real estate-backed securities: relationships and trends
author Royer, Luciana de Oliveira
author_facet Royer, Luciana de Oliveira
author_role author
dc.contributor.author.fl_str_mv Royer, Luciana de Oliveira
dc.subject.por.fl_str_mv financiamento habitacional
títulos creditícios de base imobiliária
FGTS
financeirização
housing finance
real estate-backed securities
FGTS
financialization
topic financiamento habitacional
títulos creditícios de base imobiliária
FGTS
financeirização
housing finance
real estate-backed securities
FGTS
financialization
description The article describes the relationships between the FGTS and real estate-backed securities. FGTS is the Brazilian government’s Severance Indemnity Fund: the employer deposits 8% of a worker’s salary into the fund and this is managed by the federal government. Since 2008, contracts undertaken with FGTS resources for the acquisition of real estatebacked securities have stimulated the real estate bonds and securities market in Brazil, constituting a mechanism that generates a minimum liquidity for its own operation. The investment logic of real estate funds is the logic of investment return and gain, without necessarily focusing on a housing and urban development public policy geared towards the universalization of rights. The dispute over FGTS resources and its role as a player in this market are discussed in the context of Brazil’s inclusion in financial capitalism.
publishDate 2016
dc.date.none.fl_str_mv 2016-03-12
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://revistas.pucsp.br/index.php/metropole/article/view/2236-9996.2016-3502
url https://revistas.pucsp.br/index.php/metropole/article/view/2236-9996.2016-3502
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://revistas.pucsp.br/index.php/metropole/article/view/2236-9996.2016-3502/19145
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Pontifícia Universidade Católica de São Paulo
publisher.none.fl_str_mv Pontifícia Universidade Católica de São Paulo
dc.source.none.fl_str_mv Cadernos Metrópole; Vol. 18 No. 35 (2016): políticas públicas e formas de provisão da moradia; 33-52
Cadernos Metrópole; Vol. 18 Núm. 35 (2016): políticas públicas e formas de provisão da moradia; 33-52
Cadernos Metrópole; Vol. 18 No. 35 (2016): políticas públicas e formas de provisão da moradia; 33-52
Cadernos Metrópole; v. 18 n. 35 (2016): políticas públicas e formas de provisão da moradia; 33-52
2236-9996
1517-2422
reponame:Cadernos Metrópole (Online)
instname:Pontifícia Universidade Católica de São Paulo (PUC-SP)
instacron:PUC_SP
instname_str Pontifícia Universidade Católica de São Paulo (PUC-SP)
instacron_str PUC_SP
institution PUC_SP
reponame_str Cadernos Metrópole (Online)
collection Cadernos Metrópole (Online)
repository.name.fl_str_mv Cadernos Metrópole (Online) - Pontifícia Universidade Católica de São Paulo (PUC-SP)
repository.mail.fl_str_mv cadernosmetropole@outlook.com||cadernosmetropole@outlook.com
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