Interventionism in a crisis context and the information of the international systems of national accounts
Autor(a) principal: | |
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Data de Publicação: | 2010 |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | https://doi.org/10.34624/ei.v0i2.6526 |
Resumo: | After the market domination are we facing a new era of State intervention?The crisis context clarifies the danger of globalization, the strength of the interactions between countries and institutions, fuels the discussion about the shapes and functions of the new Welfare Mix and demands the creation of new international systems of information: the System of National Accounts (SNA 2008), born in crisis, is the suitable model for analyzing and evaluating the performance of an economy.The European Union faces the appearance of hybrid modes of governance and opens the door of bailouts from the public sector to the financial system as a way of protecting - against the danger of the systemic crisis - the economic growth, the employment and the European Social Model. In fact, especially since 2007, the world is in face of strategies of financial sustainability and interventions in the “financial market failures”; it is the case of recapitalizations, loans, grants, acquisition of Assets, several actions conducted by special purpose entities (SPE) and both the command and supervision performed by public corporations and the general government over the financial system. All of these operations, affecting the public deficit, the public debt, the stock flow adjustment and the public finances, call the supra regulation of international bodies conducted by the follow up of several principles in the context of the systems of national accounts.Case studies of Belgium, Netherlands and Portugal were performed based on the information of the European System of Accounts (ESA95) and further analysis confirmed the new State functions, in a crisis context, and showed the repercussions of the interventionism on the public deficit and debt. This study supports the prediction of the danger of lack of sustainability of the public finances, in those countries and the EU, specially if the guarantees are requested, the loans not solved and the Assets bought by the government lost its value.In conclusion, we can say that all the countries need a strategic management of their Assets and Liabilities, mainly the financial ones, both in the public and in the financial sectors, using the state interventions in order to create value; in fact, the General Government acting as a share holder or as a creditor of the financial system, must always avoid the danger of an unsustainable public debt, the lost of wealth, the systemic risk and, above all, the unreliability of the State as the guarantor of the economic and financial system. |
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Interventionism in a crisis context and the information of the international systems of national accountsIntervencionismo em contexto de crise e a informação dos sistemas internacionais de contabilidade nacionalAfter the market domination are we facing a new era of State intervention?The crisis context clarifies the danger of globalization, the strength of the interactions between countries and institutions, fuels the discussion about the shapes and functions of the new Welfare Mix and demands the creation of new international systems of information: the System of National Accounts (SNA 2008), born in crisis, is the suitable model for analyzing and evaluating the performance of an economy.The European Union faces the appearance of hybrid modes of governance and opens the door of bailouts from the public sector to the financial system as a way of protecting - against the danger of the systemic crisis - the economic growth, the employment and the European Social Model. In fact, especially since 2007, the world is in face of strategies of financial sustainability and interventions in the “financial market failures”; it is the case of recapitalizations, loans, grants, acquisition of Assets, several actions conducted by special purpose entities (SPE) and both the command and supervision performed by public corporations and the general government over the financial system. All of these operations, affecting the public deficit, the public debt, the stock flow adjustment and the public finances, call the supra regulation of international bodies conducted by the follow up of several principles in the context of the systems of national accounts.Case studies of Belgium, Netherlands and Portugal were performed based on the information of the European System of Accounts (ESA95) and further analysis confirmed the new State functions, in a crisis context, and showed the repercussions of the interventionism on the public deficit and debt. This study supports the prediction of the danger of lack of sustainability of the public finances, in those countries and the EU, specially if the guarantees are requested, the loans not solved and the Assets bought by the government lost its value.In conclusion, we can say that all the countries need a strategic management of their Assets and Liabilities, mainly the financial ones, both in the public and in the financial sectors, using the state interventions in order to create value; in fact, the General Government acting as a share holder or as a creditor of the financial system, must always avoid the danger of an unsustainable public debt, the lost of wealth, the systemic risk and, above all, the unreliability of the State as the guarantor of the economic and financial system.Após uma clara ofensiva do mercado, estaremos perante uma fase de retorno do Estado?Na realidade, a crise realça os perigos da globalização, a força das interacções entre países e instituições, alimenta o intenso debate sobre as formas de intervenção e funções do novo “Welfare Mix” e acelera a criação de novos sistemas de informação: o System of National of Accounts (SNA 2008), nascido em plena crise, é o modelo apropriado para a análise e avaliação da performance de uma economia.A União Europeia (EU) assiste ao aparecimento de formas híbridas de governação e ao desenvolvimento de novas acções de intervenção, nomeadamente “bailouts”do sector público para o sistema financeiro, como forma de proteger o crescimento económico, o emprego e o Modelo Social Europeu contra o perigo do risco sistémico.De facto, especialmente desde 2007, as intervenções públicas têm vindo a concretizar-se através de estratégias de defesa da sustentabilidade das instituições financeiras e de acções para colmatar as “falhas do mercado” financeiro. É o caso das recapitalizações, empréstimos, garantias, aquisições de Activos, várias acções conduzidas por “special purpose entities” e, de uma forma geral, do comando e supervisão do sistema financeiro realizados por empresas públicas e pelas Administrações Públicas. Todas estas operações que afectam o défice público, a dívida pública, o “stock-flow adjustment” e as finanças públicas, tornam indispensável a existência de uma supra regulação, de âmbito internacional, conduzida por princípios e normas definidos no contexto dos sistemas de Contabilidade Nacional.O estudo dos casos da Bélgica, Holanda e Portugal, suportado pela informação do European System of Accounts (ESA95), ainda em vigor, confirma as novas funções do Estado, em contexto de crise, e mostra as repercussões do intervencionismo sobre o défice e dívida públicos. Este estudo adverte para o perigo da falta de sustentabilidade das finanças públicas nesses países e na EU, em geral, especialmente se as garantias forem reclamadas, os empréstimos não pagos e os Activos adquiridos pelas Administrações Públicas (AP) percam o seu valor.Em conclusão, pode-se dizer que todos os países necessitam de uma sólida gestão estratégica dos seus Activos e Passivos, principalmente os financeiros, nos sectores público e financeiro, usando o intervencionismo de Estado para criar valor; o sector das Administrações Públicas, actuando como accionista ou credor do sistema financeiro, deve evitar o perigo da não sustentabilidade da dívida pública, as perdas patrimoniais, o risco sistémico e, acima de tudo, a perda de confiança no Estado como garante do sistema económico e financeiro.Instituto Superior de Contabilidade e Administração da Universidade de Aveiro2010-01-01T00:00:00Zotherinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/otherinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://doi.org/10.34624/ei.v0i2.6526oai:proa.ua.pt:article/6526Estudos do ISCA; No 2 (2010)Estudos do ISCA; n.º 2 (2010)1646-48500873-2019reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAPporhttps://proa.ua.pt/index.php/estudosdoisca/article/view/6526https://doi.org/10.34624/ei.v0i2.6526https://proa.ua.pt/index.php/estudosdoisca/article/view/6526/4807https://creativecommons.org/licenses/by/4.0/info:eu-repo/semantics/openAccessSousa, Virgínia Maria Granate Costa e2022-09-22T16:24:22Zoai:proa.ua.pt:article/6526Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T15:59:32.455950Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Interventionism in a crisis context and the information of the international systems of national accounts Intervencionismo em contexto de crise e a informação dos sistemas internacionais de contabilidade nacional |
title |
Interventionism in a crisis context and the information of the international systems of national accounts |
spellingShingle |
Interventionism in a crisis context and the information of the international systems of national accounts Sousa, Virgínia Maria Granate Costa e |
title_short |
Interventionism in a crisis context and the information of the international systems of national accounts |
title_full |
Interventionism in a crisis context and the information of the international systems of national accounts |
title_fullStr |
Interventionism in a crisis context and the information of the international systems of national accounts |
title_full_unstemmed |
Interventionism in a crisis context and the information of the international systems of national accounts |
title_sort |
Interventionism in a crisis context and the information of the international systems of national accounts |
author |
Sousa, Virgínia Maria Granate Costa e |
author_facet |
Sousa, Virgínia Maria Granate Costa e |
author_role |
author |
dc.contributor.author.fl_str_mv |
Sousa, Virgínia Maria Granate Costa e |
description |
After the market domination are we facing a new era of State intervention?The crisis context clarifies the danger of globalization, the strength of the interactions between countries and institutions, fuels the discussion about the shapes and functions of the new Welfare Mix and demands the creation of new international systems of information: the System of National Accounts (SNA 2008), born in crisis, is the suitable model for analyzing and evaluating the performance of an economy.The European Union faces the appearance of hybrid modes of governance and opens the door of bailouts from the public sector to the financial system as a way of protecting - against the danger of the systemic crisis - the economic growth, the employment and the European Social Model. In fact, especially since 2007, the world is in face of strategies of financial sustainability and interventions in the “financial market failures”; it is the case of recapitalizations, loans, grants, acquisition of Assets, several actions conducted by special purpose entities (SPE) and both the command and supervision performed by public corporations and the general government over the financial system. All of these operations, affecting the public deficit, the public debt, the stock flow adjustment and the public finances, call the supra regulation of international bodies conducted by the follow up of several principles in the context of the systems of national accounts.Case studies of Belgium, Netherlands and Portugal were performed based on the information of the European System of Accounts (ESA95) and further analysis confirmed the new State functions, in a crisis context, and showed the repercussions of the interventionism on the public deficit and debt. This study supports the prediction of the danger of lack of sustainability of the public finances, in those countries and the EU, specially if the guarantees are requested, the loans not solved and the Assets bought by the government lost its value.In conclusion, we can say that all the countries need a strategic management of their Assets and Liabilities, mainly the financial ones, both in the public and in the financial sectors, using the state interventions in order to create value; in fact, the General Government acting as a share holder or as a creditor of the financial system, must always avoid the danger of an unsustainable public debt, the lost of wealth, the systemic risk and, above all, the unreliability of the State as the guarantor of the economic and financial system. |
publishDate |
2010 |
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2010-01-01T00:00:00Z |
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other info:eu-repo/semantics/article info:eu-repo/semantics/other |
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info:eu-repo/semantics/publishedVersion |
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article |
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publishedVersion |
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https://doi.org/10.34624/ei.v0i2.6526 oai:proa.ua.pt:article/6526 |
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https://doi.org/10.34624/ei.v0i2.6526 |
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oai:proa.ua.pt:article/6526 |
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https://proa.ua.pt/index.php/estudosdoisca/article/view/6526 https://doi.org/10.34624/ei.v0i2.6526 https://proa.ua.pt/index.php/estudosdoisca/article/view/6526/4807 |
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https://creativecommons.org/licenses/by/4.0/ info:eu-repo/semantics/openAccess |
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https://creativecommons.org/licenses/by/4.0/ |
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openAccess |
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Instituto Superior de Contabilidade e Administração da Universidade de Aveiro |
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Instituto Superior de Contabilidade e Administração da Universidade de Aveiro |
dc.source.none.fl_str_mv |
Estudos do ISCA; No 2 (2010) Estudos do ISCA; n.º 2 (2010) 1646-4850 0873-2019 reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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