FINANCIAL FRAGILITY OF THE BRAZILIAN NON-FINANCIAL OPEN-CAPITAL ENTERPRISES BETWEEN 2010 AND 2016: A SECTORIAL ANALYSIS INSPIRED BY MINSKY

Detalhes bibliográficos
Autor(a) principal: Rolim, Lilian Nogueira
Data de Publicação: 2021
Outros Autores: Cattan, Rafael, Antonioli, Jorge
Tipo de documento: Artigo
Idioma: por
Título da fonte: Análise Econômica (Online)
Texto Completo: https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/84247
Resumo: The paper analyses the financial fragility of Brazilian open-capital non-financial enterprises between 2010 and 2016 according to the typology suggested byMinsky (1992). Applying the methodology from Bacic (1990), the profile of 19 of the 20economic sectors listed by the Economatica software was analyzed. Concerning theselected period, which was characterized by the reduction of commodities prices, currency depreciation, deceleration of economic growth at the global and domestic levels,and worsening of the financial sources, it was possible to identify a reduction of firmsin hedge position and an increase in the number of speculative and ponzi enterprises. However, there are specific sectorial patterns that suggest that some sectors are moreresilient than others. This analysis supports the conclusion that, during the reversal ofeconomic cycle, the overall financial fragility of open-capital enterprises increased.
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spelling FINANCIAL FRAGILITY OF THE BRAZILIAN NON-FINANCIAL OPEN-CAPITAL ENTERPRISES BETWEEN 2010 AND 2016: A SECTORIAL ANALYSIS INSPIRED BY MINSKYFRAGILIDADE FINANCEIRA DAS EMPRESAS NÃO FINANCEIRAS DE CAPITAL ABERTO NO BRASIL ENTRE 2010 E 2016: UMA ANÁLISE SETORIAL A PARTIR DE MINSKYMinskyBrasilHipótese da Fragilidade Financeiraempresas de capital abertoE12E32G3MinskyBrazilFinancial instability hypothesisOpen capital enterprisesE12E32G3The paper analyses the financial fragility of Brazilian open-capital non-financial enterprises between 2010 and 2016 according to the typology suggested byMinsky (1992). Applying the methodology from Bacic (1990), the profile of 19 of the 20economic sectors listed by the Economatica software was analyzed. Concerning theselected period, which was characterized by the reduction of commodities prices, currency depreciation, deceleration of economic growth at the global and domestic levels,and worsening of the financial sources, it was possible to identify a reduction of firmsin hedge position and an increase in the number of speculative and ponzi enterprises. However, there are specific sectorial patterns that suggest that some sectors are moreresilient than others. This analysis supports the conclusion that, during the reversal ofeconomic cycle, the overall financial fragility of open-capital enterprises increased. O presente artigo examina a fragilidade financeira das empresas não-financeiras de capital aberto no Brasil entre 2010 e 2016 a partir da tipologia proposta por Minsky (1992). Com base na metodologia proposta por Bacic (1990), foi analisado o perfil de dezenove dos vinte setores econômicos do sistema Economatica. Foi possível constatar que, para o período observado, marcado pela queda dos preços das commodities, desaceleração da economia internacional e da economia brasileira e deterioração das fontes de financiamento, houve uma redução das firmas em posição hedge e, como contrapartida, houve um aumento de empresas especulativas e ponzi. Entretanto, há padrões setoriais específicos que sugerem que alguns setores são mais resilientes do que outros. Assim, existem indícios que permitem afirmar que, durante o período de reversão do ciclo econômico, aumentou-se a fragilidade financeira das empresas não-financeiras de capital aberto no país. UFRGS2021-03-09info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/8424710.22456/2176-5456.84247Análise Econômica; Vol. 39 No. 78 (2021): Março/2021Análise Econômica; v. 39 n. 78 (2021): Março/20212176-54560102-9924reponame:Análise Econômica (Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/84247/60877Copyright (c) 2020 Análise Econômicainfo:eu-repo/semantics/openAccessRolim, Lilian NogueiraCattan, RafaelAntonioli, Jorge2021-03-12T15:22:12Zoai:seer.ufrgs.br:article/84247Revistahttps://seer.ufrgs.br/index.php/AnaliseEconomicaPUBhttps://seer.ufrgs.br/index.php/AnaliseEconomica/oai||rae@ufrgs.br2176-54560102-9924opendoar:2021-03-12T15:22:12Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv FINANCIAL FRAGILITY OF THE BRAZILIAN NON-FINANCIAL OPEN-CAPITAL ENTERPRISES BETWEEN 2010 AND 2016: A SECTORIAL ANALYSIS INSPIRED BY MINSKY
FRAGILIDADE FINANCEIRA DAS EMPRESAS NÃO FINANCEIRAS DE CAPITAL ABERTO NO BRASIL ENTRE 2010 E 2016: UMA ANÁLISE SETORIAL A PARTIR DE MINSKY
title FINANCIAL FRAGILITY OF THE BRAZILIAN NON-FINANCIAL OPEN-CAPITAL ENTERPRISES BETWEEN 2010 AND 2016: A SECTORIAL ANALYSIS INSPIRED BY MINSKY
spellingShingle FINANCIAL FRAGILITY OF THE BRAZILIAN NON-FINANCIAL OPEN-CAPITAL ENTERPRISES BETWEEN 2010 AND 2016: A SECTORIAL ANALYSIS INSPIRED BY MINSKY
Rolim, Lilian Nogueira
Minsky
Brasil
Hipótese da Fragilidade Financeira
empresas de capital aberto
E12
E32
G3
Minsky
Brazil
Financial instability hypothesis
Open capital enterprises
E12
E32
G3
title_short FINANCIAL FRAGILITY OF THE BRAZILIAN NON-FINANCIAL OPEN-CAPITAL ENTERPRISES BETWEEN 2010 AND 2016: A SECTORIAL ANALYSIS INSPIRED BY MINSKY
title_full FINANCIAL FRAGILITY OF THE BRAZILIAN NON-FINANCIAL OPEN-CAPITAL ENTERPRISES BETWEEN 2010 AND 2016: A SECTORIAL ANALYSIS INSPIRED BY MINSKY
title_fullStr FINANCIAL FRAGILITY OF THE BRAZILIAN NON-FINANCIAL OPEN-CAPITAL ENTERPRISES BETWEEN 2010 AND 2016: A SECTORIAL ANALYSIS INSPIRED BY MINSKY
title_full_unstemmed FINANCIAL FRAGILITY OF THE BRAZILIAN NON-FINANCIAL OPEN-CAPITAL ENTERPRISES BETWEEN 2010 AND 2016: A SECTORIAL ANALYSIS INSPIRED BY MINSKY
title_sort FINANCIAL FRAGILITY OF THE BRAZILIAN NON-FINANCIAL OPEN-CAPITAL ENTERPRISES BETWEEN 2010 AND 2016: A SECTORIAL ANALYSIS INSPIRED BY MINSKY
author Rolim, Lilian Nogueira
author_facet Rolim, Lilian Nogueira
Cattan, Rafael
Antonioli, Jorge
author_role author
author2 Cattan, Rafael
Antonioli, Jorge
author2_role author
author
dc.contributor.author.fl_str_mv Rolim, Lilian Nogueira
Cattan, Rafael
Antonioli, Jorge
dc.subject.por.fl_str_mv Minsky
Brasil
Hipótese da Fragilidade Financeira
empresas de capital aberto
E12
E32
G3
Minsky
Brazil
Financial instability hypothesis
Open capital enterprises
E12
E32
G3
topic Minsky
Brasil
Hipótese da Fragilidade Financeira
empresas de capital aberto
E12
E32
G3
Minsky
Brazil
Financial instability hypothesis
Open capital enterprises
E12
E32
G3
description The paper analyses the financial fragility of Brazilian open-capital non-financial enterprises between 2010 and 2016 according to the typology suggested byMinsky (1992). Applying the methodology from Bacic (1990), the profile of 19 of the 20economic sectors listed by the Economatica software was analyzed. Concerning theselected period, which was characterized by the reduction of commodities prices, currency depreciation, deceleration of economic growth at the global and domestic levels,and worsening of the financial sources, it was possible to identify a reduction of firmsin hedge position and an increase in the number of speculative and ponzi enterprises. However, there are specific sectorial patterns that suggest that some sectors are moreresilient than others. This analysis supports the conclusion that, during the reversal ofeconomic cycle, the overall financial fragility of open-capital enterprises increased.
publishDate 2021
dc.date.none.fl_str_mv 2021-03-09
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://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/84247
10.22456/2176-5456.84247
url https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/84247
identifier_str_mv 10.22456/2176-5456.84247
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/84247/60877
dc.rights.driver.fl_str_mv Copyright (c) 2020 Análise Econômica
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2020 Análise Econômica
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv UFRGS
publisher.none.fl_str_mv UFRGS
dc.source.none.fl_str_mv Análise Econômica; Vol. 39 No. 78 (2021): Março/2021
Análise Econômica; v. 39 n. 78 (2021): Março/2021
2176-5456
0102-9924
reponame:Análise Econômica (Online)
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str Análise Econômica (Online)
collection Análise Econômica (Online)
repository.name.fl_str_mv Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv ||rae@ufrgs.br
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