Financeirização e fragilidade no Setor Público brasileiro: um estudo entre os anos de 2008-2014

Abstract

The financialization process after de 70 decade has enhanced due to a succession of political and economical transformations occurred in this time lapse, induced by a neoliberal ideology. Financialization is such a phenomenon that is apparently self sustained within an independent way apart from the real growth of economy, since the capital reproduces itself without necessarily keeping direct relation with the productive process. With such detachment, finances will broaden and making up a sceneray of finance fragility for the economical agents. In non developed or peripheral countries financialization occur on a specific way by conveying the State to fragility, differently of developed economies where process reaches private sector more strongly. Such characteristic justifies itself the very study of fragility of Brazilian public sector, which main objective is the understanding of how financialization process had impacted it, 2008-2014 term, right at the context when a great crisis in the finance sector had been in course and with a global rebouding as well. In order to accomplish the proposed study, the methodology will consist of bibliographic revisal, collecting and analysis of accounting reports data of Brazilian Public Sector and the use of financial fragility index as well, practiced by the Public Sector developed by Terra et al (2009) In Brazil financialization process has been conducted by the indebtedeness of Public Sector, thus considered the fundamental axis of patrimonial-rendering accumulation. Such process has been enhanced by the maintenance of raised interest tax policy, resulting intricate the Public Sector finance so that its continuous finance expenditure supplied by high interest taxes, favours the growth of public debt. Those circunstances drive the State into a “Minsky way” finance fragility position, jeopardizing its competence role of an “anticyling” agent, and keeping it likewise hostage of the finance capital. These attained results follows that Brazilian Public Sector in fact is weakened and this due to means and ways financialization occur in Brazil.