FGTS and the market of real estate-backed securitiesrelationships and trends

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.

Ficha do documento

Tipo

Artigo científico

Ano

2016

Instituição

Pontifícia Universidade Católica de São Paulo

Fonte

Cadernos Metrópole

Idioma

Português

Acesso

Não informado

Identificador

oai:ojs.revistas.pucsp.br:article/25471

Temas

Políticas PúblicasPlanejamento Urbano

Palavras-chave

financiamento habitacionaltítulos creditícios de base imobiliáriaFGTSfinanceirizaçãohousing financereal estate-backed securitiesfinancialization