Sumário 1. PROGRAMA DA DISCIPLINA
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1.1 EMENTA DO CURSO 1.2 CARGA HORÁRIA DA DISCIPLINA 1.3 OBJETIVOS GERAIS 1.4 CONTEÚDO PROGRAMÁTICO 1.5 METODOLOGIA 1.6 CRITÉRIOS DE AVALIAÇÃO 1.7 BIBLIOGRAFIA ADOTADA E RECOMENDADA 1.8 SITES DE INTERESSE: CURRÍCULO RESUMIDO DO PROFESSOR
1 1 1 2 2 2 3 3 4
2. INTRODUÇÃO E MICROECONOMIA MICROECONOM IA
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2.1 ECONOMIA E MICROECONOMIA 2.1.1 O CASO DOS MERCADOS COMPETITIVOS 2.1.2 ELASTICIDADE E A CURVA DE DEMANDA 2.1.3 ESTRUTURAS DE MERCADO
5 5 16 18
3. MACROECONOMIA MACROECONOMIA
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3.1 O MERCADO DE BENS E SERVIÇOS: CRESCIMENTO E INFLAÇÃO 29 3.1.1 PIB: CONCEITO E FATORES DE CRESCIMENTO DA OFERTA AGREGADA 29 3.1.2 O CONCEITO DE VALOR AGREGADO 32 3.1.3 PIB E PNB 39 3.1.4 A DEMANDA AGREGADA EM UMA ECONOMIA COMPLETA (COM GOVERNO E RELAÇÕES COM O EXTERIOR) 43 3.1.5 O PIB E O CICLO DE NEGÓCIOS 47 3.2 FINANÇAS PÚBLICAS 51 3.2.1 DÍVIDA E DÉFICITS PÚBLICOS 51 3.3 O MACROMERCADO MONETÁRIO: A ATUAÇÃO DO BANCO CENTRAL E AS METAS DE INFLAÇÃO 55 3.3.1 O PROCESSO INFLACIONÁRIO 55 3.3.2 A OFERTA DE MOEDA E A DETERMINAÇÃO DA TAXA DE JUROS DE MERCADO 58 3.4 O MACROMERCADO DE CÂMBIO 66 3.4.1 REGIMES CAMBIAIS 66 3.4.2 AS CONTAS DO BALANÇO DE PAGAMENTOS 70 4. PEQUENO GLOSSÁRIO GLOSSÁRIO DE TERMOS ECONÔMICOS
76
5. TEXTOS DE APOIO
83
ii
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1
1. Programa da Disciplina 1.1 Ementa do Curso Noções de Microeconomia: Custo de oportunidade, Assimetria da informação, Equilíbrio de mercado, Estudos das elasticidades, Teoria dos jogos e Cartel . Macroeconomia, O mercado de bens e serviços: PIB e PNB, o Balanço de Pagamentos, o Fluxo Circular de Renda, poupança e investimento, crescimento e inflação. Meios de Pagamento, Políticas Macroeconômicas (Monetária, Fiscal, Cambial e Comercial) e Finanças Públicas.
1.2 Carga Horária da Disciplina Para esta disciplina tem-se destinada uma carga horária mínima de 24 horas/aula, para que haja um bom desenvolvimento das idéias, conceitos e teorias econômicas que podem ser aplicadas ao bom gerenciamento das organizações em todas as suas esferas.
1.3 Objetivos gerais Compreender os conceitos e processos econômicos mais relevantes e suas aplicações dentro das organizações. Identificar os aspectos microeconômicos e ao mesmo tempo conciliá-los com movimentos macroeconômicos que sejam de interesse para as empresas e interfiram em seu processo de gestão. Permitir evoluções no posicionamento estratégico das empresas em antecipação às ações disseminadas nas políticas econômicas adotadas no âmbito nacional e internacional. Compreender
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2 maneira que possam usufruir dos conhecimentos econômicos em suas atividades pessoais e profissionais.
1.4 Conteúdo Programático Microeconomia
Macroeconomia: Macroeconomia: o fluxo circular de renda e o mercado de bens e serviços. O mercado monetáriofinanceiro O mercado cambial e fluxo de divisas
Oferta e demanda; O conceito de elasticidade; Estruturas de Mercados; Teoria dos jogos no Oligopólio. Determinação da renda como fluxo de valor; Os conceitos de PIB e PNB; Poupança, investimento e crescimento econômico e Inflação; O balanço de pagamentos; Políticas Macroeconômicas; O papel do Banco Central: políticas de mercado; Políticas de estabilização e as metas de inflação. Taxas de câmbio e regimes cambiais.
1.5 Metodologia Aulas expositivas com o foco em fornecer um conjunto de elementos que visam a discussão continuada de temas que envolvam a realidade econômica das empresas, do Brasil e demais componentes do mercado internacional. As atividades e discussões serão realizadas em pequenos grupos, com o intuito de analisar os fatos do passado, da atual e da futura conjuntura econômica que, de certa forma, contribuirá positivamente na formulação das estratégias por parte dos alunos.
1.6 Critérios de Avaliação Prova discursiva envolvendo temas apresentados e amplamente debatidos durante todo o curso. Em algumas turmas, de acordo com apontamento do professor, a prova poderá envolver questões relacionadas a algum estudo de caso que tenha relação direta com a vida econômica das organizações. Existem casos em que parte da avaliação
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3
1.7 Bibliografia Adotada e Recomendada R ecomendada CASTRO, L. B. de (e outros). Economia Brasileira Contemporânea . Rio de Janeiro: Editora Campus, 2004. EQUIPE DE PROFESSORES DA USP. Manual de Introdução à Economia . São Paulo: Saraiva, 1998. GONÇALVES, A.C.P. (org.) e outros. Economia Aplicada . Rio de Janeiro: Ed. FGV, 2009. GREMAUDI, A. P. (e outros). Economia Brasileira Contemporânea . São Paulo: Editora Atlas, 2002. MANKIW, G. N. Introdução à Economia . São Paulo: Editora Campus, 2000. MOCHÓN, Francisco Morcillo. Introdução à Economia . São Paulo: Editora Makron, 2002. OBTSFELD, N. e KRUGMAN, P. Economia Internacional: teoria e prática. Editora Makron Books, 2000. PORTER, Michael E. Estratégia competitiva. Rio de Janeiro, Campus, 2005. SILVA, César R. L e LUIZ, Sinclair. Economia e Mercados. São Paulo: Saraiva, 2005. VASCONCELLOS, M. A. S. de. Economia: Micro e Macro. São Paulo: Ed. Atlas, 2002.
1.8 Sites de Interesse: • Banco Central do Brasil: www.bcb.gov.br • Banco Mundial: www.worldbank.org •
BNDES-
Banco
Nacional
de
Desenvolvimento
Econômico
e
www.bndes.gov.br • Google Acadêmico: www.scholar.google.com • IBGE- Instituto Brasileiro de Geografia e Estatística: www.ibge.gov.br • IPEA- Instituto Pesquisas Econômicas Aplicadas: www.ipeadata.gov.br • Ministério das Relações Exteriores: www.mre.gov.br • Ministério do Desenvolvimento: www.desenvolvimento.gov.br • SEADE- Fundação Sistema Estadual de Análise de Dados: www.seade.gov.br • Universo Jurídico: www.uj.com.br www.uj.com.br
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4
Currículo Resumido do Professor Claudio Augusto Garbi é nascido na cidade de São Paulo, SP. Formado em Ciências Econômicas, pela Instituição Toledo de Ensino (ITE-Bauru), e também graduado em Administração (CEUCLAR). Tornou-se especialista em Economia por escolas da USP-ESALQ e UFSCar. Estudou na Inglaterra e Estados Unidos, além de ter conhecido 13 países em diferentes continentes (África, América, Europa, Oriente Médio e Oceania). É mestre em Administração pela Universidade São Francisco-USF, e desde então, desenvolve estudos na área de docência e negócios na FGV, instituição esta que atua desde 2004 na graduação e em vários cursos dos programas de pós-graduações. Foi premiado pela FGV como destaque e melhor professor em Economia do FGV Management em 2009. É coordenador de pós-graduação e vice-diretor acadêmico da Faculdade de Agudos (FAAG), a qual coordena o MBA Internacional em Gestão Empresarial e de Pessoas na Universidade de Benguela e em Luanda, capital de Angola. Atua paralelamente como industrial do setor calçadista nas funções de gerente geral e de custos em sua empresa. Vem desenvolvendo diversos trabalhos no cenário educacional e de consultoria, tanto no Brasil como em outras nações. Suas pesquisas englobam as áreas de Gestão, Economia, Estratégia, Custos, Projetos, Teorias Micro e Macroeconômicas, Empreendedorismo e Sustentabilidade Socioambiental.
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5
2. Introdução e Microeconomia A Economia pode ser definida como a ciência social que estuda como o indivíduo e a sociedade decidem utilizar recursos produtivos escassos, na produção de bens e serviços, de modo a distribuí-los entre as várias pessoas e grupos da sociedade, com a finalidade de satisfazer às necessidades humanas. (VASCONCELLOS, 2002)
2.1 Economia e Microeconomia Pontos-chave: Custo de oportunidade; Assimetria da informação, Demanda e Oferta, Equilíbrio de mercado; Elasticidade; Funcionamento dos Mercados, Teoria dos Jogos e Formulação de Cartel.
2.1.1 O Caso dos Mercados Competitivos Numa definição bastante geral, o objeto da Economia são as relações materiais entre os indivíduos, com especial atenção para aquelas que se realizam através do mercado, ou seja, através de relações de caráter mercantil. Um elemento básico com o qual trabalha a Ciência Econômica é o fato de que, na sociedade moderna, os desejos ou necessidades materiais dos indivíduos são, em geral, mais amplos do que a disponibilidade de recursos existentes. Em outros termos, podemos imaginar que não existe um limite, a priori, para os desejos ou necessidades materiais, ao mesmo tempo em que existem claras limitações à produção dos bens e serviços necessários ao
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6 Este confronto entre desejos ilimitados e recursos limitados resulta no que se convencionou chamar ―escassez ‖. Este conceito, de caráter explicitamente relativo, implica que a sociedade precisa encontrar meios de alocar recursos para a produção de bens e serviços e desenvolver formas de distribuir estes sabendo que apenas uma parcela dos desejos materiais dos indivíduos será satisfeita. Assim passamos a ter a idéia que apenas uma parcela dos indivíduos poderá satisfazer seus desejos ou necessidades. Quando o critério de definição de quais desejos ou necessidades será atendido e quais não o serão passa por relações mercantis, de forma que o problema da escassez escassez se transforma em uma ―solução‖ estritamente de caráter econômico. Compreendida desta forma, a escassez é o elemento central que justifica a existência dos mercados. E os mercados são a melhor forma de ―resolver‖ este problema econômico — ou pelo menos é o que afirmam os economistas. Por mercado deve-se compreender tão somente um conceito abstrato que está referido, em última análise, a relações mercantis específicas entre agentes econômicos. Assim, quando falamos em mercado de automóveis, por exemplo, estamos nos referindo ao conjunto de relações mercantis que têm por objeto carros, motos, caminhões, etc. Se quisermos ser mais precisos, podemos falar no mercado brasileiro de automóveis, restringindo geograficamente a idéia de mercado. A relação entre a idéia de escassez e o conceito de mercado pode ser construída de diversas formas. Uma delas é através da dicotomia tradicional entre oferta e demanda. Em um mercado competitivo, temos sempre muitos ofertantes e demandantes, isto é, pessoas que querem se desfazer de determinado bem e pessoas que desejam adquiri-lo. O grande número de demandantes e ofertantes é o caso típico de mercados que transacionam bens relativamente padronizados e em grandes quantidades. Ainda que não seja o caso mais comum na história, o mercado competitivo é sempre a
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7 para que se possa fabricá-los. Por outro lado, o número de pessoas que gostaria de ter um, dois ou diversos carros também é elevado. Suponha que atualmente existe uma oferta limitada de automóveis em um determinado país. Agora complemente com a idéia que os vendedores percebam que existem mais compradores do que unidades para serem vendidas. Como resolver quem poderá levar as unidades disponíveis e quem ficará insatisfeito? Dentre todas as alternativas possíveis, a que possui maior relevância econômica é a elevação dos preços de venda. Tal elevação irá reduzir gradualmente o número de compradores, até que este iguale o número de unidades disponíveis para a venda. Quando isto ocorrer, o mercado de automóveis estará em equilíbrio, ou seja, estará em vigor um preço suficientemente alto e fará com que todos aqueles que continuem dispostos a (ou ainda podem) comprar seu automóvel consigam adquiri-lo, sem que haja nenhum consumidor em potencial não atendido. Mas, e se o número de compradores fosse menor que o de unidades disponíveis para a venda? Os vendedores estariam acumulando estoques indesejados e não estariam satisfeitos. A forma de resolver este problema seria reduzir os preços, até que o número de compradores se elevasse. O preço de equilíbrio seria aquele que deixasse relativamente satisfeitos tanto compradores quanto vendedores, ou seja, àquele preço, todos os que queriam comprar puderam fazê-lo, assim como todos os que queriam vender. Com esta descrição ilustrativa, o mercado aparece como uma forma de decidir quem terá acesso de fato aos bens e serviços produzidos na economia, dada sua escassez. Por trás desta visão, com um apelo intuitivo claro, estão dois princípios que fundamentam o funcionamento dos mercados, e que podem ser expressos de forma
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8 automóveis ou, de uma forma ainda mais precisa, de automóveis populares em São Paulo em 2004, podemos dizer que estamos tratando de um micromercado.
Custo de Oportunidade : O conceito de custo de oportunidade envolve uma avaliação das escolhas que fazemos em tudo em nossas vidas, especialmente na esfera econômica. Ninguém gosta de se arrepender de suas decisões. E isso é válido também em Economia. Uma pessoa pode decidir aplicar seu dinheiro em renda fixa por receio do risco do mercado de ações. Mas, se a bolsa subir muito, essa pessoa vai avaliar a diferença entre o que ganhou em renda fixa e o que poderia ter ganho caso tivesse aplicado em ações. Essa diferença mede o ―tamanho‖ do
arrependimento dessa pessoa ou o custo da oportunidade perdida. Mas existem outros exemplos de avaliação do custo de oportunidade que nada tem a ver com ganho financeiro. Comprar um apartamento e descobrir, dias depois, um novo lançamento com mais itens de conforto ou localização gera arrependimento. De novo, esse arrependimento é a diferença entre a satisfação que temos pelo imóvel comprado e a satisfação que poderíamos ter se tivéssemos esperado mais uns dias.
Assimetria da Informação : Em Economia, assimetria da informação ou informação assimétrica é interpretada como um fenômeno que ocorre quando dois ou mais agentes econômicos estabelecem entre si uma transação econômica com uma das partes envolvidas detendo informações qualitativa ou quantitativamente superiores aos da outra parte. Essa assimetria gera o que se define na microeconomia como falhas de mercado. Esse fenômeno ocorre freqüentemente quando não se possui toda informação suficiente em uma negociação, ou mesmo os segredos comerciais tão resguardados por inúmeras empresas, uma vez que fará toda a diferença no processo comercial, afetando diretamente a atratividade dos bens ou serviços, ou mesmo no auxílio da formulação estratégica empresarial.
Suponha que a curva D1 (representada na Figura 1, abaixo) representa a demanda por determinado bem como automóveis populares. Através de sua representação gráfica, podemos notar que, ao preço de $ 30.000 a unidade, o total de
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9 de consumidores estaria disposto a abrir mão do consumo de outros bens e serviços para adquirir um automóvel popular. Note que, para ―desenharmos‖ uma curva de demanda como D1, estamos
fazendo a hipótese de que tudo mais permanecerá constante naquela economia ( coeteris paribus,
em latim). Isto significa que a relação entre preço e quantidade demandada,
expressa em D1, supõe que permaneceram inalterados elementos como as preferências dos consumidores, o preço de todos os outros bens, a renda dos consumidores, e tudo mais. Em outras palavras, estamos analisando, por enquanto, apenas a relação estrita entre preço e quantidade, tanto do ponto de vista da demanda quanto da oferta. Figura 1 - Princípio da Demanda Preço unitário em R$
D2 D1
30.000
20.000 10.000
2
4
6
10
Unidades em milhões
Agora, observe a curva D2. Para cada preço constante no eixo vertical está
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10 consumidores possuindo mais renda, a cada preço unitário, a demanda por automóveis será mais elevada do que na situação anterior, expressa em D1. Agora, observe a Figura 2. Nela está representada uma expressão gráfica para o princípio da oferta. Quanto mais alto o preço, maior o volume ofertado. Vamos nos fixar novamente no caso dos automóveis populares. Observe a curva de oferta O1. Caso o preço de oferta seja de $ 10.000, apenas um pequeno número de carros será ofertado, ou seja, os fabricantes estariam dispostos a ofertar apenas 2 milhões de unidades. A este preço relativamente baixo, os fabricantes estarão mais interessados em modelos com preços mais elevados, e mesmo os comerciantes estarão desinteressados em oferecer automóveis deste tipo. Se o preço for de $ 30.000 a unidade, o número de automóveis ofertados também aumenta, passando para 6 milhões de unidades. Note que, quando o preço é de $ 20.000, a quantidade ofertada é de 4 milhões de unidades. Novamente, a curva O1 é construída com a tradicional hipótese de paribus.
coeteris
Em termos da oferta, isto significa que elementos como a tecnologia, o número
de fabricantes, o preço dos insumos etc, são fixos e não se alteram. Mas, o que ocorreria caso houvesse uma alteração do número de fabricantes? Suponha que algumas novas empresas ingressam no mercado. Caso isso ocorra, é razoável supor que, a cada preço, haverá uma oferta maior de automóveis. Isto é ilustrado na Figura 2 através do deslocamento deslocamento da curva de oferta de O1 para O2. Figura 2 - Princípio da Oferta Preço unitário em R$
O3 O1 O2
30.000
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11 Com mais fabricantes no mercado a disputa (ou concorrência) será ampliada e, ao preço de $ 10.000, por exemplo, o volume de automóveis ofertado será de 4 milhões de unidades, e não mais apenas 2 milhões. O mesmo ocorreria se, por exemplo, o preço dos insumos fosse reduzido. Caso isso acontecesse, 4 milhões de automóveis populares poderiam ser fabricados a um preço menor do que $ 20.000 a unidade (como estava expresso na curva O1); em nosso exemplo, caso esta redução de preços de insumos pudesse ser descrita pela curva O2, o preço unitário para uma produção de 4 milhões de unidades passaria para $ 10.000, exatamente como no caso do ingresso de mais um concorrente. Situações opostas, isto é, a saída de um fabricante e/ou o encarecimento dos insumos, levariam levariam a uma contração da oferta. Isto significa que, para uma produção de 2 milhões de unidades, o preço unitário deveria ser de $ 20.000, tal como expresso na curva O3. Compreendidas as formas de representação gráfica dos princípios da oferta e da demanda, podemos completar nosso mercado, indicando como as curvas de oferta e demanda interage simultaneamente. Observe a Figura 3. Ela nada mais é do que a reunião, em um só gráfico, das curvas D1 e O1. Da forma como foram construídas, estas curvas de oferta e demanda se interceptam no ponto E, no qual os preços de oferta e de demanda são idênticos ($ 20.000) e a quantidade transacionada é de 4 milhões de
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12
Conceito de equilíbrio de mercado : o equilíbrio de mercado é atingido quando, a determinado preço, todos os consumidores dispostos a comprar, bem como todos os produtores dispostos a vender, atingem seus objetivos mercantis.
Na Figura 3, acima, ao preço de $ 20.000 a unidade, os consumidores estão dispostos a adquirir 4 milhões de unidades do bem transacionado, quantidade que é idêntica àquela que os produtores estão dispostos a ofertar àquele preço. Com isso, tanto consumidores quanto produtores estão (relativamente) satisfeitos. Os consumidores gostariam de adquirir um número maior de automóveis, mas apenas se o preço fosse mais baixo. Isto porque, a um preço menor, o custo de oportunidade (o sacrifício de outros bens que deixariam de ser comprados), também seria reduzido, estimulando a compra do bem em questão - automóveis populares. Por outro lado, os produtores somente estariam dispostos a ampliar a produção caso o preço fosse mais elevado; apenas nestas condições, o negócio de produção e venda de carros populares seria suficientemente atraente para fazê-los mobilizar recursos para sua produção, abandonando outras alternativas de negócios. Agora, suponha que houvesse um tabelamento de preços, e os automóveis populares passassem a ter um preço máximo de $ 10.000 a unidade. A este preço, os
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13 para produtos agrícolas. Neste caso, como cada produtor é muito pequeno diante dos volumes totais de produtos transacionados, tende a elevar sua oferta quanto o preço mínimo é fixado em níveis muito elevados, apostando na possibilidade de poder vender toda sua produção àquele preço. No entanto, quando todos os produtores agem da mesma forma, o resultado é um excesso de oferta no mercado. Caso o mercado com muitos ofertantes e muitos demandantes (isto é, um mercado competitivo) fosse deixado para funcionar livremente, tanto os excessos de oferta quanto os excessos de demanda seriam automaticamente corrigidos. Isto é que se chama tendência automática ao equilíbrio. Situações de excesso de demanda tendem a gerar disputas entre os consumidores, cuja manifestação mais simples é a existência de filas. Havendo tal disputa, a tendência é de que os consumidores mais ―ávidos‖ pela
aquisição do bem façam lances mais altos, como em um leilão. O resultado é uma elevação do preço que tende a reduzir a demanda e ampliar a oferta. Diante de lances mais altos, uma parte dos consumidores desiste da compra, ao mesmo tempo em que um número maior de unidades é ofertado. Na figura acima, esta tendência ao equilíbrio é mostrada nas setas que indicam o movimento de A e B em direção a E. Quando oferta e demanda coincidirem, não haverá mais pressão por alterações de preço. O mesmo ocorre quando há excesso de oferta; os ofertantes passariam a acumular estoques que não conseguem vender e tenderiam a
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14 Figura 4 – Deslocamentos Deslocamentos da Oferta
Preço unitário em R$
O3 O1 O2
E3
28.000 20.000
E1
10.600
E2
D1 2,3
4
5,6
Unidades em milhões
Podemos notar que, toda vez que a oferta se retrai, tudo mais constante, o preço de equilíbrio se eleva. No caso da figura acima, ele passa de $ 20.000 para $ 28.000. Paralelamente, a quantidade de equilíbrio se reduz, passando de 4 milhões para 2,3 milhões de unidades. O ponto de equilíbrio que era representado por E1 passa agora a ser E3. Situação inversa ocorre quando a oferta se expande, passando de O1 para O2.
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15 Figura 5 - Deslocamentos da Demanda
Preço unitário em R$ O1
29.000 20.000 D2
10.400 D1 D3 1,8
4
5,3
Unidades em milhões
O funcionamento dos mercados competitivos, tal como descrito pela Economia, nos permite compreender uma série de fenômenos. A relação básica, por trás dos mecanismos que acabamos de descrever, refere-se a interação mútua entre preços e quantidades transacionadas de determinado bem ou serviço. Se tal bem ou serviço for descrito através de características bastante específicas
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16 de micromercados como o de carros populares, utilizado acima. Assim, é possível pensar em oferta, demanda, preço, equilíbrio, e tudo mais que foi definido para micromercados.
2.1.2 Elasticidade e a Curva de Demanda O conceito de elasticidade da demanda procura mensurar a sensibilidade dos agentes que desejam comprar algum bem a alterações em alguma das variáveis que determinam a curva de demanda, normalmente sobre a ótica do preço. As duas elasticidades mais importantes são a elasticidade-preço (que representaremos por Ep) e a elasticidade-renda (representada por Er) da demanda. Genericamente, a elasticidade da demanda é calculada da seguinte forma:
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17 Figura 6 – Elasticidade-preço
P P2
P1 DA QA1=QB1 QA2
DB QB2
Q
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18 enorme volume de opções que o mercado apresenta rotineiramente, seja ele de bens ou de serviços. Por sua vez, a elasticidade-renda (Er) é útil para classificarmos os bens e serviços em superiores ou normais (―tops‖ de linha) ou inferiores (―pops‖, ou populares). O valor crítico para a elasticidade-renda é zero. No caso dos bens ―top‖ (superiores), quando a renda aumenta, a demanda pelo
mesmo também se eleva. Com isso, na fórmula da elasticidade, teremos variações positivas tanto no numerador quanto no denominador. Por outro lado, quando a renda cai, a demanda também deste bem ou serviço também cai. Com isso, na mesma fórmula, teremos variações negativas tanto no numerador quanto no denominador. Em outras palavras, a Er dos bens superiores sempre será um número maior que zero, ou seja, positiva. Quando nossa renda aumenta, aumentamos a demanda por filé
mignon,
pulsos
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19 aliança entre ofertantes, visando à fixação de preços ou quantidades vendidas ou produzidas, prevista no inciso II, "a" do dispositivo em questão. Falamos de crime pessoal, cuja sanção consiste em pena de reclusão ou multa. O cartel é, também, crime concorrencial e, portanto, infração econômico-penal. Nos termos do art. 21 da Lei n.º 8.884, de 11 de junho de 1.994, trata-se de fixação de preço e condições de venda de bens e prestação de serviços em acordo com concorrente; obtenção de conduta comercial uniforme ou concertada entre concorrentes; divisão de mercados de serviços ou produtos; combinar previamente preços ou vantagens em concorrência pública. Os crimes concorrenciais, equiparados ao tort anglo-saxão, ao serem enquadrados como infrações de cunho econômico-penal, ensejam penalização essencialmente econômica. Crimes contra a ordem econômica, ao serem perpetrados pela pessoa jurídica (responsabilidade empresarial) ensejam punição econômica. O cartel, ao gerar a
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20 concorrência perfeita, estaria o monopólio, isto é, o mercado dominado por uma única firma. Em geral, o monopólio surge devido a três causas básicas:
1) O tamanho do mercado: imagine uma cidade pequena na qual se instala um hipermercado. Esse estabelecimento, por operar em escala mais ampla e ter custos de comercialização mais baixos, pode levar à falência todos os mercados tradicionais da cidade. Mais ainda, caso outro hipermercado se instale na mesma cidade, o movimento em cada um deles será tão pequeno que ambos passarão a operar com prejuízo. Portanto, só há mercado para uma firma. Esse tipo de estrutura de mercado é chamado de monopólio natural.
2) O monopólio pode ser instituído por lei, como foi o caso diversos serviços de utilidade pública no Brasil até há alguns anos atrás. Esse é o monopólio legal.
3) Por fim, o monopólio pode ser resultado de uma inovação tecnológica desenvolvida por uma empresa que a mantém como segredo industrial (assimetria) ou
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21 Quadro1 - Características das estruturas de mercado Estruturas
Número de concorrentes
Natural Legal
Monopólio Tecnológico
Um único ou uma empresa muito maior que as demais
Características básicas Tamanho do mercado não permite mais de uma firma. Legislação que institui monopólio. Domínio de ―segredos industriais‖ (assimetria),
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22 Quando há uma clara diferenciação entre as diferentes ―marcas‖ (como é o caso
e eletroeletrônicos, automóveis ou cervejas), dizemos que se trata de um oligopólio diferenciado. O Quadro 1, acima, resume as principais características das estruturas de mercado. Para entender como atuam os oligopólios vamos inicialmente estudar uma situação muito utilizada no ensino de microeconomia. Trata-se de um acontecimento imaginário, cujos resultados podem ser imediatamente aplicados à atuação de um
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23 O que você acredita que os prisioneiros fariam? Note que o melhor resultado para ambos analisados em conjunto seria não confessarem os dois a um só tempo. Isso resultaria em apenas 1 ano de prisão para cada um. Qualquer outro comportamento comportamento faria com que pelo menos um deles passasse no mínimo 2 anos atrás das grades. Mas, se você olhar atentamente para a figura acima, vai notar que a atitude de confessar é sempre melhor que a de não confessar. Se, por exemplo, o prisioneiro A espera que o outro vai confessar, o melhor que A tem a fazer é confessar também e, assim, pegar uma
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24 estrutura. Suponha que em um mercado existem apenas duas firmas: A e B. Suponha que essas firmas atuam em uma estrutura de oligopólio homogêneo e estão decidindo sobre que quantidades deverão ofertar de um produto padronizado. Suponha ainda que essas firmas tenham que escolher entre dois níveis de oferta: 1 e 2. Os resultados em termos de lucros estão resumidos no quadro a seguir.
Lucro das empresas em $ milhões.
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25
3. Macroeconomia
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26 É por isso que, se imaginarmos que o ambiente de tarefa da empresa é, na
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27 ponderando cada bem ou serviço de acordo com sua importância relativa no total de
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28 enquanto podemos definir meios de pagamento como os ativos financeiros que são
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29 e a política monetária, cada uma delas atuando diretamente sobre cada um dos
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61 Note que o conceito de Meios de Pagamento possui um componente contábil: os depósitos à vista. Isto porque as transferências entre contas correntes não exigem uma operação física, bastando que sejam feitos lançamentos contábeis. Mas, o mais importante, é que os meios de pagamento representam sempre um volume maior de ―dinheiro‖ do que a Base Monetária. Isto porque os bancos são capazes de gerar
empréstimos, a partir de uma certa disponibilidade física de moeda, que acaba por multiplicar os meios de pagamento. Para compreender como isto ocorre, suponha que, em uma economia, exista apenas um banco e que um cliente qualquer possui R$ 1.000 de renda monetária. Agora suponha que este agente, como todos os agentes nesta economia, possui o hábito de manter 30% de sua renda monetária na forma de cédulas e moedas em sua carteira (a chamada ―moeda manual‖). Todo o restante é depositado no banco por algum tempo.
Assim, em um primeiro momento, existe neste banco um depósito de R$ 700 (R$ 1.000 de renda monetária menos os 30% retidos pelo agente). O banco, por sua vez, devido às suas necessidades de relacionamento com o público e também por conta da regulamentação baixada pelo Banco Central, mantém reservas de 10% do valor dos depósitos, realizando empréstimos com os outros 90%. Mas, por que motivos o banco pode emprestar um valor que está depositado em conta corrente? Simplesmente por saber, pela experiência, que seus clientes em geral deixam dinheiro ocioso em conta durante alguns dias, o que lhe permite fazer o empréstimo. Por precaução, o banco mantém reservas. Em geral, quando um cliente faz um saque, ou o dinheiro vem destas reservas ou de empréstimos que foram resgatados naquela data. Contabilmente, essas operações estão registradas no balanço simplificado abaixo (Balanço 1). Agora, suponha que, ao realizar o primeiro empréstimo no valor de $ 630, o banco abra, imediatamente, uma conta de depósito para o tomador. Suponha ainda que este, assim como o primeiro depositante, tenha o hábito de manter no bolso 30% de suas disponibilidades, mantendo em depósito os outros 70%. Com isso, esse tomador irá sacar imediatamente $ 189 (30% do empréstimo de $ 630) e terá registrado em seu nome um depósito (Depósito 2) de $ 441.
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62
BANCO COMERCIAL (Balanço 1) Empréstimo 1 = $ 630
Depósito 1 = $ 700
Reserva 1 = $ 70 Ativo = $ 700
Passivo = $700
BANCO COMERCIAL (Balanço 2) Empréstimo 1 = $ 630 Empréstimo 2 = $ 396,90 Reservas 1 = $ 70 Reserva 2 = $ 44,10 Ativo = $ 1.141
Depósito 1 = $ 700 Depósito 2 = $ 441
Passivo = $ 1.141
Ao registrar o segundo depósito de $ 441, o banco fará o mesmo que já havia feito antes: irá compor reservas de 10% sobre esse valor (Reserva 2 = $ 44,10) e poderá emprestar os restantes $ 396,90 (Empréstimo 2). Observe desde já que o banco que realiza um empréstimo decide simplesmente sobre uma alocação de ativos. No entanto, ao depositar o valor emprestado em uma conta corrente do cliente que está tomando esses recursos, o banco está criando um novo passivo para si mesmo. Ainda assim, o valor físico circulando em nossa economia hipotética equivale apenas aos $ 1.000 do agente que realizou o primeiro depósito! A primeira linha do quadro abaixo resume este comportamento do público e do setor bancário diante do primeiro depósito, da primeira reserva e do primeiro empréstimo. Como vimos, ao fazer aquele primeiro empréstimo no valor de $ 630, o banco abre uma conta corrente para o tomador do dinheiro. Este, por sua vez, possui o mesmo comportamento que o agente anterior, isto é, mantém como moeda manual 30% deste valor e o restante em conta corrente, que passará a movimentar. Diante deste novo ―depósito‖, o banco volta a manter 10% na forma de reservas e a emprestar os outros
90%. Este processo se estende no tempo. Ao final de algumas etapas, temos um total de depósitos de quase $1.900, muito embora fisicamente só existam, neste nosso exemplo, $1.000. As pessoas detêm cerca de $808 na forma de moeda manual e o banco tem em seus caixas (ou depositados compulsoriamente no Banco Central) cerca de $ 189, havendo ainda $ 3,91 que não foram emprestados.
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63 Tabela 1- Base Monetária com Reservas bancárias de 10% Valor inicial (VI) 1.000,00 630,00 396,90 250,05 157,53 99,24 62,52 39,39 24,82 15,63 9,85 6,21 Somatório
Moeda manual (MM = 30% de VI) 300,00 189,00 119,07 75,01 47,26 29,77 18,76 11,82 7,44 4,69 2,95 1,86 807,64
Depósitos à vista (DV = 70% de VI) 700,00 441,00 277,83 175,03 110,27 69,47 43,77 27,57 17,37 10,94 6,89 4,34 1.884,50
Reserva bancária (RB = 10% de DV) 70,00 44,10 27,78 17,50 11,03 6,95 4,38 2,76 1,74 1,09 0,69 0,43 188,45
Empréstimos (90% de DV) 630,00 396,90 250,05 157,53 99,24 62,52 39,39 24,82 15,63 9,85 6,21 3,91 1.696,05
Neste nosso exemplo, supondo que todo o dinheiro que existe na economia seja o que consta no quadro acima, a Base Monetária seria a soma da moeda manual ($ 807,64) mais as reservas bancárias ($ 188,45) mais os $ 3,91 que permanecem por emprestar. Como não poderia deixar de ser, o total corresponde ao valor original de $ 1.000. No entanto, os agentes envolvidos neste nosso exemplo estão realizando transações contando tanto com os valores que mantêm na forma de moeda manual ($ 807,64) quanto com seus depósitos em conta corrente ($ 1.884,50), cuja soma corresponde aos meios de pagamento. Se dividirmos os meios de pagamento pela Base Monetária, notaremos que, em nosso exemplo, esta relação é de pouco mais de 2,7, ou seja, os meios de pagamento correspondem a 270% da Base Monetária. O valor de 2,7 é o chamado multiplicador multiplicador dos meios de pagamento, uma vez que, chamando a base de B e os meios de pagamento de M, podemos deduzir o multiplicador (m) da seguinte forma9:
m=M/B (6)
→
M=m.B Observe que a Base Monetária é igual à moeda manual (que chamaremos de
MM) mais as reservas bancárias (que chamaremos de RB). Por sua vez, os meios de
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64 manual. Sendo assim, a partir da expressão (6), o multiplicador (m) pode ser reescrito da seguinte forma:
m=MM+DV/MM +RB
→
Dividindo-se todos os membros por DV, teremos:
m = {[(MM / DV) + (DV / DV)] / [(MM [ (MM / DV) + (RB / DV)]} Chamando MM / DV de md e RB / DV de rd, teremos:
m = (md + 1) / (md + rd)
(7)
Note que md é a relação entre moeda manual e depósitos à vista (MM / DV), a qual é decidida pelo público que aloca seus recursos financeiros entre estas duas finalidades. Por seu turno, rd é a relação entre reservas e depósitos à vista (RV / DV), a qual é decidida tanto pelos bancos diretamente quanto pela regulamentação do Banco Central. Quanto maior a parcela de recursos que o público decidir depositar nos bancos, maior será a capacidade destes de realizar empréstimos e, portanto, maior a multiplicação de meios de pagamento (maior será, portanto, m). Por outro lado, quanto maiores as reservas bancárias, menores as condições de os bancos realizarem empréstimos, dados os depósitos e, portanto, menor será m. Mas, quanto mais depósitos o público fizer nos bancos, menor será md (a razão moeda manual / depósitos). Por outro lado, quanto maiores as reservas bancárias, maior será rd (a razão reservas / depósitos). Para ilustrar as alterações no multiplicador, decorrentes de mudanças no comportamento do setor bancário, observe o quadro baixo. Ele é idêntico ao quadro anterior, com a única diferença de que as reservas bancárias são agora equivalentes a 15% dos depósitos. Esta elevação de 5% poderia ser fruto de uma medida do Banco Central tentando reduzir a oferta de meios de pagamento. Observe o que ocorre. Com uma capacidade menor de realizar empréstimos a partir de um dado
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65 depósitos, e não a 90%, como antes. Neste caso, o multiplicador monetário que era pouco superior a 2,7 passa a mais ou menos 2,5, e os meios de pagamento se reduzem de cerca de $ 2.700 para menos de $ 2.500. Algo semelhante ocorreria caso o público retivesse na forma de moeda manual mais de 30% de suas disponibilidades. Tabela 2- Base Monetária com Reservas bancárias de 15% Valor inicial (VI) 1.000,00 595,00 354,03 210,64 125,33 74,57 44,37 26,40 15,71 9,35 5,56 3,31 Somatório
Moeda manual (MM = 30% de VI) 300,00 178,50 106,21 63,19 37,60 22,37 13,31 7,92 4,71 2,80 1,67 0,99 739,28
Depósitos à vista (DV = 70% de VI) 700,00 416,50 247,82 147,45 87,73 52,20 31,06 18,48 11,00 6,54 3,89 2,32 1.724,99
Reserva bancária (RB = 15% de DV) 105,00 62,48 37,17 22,12 13,16 7,83 4,66 2,77 1,65 0,98 0,58 0,35 258,75
Empréstimos (90% de DV) 595,00 354,03 210,64 125,33 74,57 44,37 26,40 15,71 9,35 5,56 3,31 1,97 1.466,24
Em resumo: dois instrumentos de política monetária Expressão-chave:
M=m.B
Alterações nos compulsórios alteram o multiplicador. Operações com títulos públicos afetam a Base Monetária. Esses são os dois instrumentos para controlar a oferta de Meios de Pagamento e afetar as taxas de juros cobradas no mercado financeiro.
De que depende o Multiplicador Multipli cador Monetário? O multiplicador monetário depende exclusivamente de dois parâmetros: O percentual de compulsório (quanto maior, menor a multiplicação). As preferências do público entre o uso de papel moeda e depósitos à vista (quanto maior o uso dos depósitos, maior a multiplicação). Em períodos em que o governo opta por realizar uma política monetária rígida,
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66 era da ordem de 0,7, mais que o dobro daquela observada em final de 1997. Mais recentemente, no início de 2003, os compulsórios foram elevados para 60% dos depósitos à vista, um dos valores mais elevados desde o início do Plano Real. Em 2004, os compulsórios foram reduzidos para 45% dos depósitos à vista. Em resumo, sempre que deseja alterar a oferta monetária e elevar as taxas de juros de mercado, o Banco Central pode alterar o percentual de reservas que os bancos são obrigados a manter. Maiores reservas significam menor oferta de crédito e, como vimos, redução no volume de Meios de Pagamento, mesmo que a Base Monetária (dinheiro físico emitido e circulando) permaneça constante. Outra forma de alterar a oferta de moeda é tentar interferir diretamente na Base Monetária. Uma das formas de fazer isso é vendendo títulos públicos, como visto acima. Ao adquirir esses títulos, o público entrega ao Banco Central dinheiro que não voltará a circular (isto é, caso o Banco Central não faça empréstimos com esses recursos). Mesmo que o multiplicador permaneça constante, reduzindo-se a Base Monetária, haverá uma contração da oferta de meios de pagamento. Caso o BC não deseje que a taxa de juros se eleve, terá que tomar medidas compensatórias como, por exemplo, reduzir as reservas r eservas compulsórias dos bancos.
3.4 O Macromercado de Câmbio 3.4.1 Regimes Cambiais Pontos-chave: O papel do Banco Central nos diferentes regimes cambiais; O regime cambial brasileiro; Vantagens e desvantagens dos diferentes regimes cambiais; O papel das reservas internacionais. As relações econômicas de um país com o resto do mundo dependem
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67 No mercado cambial, pessoas que possuem moeda estrangeira e desejam trocar por moeda nacional são os ofertantes desse mercado. Contrariamente, pessoas que desejam adquirir moeda estrangeira, comprando-a com moeda nacional, são os demandantes. Isto significa que a ―mercadoria‖ transacionada neste mercado são as
divisas, isto é, qualquer moeda estrangeira utilizável em transações econômicas internacionais as quais envolvem, em geral, residentes no país e residentes no exterior. Para se entender bem o funcionamento desse mercado, é importante deixar claro quem são os potenciais compradores e vendedores de divisas. No grupo dos ofertantes de moeda estrangeira estão:
1) Exportadores, que vendem suas mercadorias ao exterior e são remunerados em moeda estrangeira (em geral o dólar americano);
2) Turistas estrangeiros, que trazem moeda estrangeira e a trocam no país (ou, por vezes, a gastam diretamente);
3) Investidores internacionais, que trazem divisas para aplicar no país, seja no mercado financeiro, seja em atividades produtivas;
4) Agentes econômicos (em geral, bancos, mas também empresas e o próprio governo) que captam recursos no exterior (emissão de títulos, obtenção de empréstimos e financiamentos etc), os quais entram no país como valores em moeda estrangeira. No grupo dos demandantes de moeda estrangeira estão:
1) Importadores, que precisam comprar moeda estrangeira para remeter a seus fornecedores fornecedores no exterior; 2) Turistas brasileiros que se dirigem ao exterior e precisam comprar moeda estrangeira estrangeira antes da d a viagem; 3) Agentes econômicos que investem no ou enviam renda para o exterior;
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68 Coloque-se no lugar do exportador, por exemplo. Se ele vende para clientes no exterior um produto que é cotado internacionalmente a US$ 100, quando a taxa de câmbio é R$ 2,50 por dólar, sua receita em moeda nacional seria de R$ 250 a unidade. Se a taxa de câmbio subisse para R$ 2,90, sua receita se elevaria para R$ 290 a unidade. Se tudo mais permanece constante (os custos de produção sendo os mesmos, por exemplo), isso seria um estímulo para que ele ofertasse mais desse produto no exterior e também incentivaria todos os demais exportadores a fazerem o mesmo. O aumento das exportações geraria uma maior oferta de dólares no mercado brasileiro. Da mesma forma, o turista estrangeiro que tivesse que pagar por uma diária de hotel no Brasil o valor de R$ 200 teria que desembolsar US$ 80 se a taxa de câmbio fosse R$ 2,50 por dólar. Mas essa diária representaria menos de US$ 69 caso a taxa de câmbio passasse para R$ 2,90 por dólar. Isso atrairia mais turistas estrangeiros para o Brasil, elevando a oferta de dólares. No caso dos importadores e dos turistas brasileiros que vão ao exterior, o comportamento seria simetricamente oposto. Quanto mais alta a taxa de câmbio, mais caros os produtos estrangeiros e maiores os gastos (em reais) dos turistas que saíssem do país. Isso desestimularia ambos os tipos de transação e reduziria a demanda por dólares. Já os fluxos financeiros (movimentos de capitais e rendas externos) são diretamente influenciados por fatores como taxas de juros e pelas oportunidades lucrativas de investimento nos vários países. O nível de risco oferecido pelas aplicações financeiras em cada país é outro elemento decisivo. Se um país oferece juros atraentes e o risco é baixo, em geral acabará atraindo investimentos de pessoas que residem no exterior. Isso eleva a oferta de divisas. Do mesmo modo, se os juros são mais altos dentro do país do que no exterior, as empresas que atuam nesse país preferirão tomar
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69 padrão típico de atuação do Banco Central no mercado de câmbio determina o regime cambial. De forma mais resumida, podemos dizer que: Regime cambial é regra de funcionamento do mercado cambial, estabelecendo o papel do Banco Central nesse mercado.
Numa primeira aproximação, pode-se dizer que existem dois regimes cambiais polares:
a) Câmbio fixo: nesse regime, a taxa de câmbio é mantida constante. Se as condições de oferta e demanda mudarem e a taxa de câmbio (como qualquer preço) tende a se alterar, o Banco Central intervém de forma a manter a paridade fixada. Podese observar que o Banco Central tem uma regra clara: não permitir a flutuação da taxa de câmbio e, para isso, ele compra e vende dólares diretamente no mercado cambial. Nesse regime a necessidade de intervenção do Banco Central no mercado de câmbio é máxima, exatamente para evitar a flutuação.
b) Câmbio flutuante (livre flutuação): nesse regime, a taxa de câmbio pode variar (flutuar) continuamente, inclusive no intervalo de um único dia. A necessidade de intervenção do Banco Central é nula e o Banco Central permanece totalmente ausente do mercado de câmbio e a taxa passa a ser comandada exclusivamente pelas forças de mercado. Entre esses dois extremos existem regimes mistos, mais próximos do câmbio fixo ou da livre flutuação. No primeiro caso, uma forma mais mitigada de câmbio fixo corresponde ao regime de bandas cambiais. Nesse regime, o Banco Central também está bastante presente no mercado de câmbio, mas apenas para evitar flutuações excessivas
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70 Figura 16 – Regimes Cambiais Câmbio Fixo Bandas cambiais
Câmbio Administrado ―Flutuação Suja‖
(intervenções (intervenções esporádicas) Câmbio Flutuante A partir de janeiro de 1999, o Banco Central do Brasil adotou o regime de ―flutuação suja‖. Nesse regime, as intervenções no mercado de câmbio são esporádicas
e sem uma regra claramente anunciada. O Banco Central procura evitar que a taxa de câmbio flutue excessivamente, mas não anuncia claramente quais os limites mínimo e máximo que ele se dispõe a tolerar a cada momento do tempo. É importante notar que, em um regime de câmbio fixo, o Banco Central deve estar continuamente presente no mercado de câmbio a fim de evitar flutuações no preço da moeda estrangeira (taxa de câmbio nominal). Não basta anunciar ou colocar em lei que a taxa de câmbio é fixa, pois caso o Banco Central se ausente do mercado, movimentos de oferta e demanda poderão fazer surgir ágios ou deságios em relação à cotação fixada. Já no regime de câmbio flutuante puro, o Banco Central pode permanecer totalmente ausente do mercado, permitindo que o preço da moeda estrangeira (taxa de câmbio nominal) flutue livremente, sendo determinado exclusivamente pelas forças tradicionais de oferta e demanda.
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71 tratamento sistemático e deve ser feito através de uma das mais importantes ferramentas contábeis utilizadas em economia: o Balanço de Pagamentos.
Balanço de Pagamentos é o registro contábil sistemático de todas as transações econômicas de um país com o exterior, sejam elas comerciais, financeiras ou de qualquer outra natureza.
Isto significa que todas as transações envolvendo agentes econômicos que atuam no país (chamados residentes) e agentes que atuam fora do país (chamados nãoresidentes) são registradas de forma organizada no Balanço de Pagamentos. Em linhas gerais, o Balanço de Pagamentos se divide em dois grandes blocos: a conta de transações correntes e a conta de capitais, como mostrado no quadro abaixo. Os próprios nomes desses dois blocos já fornecem uma boa idéia da lógica dessa separação. Em conta corrente são registrados os pagamentos e recebimentos relativos a todas as transações realizadas com bens e serviços (inclusive fatores) entre um país e o exterior. Quando um país exporta, envia mercadorias para o exterior e recebe um pagamento que é registrado positivamente em sua conta corrente. Quando uma empresa estrangeira situado no país remete lucro para o exterior, isso é registrado como sendo um pagamento de serviços empresariais sendo contabilizado negativamente na conta
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72 a lado com as transações de bens. Esse é o chamado conceito FOB de balança comercial (iniciais da expressão ― free on board ‖). ‖).
Em seguida, tem-se a balança de serviços. Nela estão incluídos itens como fretes e seguros internacionais (que são chamados de serviços não-fatores de produção, pois não são utilizados diretamente nas atividades produtivas). Este tipo de serviço em geral é prestado por grandes companhias internacionais, como as seguradoras inglesas de fretes. A seguir tem-se a conta de rendas. Nela são registrados itens como juros e lucros enviados para fora do país no pagamento de empréstimos e como remuneração pelo capital estrangeiro aplicado no país. Se houver empresas nacionais atuando no exterior que estejam enviando lucros para matrizes no país, esse recebimento também será registrado na conta de rendas como um recebimento. Nessa conta também são incluídos (como saídas) pagamentos relativos a direitos sobre propriedade intelectual, salários de executivos que estejam no país por um período curto de tempo etc. Estes itens constituem a remuneração pela utilização de capitais financeiros, capitais produtivos, patentes e capital humano, respectivamente, todos diretamente associados às atividades produtivas. Quadro 3- Estrutura Sintética do Balanço de Pagamentos
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73
Conta Capital (Obs: Entradas líquidas)
2a Investimentos Estrangeiros Direto 2b Empréstimos 2c Financimentos 2d Capitais de Portfólio
2 Resultado (saldo) da Conta Capital (2=2a+2b+2c+2d)
Erros e omissões
3Erros, informalidade existentes no processo
Resultado (saldo) do Balanço de Pagamentos
4=1+2+3
As transferências unilaterais são o último item da conta corrente. Nesse item estão incluídos os recursos a fundo perdidos doados por entidades estrangeiras, em geral na forma de ajuda humanitária, como também os recursos que os emigrantes costumam remeter para suas famílias no país (ambos são registrados como entradas de recursos). A soma destes três itens nos fornece o resultado (ou saldo) em conta corrente. Um país que apresenta déficit em conta corrente está recebendo poupança externa, como visto anteriormente. Esse ponto merece atenção especial. Se um país deseja investir para poder crescer, precisa poupar e, para isso, deve reduzir seu nível de consumo agregado. Menos bens de consumo serão produzidos para que a produção de
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74 são pagas, registra-se como saída (mas os juros são registrados em transações correntes). Também são registrados os financiamentos obtidos ou ofertados nas transações comerciais, os quais representam créditos ou dívidas, respectivamente, dos agentes econômicos do país com algum outro agente no exterior. Pela conta capital ingressa ainda o investimento estrangeiro direto, que são recursos que se destinam à aplicação nas atividades produtivas, e os chamados capitais de carteira ou de portfólio, que se destinam à aplicação no mercado financeiro (bolsas de valores, CDBs, etc.). Repatriações de capital são sempre registradas como saídas. Assim como a conta corrente, a conta de capital pode apresentar déficit ou superávit. Um país que esteja amortizando grandes volumes de dólares devido ao vencimento de empréstimos contraídos no passado e não esteja atraindo outras modalidades de fluxos de capital apresentará um saldo negativo na conta de capitais (isto é, um déficit). Quando consolidamos as contas correntes e de capital, temos o resultado do balanço de pagamentos. Se o balanço de pagamentos for deficitário, o país tende a perder reservas internacionais que estavam à disposição de seu banco central. Isto porque, caso um país tenha, por exemplo, déficit em conta corrente e superávit na conta de capital, sendo ambos exatamente iguais, isto significa que as divisas que saíram por uma das contas ingressaram pela outra. Mas, caso o déficit em conta corrente seja maior que a entrada de divisas através da conta de capital, então o país terá que desembolsar
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75 Tabela 3 - O Balanço de Pagamento brasileiro (2004 -2008)
US$ milhões 2004
2005
Balança Comercial (FOB)
33.6 33 .641 41
44.7 44 .703 03
46.4 46 .457 57 40 40.0 .032 32
Balança de Serviços
-4.6 -4 .678 78
-8.3 -8 .309 09
-9.6 -9 .640 40 -1 -13. 3.21 219 9 -16.6 -16.690 90 -19. -19.24 245 5
-20.520 -20 .520
-25.967 -25 .967
-27.48 -27 .480 0 -29 -29.29 .291 1 -40 -40.56 .562 2 -33 -33.684 .684
3.236
3.558
4.306
11.6 11 .679 79
13.9 13 .985 85
13.6 13 .643 43
8.33 8. 339 9
12.5 12 .550 50
-9.3 -9 .380 80 27 27.5 .518 18
24.6 24 .601 01
36. 6.03 033 3
-4.750
4.885
9.081 48.390
1.133
50.283
-677
-40
-312
156
Outros Outr os invest investimento imentos s
-10. -1 0.80 806 6
-27. -2 7.52 521 1
15.6 15 .688 88 13. 13.13 131 1
Saldo da Conta Capital
-7.5 -7 .52 23
-9.4 -9 .46 64
16.2 16 .299 99 89 89.0 .086 86
Erros e Omissões Omissões
-1.912
-201
2.24 .244
4.31 .319
Balança de Rendas Transf ransferências erências Unilaterais Saldo em Transações Correntes Investimento Investim ento Direto Investimentos Investim entos em Cart Carteira eira Derivativos
Resultado do B. Paga Pagamentos mentos
2006
2007
41
4.029
2008
2009
24.8 24 .836 36
25.2 25 .290 90
4.224
3.338
1.55 1. 551 1 -28 -28.1 .192 92 -2 -24. 4.30 302 2
-710
2.87 2. 875 5 -16. -16.30 300 0 29.3 29 .352 52
71. 1.30 301 1
-3.152
1.809
-347
30.569 87.484
2.969
46.65 .651
628
Fonte: Banco Central Central do Brasil - 2010 Prof. M.Sc. Claudio A. Garbi
Países que não disponham de reservas para ―fechar‖ o Balanço de Pagamentos
ou que não desejam lançar mão de suas reservas podem recorrer a organismos internacionais como o FMI. Os aportes desses organismos são, por convenção,
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76
4. Pequeno Glossário de Termos Econômicos Arbitragem: Quando os agentes econômicos detectam diferenciais de preços de um determinado ativo entre dois mercados e identificam a possibilidade de simplesmente comprar barato e vender caro diz-se que este agente detectou uma possibilidade de arbitragem. Um exemplo hipotético típico seria a compra de ações de uma mesma empresa no mercado do Rio de Janeiro por um preço inferior para a venda em
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77 Bem Intermediário: Bem que se destina à incorporação em processos produtivos de outros bens (matérias-primas e insumos). Uma categoria importante de bens intermediários são os chamados semielaborados: ferro gusa, utilizado como matéria-prima da metalurgia, vidro, utilizado na construção civil e na automobilística, farelo de soja, soj a, utilizado na engorda de gado, café torrado, utilizado na moagem, etc. Bem normal: Quando a renda dos consumidores se eleva e a demanda por um determinado bem se eleva na mesma proporção, diz que este é um bem normal. Bem público: É um tipo de bem cujo consumo pode se dar por mais de uma pessoa ao mesmo tempo e que, uma vez produzido, não pode ser negado a quem o queira consumir. Exemplos: logradouros públicos, espetáculos realizados em locais públicos, etc. Bem superior: Quando a renda dos consumidores se eleva e a demanda por um determinado bem se eleva mais que proporcionalmente, diz que este é um bem superior. Bens complementares: Quando a satisfação ou a utilidade do uso ou consumo de um bem pode ser ampliada pelo uso ou consumo de outro bem, diz-se que são bens complementares. Exemplo: vinagre e azeite, tintas e solventes, cimento e cal, capital e trabalho, etc. Bens substitutos: Quando dois bens são rivais no consumo, isto é, possuem características ou finalidades semelhantes, diz-se que são bens substitutos. Exemplo: carne bovina e frango; manteiga e margarina, refrigerante e suco de frutas. A substituição é sempre relativa; consumidores que não aceitam, por exemplo, trocar manteiga por margarina não assumem que estes bens sejam substitutos.
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78 por determinada aplicação que nos proporciona certo rendimento, o custo de oportunidade também pode ser avaliado pelo rendimento que deixaremos de ganhar na melhor dentre as aplicações não realizadas.
Deflação Processo de queda continuada do nível de preços, isto é, processo oposto ao de inflação. Depreciação: Processo de desgaste do capital pelo uso. Também ocorre depreciação quando o capital se torna tecnologicamente obsoleto. A reposição do capital desgastado ou ultrapassado é o chamado investimento de reposição. Desemprego: Considera-se desempregado o trabalhador que deseja trabalhar às taxas de salário vigentes e não encontra emprego. Desemprego Voluntário: Considera-se voluntariamente desempregado aquele que, em geral, não aceita ofertas de emprego devido às condições oferecidas, por exemplo, salários excessivamente baixos. Desenvolvimento Econômico: Conceito mais abrangente que o de crescimento econômico. Ocorre desenvolvimento quando se observa uma melhora na qualidade de vida média da população, com uma redução dos níveis de disparidade entre os mais pobres e os mais ricos. O desenvolvimento econômico em geral ocorre conjuntamente com um processo de crescimento, ma s o crescimento por si só não garante o desenvolvimento. Depressão: Processo de queda continuada do nível de preços e do PIB. Desindexação: Ver indexação.
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79 nível de preços) e, por conta disso, muitas vezes os planos de combate à inflação são chamados simplesmente de programas de estabilização. Durante o período em que tais programas estão sendo operacionalizados, costuma-se dizer que o país atravessa um processo de estabilização.
Estagflação: Ocorrência simultânea de recessão e inflação elevada. s upera crescentemente sua tendência. Expansão Fase do ciclo de negócios na qual o PIB supera Flutuação “Suja”:
Nome muitas vezes dado ao regime de câmbio administrado com pisos e tetos informais. Nesse regime cambial o governo (em geral através do Banco Central) intervém no mercado de moeda estrangeira de forma a impedir uma flutuação excessiva das taxas de câmbio. Em geral, neste tipo de regime, o governo permite uma flutuação livre dentro de determinado intervalo, intervindo em seus limites máximo e mínimo ou em momentos de grande variação das taxas.
Fundo do Poço: Fase do ciclo de negócios que marca a passagem da recessão para a recuperação. Hiperinflação: Manifestação mais intensa do processo inflacionário. Ocorre hiperinflação quando os agentes passam tentar se desfazer instantaneamente da moeda nacional, trocando-a por outros ativos considerados como uma reserva de valor mais segura (ouro, títulos, bens duráveis, etc.). Durante a hiperinfação dos anos 20, na Alemanha, uma pessoa foi assaltada enquanto carregava um carrinho de mão cheio de notas para fazer compras numa mercearia. Para poder fugir com mais rapidez, o assaltante jogou fora imediatamente o carregamento de dinheiro, optando por ficar com o carrinho...
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80 físico (máquinas, instalações, infra-estrutura, etc.) ou humano (treinamento de mão-de-obra, educação, etc.). Parte do investimento destina-se simplesmente a repor o capital depreciado (inutilizado pelo desgaste natural ou devido à obsolescência tecnológica); este é o chamado investimento de reposição (no caso do desgaste natural) ou de modernização (no caso de atualização tecnológica). Toda a parcela do investimento que supera a depreciação (o chamado investimento líquido) permite a expansão do estoque total de capital em uma economia.
Lastro: Na atualidade, termo essencialmente náutico. No passado, correspondia ao valor em ouro ou prata depositado nos bancos e que servia como garantia do valor do papel moeda. Desde o início dos anos 70, o papel moeda deixou de ser lastreado e tornou -se apenas uma convenção. O papel moeda é aceito por cada pessoa enquanto for aceito pelas demais. Liquidez: Capacidade de transforma um determinado ativo em moeda, minimizando as perdas. Pode-se dizer que um automóvel tem mais liquidez do que um torno mecânico, uma vez que existe um mercado desenvolvido para auto móveis usados, permitindo ―transformá -lo‖ em dinheiro com certa rapidez, ainda que com alguma perda; no caso do torno usado, seria necessário oferecer um preço muito atraente para convencer um comprador a adquiri-lo. Por sua vez, o dólar possui uma liquidez mais elevada que os carros usados, uma vez que é muito mais fácil v ender dólares (―transformá -los‖ em dinheiro) c om um mínimo de perda. Mefistofélico: [Do antropônimo Mefistófeles + -ico2.] Adj. 1. Relativo a, ou próprio de Mefistófeles, demônio intelectual das lendas germânicas, e personagem do Fausto, drama de Goethe (v. goethiano). 2. Pérfido, maldoso, sarcástico: Tem um ar mefistofélico. 3. Diabólico, infernal. Fonte: Dicionário Aurélio.
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81 simplificar, vamos ignorar o setor governamental em ambos. Assim, as exportações do país A são iguais às importações do país B e a RLE de A é igual a (-) RLE de B. Para A, teríamos as seguintes relações: PIBA =CA+IA+XA-MA PIBA=CA+SA+RLEEA → CA+IA+XA-MA = CA+SA+RLEE A → IA = SA+ (M A+RLEE A -XA) A expressão acima mostra como o investimento de A é financiado: parte com a poupança do próprio país (SA), parte com déficit externo (M A+RLEEA -XA). Por analogia, podemos concluir que o mesmo ocorre em B, isto é: → IB = SB+ (MB+RLEEB -XB) Rearranjando os termos da expressão acima, e lembrando que X A=MB, M A=XB e que RLEE A=(-)RLEEB, temos: → SB = IB + (MA +RLEE A - XA)
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82 inflação. Expressando sua crença nesta teori a, os monetaristas afirmam que ―a inflação é, sempre e em toda parte, um fenômeno monetário‖.
Termos de Troca ou Termos de Intercâmbio: Relação entre os preços dos bens exportados e dos bens importados por determinado país. Se os produtos exportados estão subindo de preço mais do que os importados, dizemos que está havendo um melhora dos termos de troca. Quando os preços dos importados sobem mais do que os dos exportados, dizemos que há uma piora dos termos de troca. Valor Adicionado ou Valor Agregado: Diferença entre o valor da produção (faturamento) de uma firma ou conjunto de firmas e os custos incorridos na forma de pagamentos a outras firmas. Corresponde à soma dos pagamentos brutos feitos a trabalhadores tr abalhadores e empresários (incluindo impostos indiretos embutidos e mbutidos
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83
5. Textos de Apoio
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84 Agora vamos falar de outro exemplo que acontece no dia-a-dia no comércio mundial de mercadorias. Em média: 1kg de soja custa US$0,10 (dez centavos de dólar), 1kg de automóvel custa US$ 10, isto é, 100 vezes mais, 1kg de aparelho eletrônico custa US$ 100, 1kg de avião custa US$1.000 (10 mil quilos de soja) e 1kg de satélite custa US$ 50.000. Vejam, quanto mais tecnologia agregada tem um produto, maior é o seu preço, mais empregos foram gerados na sua fabricação. Os países ricos sabem disso muito bem. Eles investem na pesquisa científica e tecnológica. Por exemplo: eles nos vendem uma placa de computador que pesa 100g por US$ 250. Para pagarmos esta plaquinha eletrônica, o Brasil precisa exportar 20 toneladas de minério de ferro. A fabricação de placas de computador criou milhares de bons empregos lá no estrangeiro, enquanto que a extração do minério de ferro, cria pouquíssimos e péssimos empregos aqui no Brasil. O Japão é pobre em recursos naturais, mas é um país rico. O Brasil é
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85 este potencial científico dos nossos engenheiros. Nós, professores, não podemos nos curvar às deformações do mercado. Temos que continuar formando engenheiros com conhecimentos iguais aos melhores do mundo. Eu posso garantir a todos os presentes, principalmente aos pais, que qualquer um destes formandos é tão ou mais inteligente do que qualquer engenheiro americano, japonês ou alemão. Os meus trinta anos de magistério, lecionando desde o antigo ginásio até a universidade, me dão autoridade para afirmar que o brasileiro não é inferior a ninguém, pelo contrário, dizem até que somos muito mais criativos do que os habitantes do chamado primeiro mundo. O que me revolta, como professor cidadão, é ver que as decisões políticas tomadas por
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86 "Não quer dizer que isso vá se estabilizar a médio prazo dessa forma, e esperamos que os
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87 partes (-30,6%), etanol (-28,7%), automóveis (-22,9%), laminados planos (-21,7%), aviões (-
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88 A SDE fez várias inspeções e até uma pesquisa elaborada pelo Ibope com pontos de
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89 conjunto de informações estabelecido pela circulação da moeda, que é vital para a estabilidade
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90
5-Breves Considerações sobre Desenvolvimento Econômico
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