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Securitization of real estate assets in Brazil: confluences and contradictions in the relationship between state, public funds and the market

Grant number: 20/12810-0
Support type:Scholarships abroad - Research Internship - Doctorate
Effective date (Start): December 10, 2021
Effective date (End): July 09, 2022
Field of knowledge:Humanities - Geography - Human Geography
Principal researcher:Everaldo Santos Melazzo
Grantee:Bruno Leonardo Barcella Silva
Supervisor abroad: Ana Cristina Cordeiro dos Santos
Home Institution: Faculdade de Ciências e Tecnologia (FCT). Universidade Estadual Paulista (UNESP). Campus de Presidente Prudente. Presidente Prudente , SP, Brazil
Research place: Universidade de Coimbra (UC), Portugal  
Associated to the scholarship:18/03674-6 - Overlapping between real estate and financial in middle cities: connections, synergies and contradictions towards the specificities of local real estate dynamics, BP.DR

Abstract

This research project refers to an internship proposal to be developed at the Center for Social Studies, University of Coimbra, in Portugal under the supervision of Prof. Dr. Ana Cordeiro Santos. Through this project we will seek to deepen the analysis on the expansion of the financialization process of the real estate sector in Brazil, having as one central axis one of the so-called financial instruments, real estate securitization, more specifically the Certificates of Real Estate Receivables (CRI). It is expected from the development of this project to achieve results that contribute significantly to the doctoral research entitled "On the relationship between the real estate and financial markets in Brazilian medium-sized cities: links, synergies and contradictions to meet specifities of the local real estate dynamics" under development with the support the foundation of support for research in the state of São Paulo(FAPESP). The recent process of advancing the overlap between the financial sphere and the real estate sector in Brazil has presented logics, processes and agents that are present, even if selectively, throughout the territory, capturing cities of different sizes and at different levels of the urban hierarchy. In this context, one of the main processes identified in this expansion is linked to the greater dynamism of issuances and commercialization of financial securities linked to securitized real estate debts from the so-called CRI (Certificate of Real Estate Receivables) with emphasis on the participation of agents and funds linked to the Brazilian State as important elements of this dynamism. In this sense, the present project has the general objective of investigating the supposed attempt by the State to position CEF (Caixa Econômica Federal) as a "driving agent" in the Brazilian secondary market by placing it as one of the main issuing agents for real estate debt securities in form of CRI (Certificate of Real Estate Receivables) and in parallel to enable and enable the purchase of such securities by FGTS funds (Guarantee Fund for Seniority), funds managed by the same CEF. It is, therefore, about giving attention and depth to research that seeks to problematize the relationship between state agents (CEF), public funds (FGTS) and the secondary market in Brazil. (AU)

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