Scholarship 23/12730-5 - Geografia econômica, Financeirização - BV FAPESP
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State, finance, and property: the reconfiguration of archaic rent-seeking with modern facades in Brazil

Grant number: 23/12730-5
Support Opportunities:Scholarships in Brazil - Post-Doctoral
Start date until: August 01, 2024
End date until: July 31, 2026
Field of knowledge:Humanities - Geography - Human Geography
Principal Investigator:Jeroen Johannes Klink
Grantee:Bruno Leonardo Barcella Silva
Host Institution: Centro de Engenharia, Modelagem e Ciências Sociais Aplicadas (CECS). Universidade Federal do ABC (UFABC). Ministério da Educação (Brasil). Santo André , SP, Brazil

Abstract

The present research project aims to investigate the fundamental connections that are becoming increasingly profound between the process of financialization and financial rent linked to the built environment in Brazil. The relationship between financialization and income is placed at the heart of the debate. We seek to construct an analytical elaboration that offers a comprehensive approach to the relational trajectories between the State and finance, property, and financial rent. The investigations will be conducted through the analysis of two financial instruments that find their profitability basis in property: real estate securitization, which in Brazil is performed through Real Estate Receivables Certificates (CRIs), and Real Estate Investment Funds (REITs), specifically "Paper REITs" that invest in financial securities linked to real estate. The analysis aims to advance beyond viewing securitization solely as a means of credit expansion and real estate production, interpreting it as a "tool" that seeks to fuel the reproduction of a historically consolidated rent-seeking circuit in Brazil, where property has always been its "locus" of profitability. For the construction of this analysis, the present project proposes investigation through three fundamental dimensions: a first dimension that seeks to diagnose the role played by the State, considered a key element in this process, particularly as the agent creating the regulatory framework that conditions, directs, and refines the foundations for its occurrence. A second dimension concerns the CRIs market itself - the volumes, the involved agents, the captured properties, and the intrinsic mechanisms. For this purpose, the investigation will be based on the analysis of issuances that took place in the market between 2016 and 2023. The third and final dimension relates to the investigation of "Paper REITs," which, starting from CMN Resolution 4,661/2018, included such securities in their portfolios. Here, the analysis focuses on the involved agents, the identification of strategies, and the portfolios of securities comprising their holdings. It is thus within the interaction of these three dimensions that we can find the guiding threads to understand how the "modern gears" of a historically consolidated rent-seeking circuit in Brazil are being constructed, now under the influence of finance. (AU)

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