Financial Economics and productive economy: the finance of automobile industry

Author(s)

Roberto Alexandre Zanchetta Borghi

• Document type: Master's Dissertation
• Press: Campinas, SP.
• Institution: Universidade Estadual de Campinas (UNICAMP). Instituto de Economia
• Defense date: 2011-02-28

Examining board members

Fernando Sarti; Edgard Antonio Pereira; Marcos Antonio Macedo Cintra

• Advisor: Fernando Sarti

Abstract

Productive and financial changes observed in the economic system since the 1970s and 1980s point to an increasing role of finance in the corporations' logic. In this context, the thesis aims to characterize the finance pattern of automobile industry, from production, investment (including innovation) and commercialization perspectives. The theoretical approach is based on Keynes', Minsky's, Kalecki's and Schumpeter's contributions. Financial structures of important carmakers during the 2000s are analyzed using their financial reports. Similarities and differences between American, European and Asian groups are stressed. Both behaviors of their financial arms, directly related to sales and to companies' performance, and of suppliers in assembly lines are expressed. It is also emphasized the importance of credit to the sectoral dynamics, made explicit during the recent economic crisis by the decrease in auto sales and the aggravation of a previous situation of American carmakers' financial fragility (AU)

• FAPESP's process: 09/03474-8 - Financial and productive economies: the finance pattern of automobile industry
• Grantee: Roberto Alexandre Zanchetta Borghi
• Support Opportunities: Scholarships in Brazil - Master