Abstract
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 estate-backed 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.
housing finance; real estate-backed securities; FGTS; financialization
Fonte: Elaboração própria. Sistema Gerenciador de Séries Temporais do Banco Central do Brasil.
Fonte: Banco Central do Brasil. Elaboração própria.
Fonte: Agente Operador do FGTS. Valores atualizados para 2014 pelo IPCA. Elaboração própria.