Fundos de pensão no Brasil: uma alternativa para o financiamento do desenvolvimento econômico?

Abstract

This thesis aims to analyze the performance of national pension funds, seeking to understand their variations over the different governments, with emphasis on the Bank of Brazil Employees’ Pension Fund (Caixa de Previdência dos Funcionários do Banco do Brasil - Previ), the largest pension fund in the country. In addition, it intends to demonstrate the existence of a variety of pension funds, emphasizing that the performance of the funds is conditioned to the current regulatory frameworks, the national financial system and the political-ideological position of the political coalition that commands the federal executive. Therefore, this study will be based on the literature of political economy, welfare state regimes, institutional change and varieties of capitalism, as well as on official documents issued by the National Superintendence of Complementary Pensions (Superintendência Nacional de Previdência Complementar - Previc) and Bank of Brazil Employees’ Pension Fund. The hypotheses to be highlighted are: (1) that the investment policy of the funds has been guided by a strong political-ideological content, which changes according to the political coalition assumed by the federal executive; and (2) that pension funds can act as auxiliary financiers of the national development process.