O Estado como investidor institucional: a disciplina jurídica de uma atuação estatal não interventiva na economia

Abstract

In a context of growing social demands, financial investments become one of the alternatives for the State to increase its revenues. State investments, as a matter of fact, already do happen, but not always with the clear and explicit objective of obtaining financially interesting earnings, often due economically inefficient management. Sometimes it is possible to see in government investments some focus on obtaining relevant income, but not under a specific regulation, which can lead to an unqualified or even fraudulent management that may cause serious damage to the exchequer and, in extreme situations, expansion of the government spending. Hence the intent of this thesis is to acknowledge that the State does not always act in the economy with regulatory purposes and that, as an institutional investor i.e., an organization which has the duty of making financial investments in accordance to the best practices in public asset management , it must be framed by clear legal rules, which should allow the State to maximize its revenues within reasonable limits of financial risk exposure and the oversight and control agencies to assess the State efficiency and compliance. It is assumed that the cultural resistance to state financial investments is anachronistic as well as every state means of obtaining revenues is subject to some level of financial risk. Based on well succeeded experiences in Brazil and abroad, it will be possible to conclude, in the end, that it is constitutionally and legally admissible that the State acts as an investor in financial and stock markets and that it is possible to suggest some standards on legal regulation for this issue.