Descasamento entre índices de correção monetária utilizados pela indústria de real estate no Brasil um estudo empírico
AUTOR(ES)
José Carlos Wollenweber Filho
DATA DE PUBLICAÇÃO
2006
RESUMO
The relevance of the real estate industry for Brazil is easily grasped if we observe its demand for houses, offices, schools, plants, hospitals and shopping malls. The growth of this sector is of great relevance for the development of the Brazilian economy mainly because of two crucial aspects: it provides dwelling places for the population and is a major source of manpower allocation. However, Brazil s loose economic framework, the inconstancies of housing financing rules, high inflation rates and constant breaches of contract over the various economic shocks resulted in the populations loss of interest and consequent shortage in real estate purchasers access to financing sources. Consequently, the real estate sector in Brazil has undergone a huge slump in demand over the period given the few proper financing sources and has resulted in the consequent poor financial mediation of the sector; in other words, real estate companies are now offering direct financing to real estate purchasers by offering them to pay the sales price in installments. Because of this, the real estate industry is taking a risk which plays no part in the essence of its business; moreover, its has in the great majority of cases neither the methodologies nor the proper financial portfolio management tools to measure whether the return expected for the undertaking offsets the risk taken. This dissertation presents the mismatch between the indexation rates for the funds raised by the companies from the financial or capital market and the financing offered to real estate purchasers by the companies as one of the risks taken by the real estate industry. Finally, the dissertation presents a methodology based on the efficient frontier theory developed by Harry Markowitz for a proper management of the mismatch between such indexation rates, thereby minimizing the potential losses in the real estate companies financial portfolio in Brazil
ASSUNTO(S)
ciencias contabeis bens imoveis real estate industry indexacao (economia) mismatch between indexation rates indústria de real estate correcao monetaria descasamento entre índices de correção monetária
