Banca de DEFESA: Davi Ory Pinto Bandeira

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
STUDENT : Davi Ory Pinto Bandeira
DATE: 20/12/2023
TIME: 14:00
LOCAL: AUDITÓRIO MIROSLAV - FACULDADE DE DIREITO - UnB
TITLE:

The State, The Social Function of Property, and the Financialization of the Real Estate Market.

KEY WORDS:

Financialization. 2. State. 3. Real Estate Market. 4. Social Function of Property. 5. Property Rights.

PAGES: 224
BIG AREA: Ciências Sociais Aplicadas
AREA: Direito
SUMMARY:

This study delves into the intricacies of property rights evolution across centuries, focusing on the interplay between the state, market, and property. It traces the role of juridical stability and credit from the formation of national states to their critical influence on property institutionalization, vital for emergent nations amid conflicts. The bourgeois revolutions set the foundations for the liberal state, spurring economic growth post-industrial revolution but also raising barriers to equitable economic benefit distribution, prompting theoretical efforts to redefine state functions. Significant contributions from economics and sociology, bolstered by positivism, Marxism, and functionalism, fueled state reform debates. The New Institutional Economics (NIE) emerged as a theoretical framework, enabling a holistic analysis of these phenomena. The synthesis of these theories led to the welfare state, markedly improving property access, notably in Brazil and the U.S., through state action. However, the rise of neoliberalism and subsequent property financialization reshaped the institutional framework, prioritizing capital returns over the social function of property. The practice of lower interest rates, underpinned by risk mitigation through complex financial instruments, led to drastic consequences, as Minsky's financial instability hypothesis predicted. The 2008 crisis exposed this system's toxicity, with profound, enduring impacts on the global real estate market. In-depth analysis suggests that the global collapse's causes extend beyond individual misconduct to structural financial system flaws, enabling an unprecedented speculative bubble. The crisis underscores the urgent need for property institution reforms from a civil-constitutional perspective that acknowledges property's social function amidst financialization risks. Blackstone's post-crisis actions, benefiting from the crisis, transformed it into a real estate giant, raising concerns about the social impact of such financial strategies. The social function of property now faces the risks of financialization, demanding a balance between market freedom and social rights protection. In Brazil, financialization policies revealed a financial sector tendency to align the real estate market with international standards, overlooking the impact on housing quality and the broader housing crisis. The economic crisis exacerbated capitalism's inherent instability, negatively affecting real estate market dynamics and society. Crisis response must thus incorporate social justice and long-term sustainability, alongside economic efficiency. In conclusion, property financialization poses a challenge to economic and social stability. Achieving constitutional 9 objectives and an effective recovery necessitates critical examination and restructuring of the institutional framework, with robust checks and balances to prevent future collapses. This work highlights property financialization as a factor prolonging sectoral crises, distorting market dynamics, and imposing additional challenges on companies.

COMMITTEE MEMBERS:
Externo à Instituição - Carlos Eduardo Elias de Oliveira - SENADO
Presidente - 2170701 - FREDERICO HENRIQUE VIEGAS DE LIMA
Externo à Instituição - HERCULES ALEXANDRE DA COSTA BENICIO - FESMPDFT
Interno - 1012528 - JOAO COSTA RIBEIRO NETO