Fundos Soberanos de Riqueza: Pré-sal, o Fundo Social Brasileiro e as Boas Práticas do GAPP (Sovereign Wealth Fund: Pré-sal, the Brazilian Social Fund, the Good Practices of the GAPP)

Proceeding of the XIX Conference of CONPEDI (National Council of Research and Post-graduation in Law), 2010

18 Pages Posted: 10 Oct 2017

See all articles by Lucila de Almeida

Lucila de Almeida

European University Institute - Florence School of Regulation; University of Helsinki, Faculty of Law

Date Written: October 1, 2010

Abstract

Portuguese Abstract: A descoberta de vastas reservas de petróleo na plataforma continental brasileira, denominada pré-sal, elevará o país a um novo patamar no mercado energético mundial, tornando-o um dos maiores produtores e exportadores desta commodity. Muito embora a exploração de um abundante recurso natural impulsione fortemente o crescimento econômico do país, não se faz a mesma relação causal com o desenvolvimento, evidência ressaltada nas teorias que atentam sobre a maldição do petróleo. Para evitar os possíveis efeitos negativos, os Fundos Soberanos de Riqueza (FSRs) aparecem como a alternativa jurídico-institucional mais adotada por países produtores e exportadores, o que ensejou na edição do Generally Accepted Principles and Practice (GAPP) para regular as boas práticas destes institutos. O Brasil, não diferentemente, propôs a criação do Fundo Social, um FSR que gerirá as receitas públicas advindas das atividades petrolíferas. Nada obstante a opção institucional, a eficácia do Fundo Social depende do arranjo jurídico proposto, o qual deve condizer com as finalidades pretendidas. Neste contexto, o presente artigo pretende elucidar o conceito e as práticas dos FSRs, como também compará-las com o arranjo legal do Fundo Social.

English Abstract: The discovery of vast oil reserves on the Brazilian continental offshore called the 'pre-sal', will raise the country to a new level in the world energy market, making it one of the largest producers and exporters of this commodity. Although the exploitation of an abundant natural resource actively boosts the economic growth of the country, the causal relationship with development is not evident. Theories shed light on the risks of the adverse effects known as Dutch disease. To avoid the possible adverse effects, the Sovereign Wealth Funds (SWFs) appear as the legal-institutional alternative most adopted by oil producers and exporters countries. The increase in number and financial capacity of the SWF motivates the publication of the Generally Accepted Principles and Practice (GAPP), which provides guidelines on what should be a good governance for SWFs. The Brazilian Congress, in line with the oil exporters countries, has proposed the creation of the Brazilian Social Fund, an SWF that will manage the public revenues originate from the oil exploration and production. Notwithstanding the varieties of institutional options, the effectiveness of the SWF depends on the most suitable governance, which should be consistent with the intended purposes. In this context, this article compares the public-private governance proposed in the Bill for establishing the Brazilian SWF with the Good Practices of the GAPP.

Note: Downloadable document is available in Portuguese.

Suggested Citation

de Almeida, Lucila, Fundos Soberanos de Riqueza: Pré-sal, o Fundo Social Brasileiro e as Boas Práticas do GAPP (Sovereign Wealth Fund: Pré-sal, the Brazilian Social Fund, the Good Practices of the GAPP) (October 1, 2010). Proceeding of the XIX Conference of CONPEDI (National Council of Research and Post-graduation in Law), 2010. Available at SSRN: https://ssrn.com/abstract=3049218

Lucila De Almeida (Contact Author)

European University Institute - Florence School of Regulation ( email )

Via Boccaccio 121
Firenze, 50133
Italy

University of Helsinki, Faculty of Law ( email )

Yliopistonkatu 4
Helsinki, FIN-00014
Finland

HOME PAGE: http://bit.ly/2HthPlD

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