How fgts would become an efficient defined contribution retirement plan investing in selfies. A solution focused on future real income

Alexandre Vitorino

Resumo


This article proposes changes in the General Fund for Length of Service (FGTS) rules  based on Relative Asset Pricing Model (RAPM) theory, having a New Brazilian Government Bond (NBGB), based on SeLFIES (Standard of Living Indexed, Forward-starting, Income-only Securities), as its main asset.  This proposal results from an inductive research of Brazilian Laws ruled mandatory investments of Defined Contribution (DC) plans in the past.


Palavras-chave


FGTS; New Brazilian Government Bond (NBGB); Brazilian Laws

Texto completo:

PDF (English)

Referências


Benartzi, S., Thaler, R. H.: Heuristics and Biases in Retirement Savings Behavior. Journal of Economic Perspectives, 21(3), 81-104, 2007. Available at: . https://pubs.aeaweb.org/doi/pdf/10.1257/jep.21.3.81. October 30th, 2019.

Brasil: Senado Federal. Ata da reunião do terceiro Conselho de Estado, de 17 de julho de 1883 (1883). Available at: https://www.senado.leg.br/publicacoes/anais/pdf/ACE/ATAS11-Terceiro_Conselho_de_Estado_1880-1884.pdf. July 30th, 2019.

Brasil: Banco Central (BACEN): Série Cidadania Financeira, Estudo sobre Educação, Proteção e Inclusão, n. 5 – Competência em educação financeira: descrição de resultados da pesquisa da Rede Internacional de Educação Financeira adaptada e aplicada no Brasil. (2017a). . Available at: https://www.bcb.gov.br/content/cidadaniafinanceira/Documents/publicacoes/serie_cidadania/serie_cidadania_financeira_pesquisa_infe_br_%200443_2017.pdf. October 20th, 2019.

Brasil: Receita Federal do Brasil – Grandes Números IRPF – Ano Calendário 2016, Exercício 2017. Dezembro (2017b). Available at: http://receita.economia.gov.br/dados/receitadata/estudos-e-tributarios-e-aduaneiros/estudos-e-estatisticas/11-08-2014-grandes-numeros-dirpf/estudo-gn-irpf-ac-2016.pdf. October 20th, 2019.

Brasil: Instituto Brasileiro de Geografia e Estatística (IBGE) - Projeções da população por sexo e idade para o Brasil - grandes regiões e unidades (2018). Available at: https://www.ibge.gov.br/estatisticas/sociais/populacao.html, July 30th, 2019.

Brasil: Ministério da Economia: Nova Previdência – Comissão Especial (2019a). Available at: http://sa.previdencia.gov.br/site/2019/05/apresentacao_alterada-1.pdf. October 27, 2019.

Brasil: Ministério da Economia - Tesouro Nacional. Relatório Mensal da Dívida – Agosto de 2019. (2019b). Available at: http://www.tesouro.fazenda.gov.br/relatorio-mensal-da-divida. October 5th, 2019.

Friedman, M: The biggest Ponzi Scheme on Earth. Hoover Digest, (2), (1999). Available at: https://www.hoover.org/research/biggest-ponzi-scheme-earth. July 30th, 2019.

Giambiagi, F. e Sidone, O. J. G.: A reforma da previdência e o teto do Regime Geral de Previdência Social, BNDES, Textos para discussão, n. 121, p. 9-25, (2018). Available at: https://web.bndes.gov.br/bib/jspui/handle/1408/14294. October 27th, 2019.

Kobor, A., Muralidhar, A.: How a new bond can greatly improvement retirement security. The Management Journal, Investment and Wealth Institute, (2018). Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3148747. October 3, 2019.

Martellini, L., Merton, R. C.; Muralidhar, A.: Pour la création “d’obligations retraite”, Jornal Le Monde, on 7th of April 2018, (2018). Available at: https://www.lemonde.fr/idees/article/2018/04/06/pour-la-creation-d-obligations-retraite_5281686_3232.html. October 12, 2019.

Merton, R. C.: The Crisis in Retirement Planning. Harvard Business Review, July-August 2014 issue, 1401-1407, (2014). Available at: https://hbr.org/2014/07/the-crisis-in-retirement-planning. July 30, 2019.

Merton R. C., Muralidhar, A. e Vitorino, A.: SeLFIES pode ajudar país renovar previdência complementar. Jornal Valor Ecônomico. Brasil (2020). 24th of January of 2020. Available at: https://valor.globo.com/financas/coluna/selfies-pode-ajudar-pais-renovar-previdencia-complementar.ghtml. 24th, of January 2020.

Muralidhar A., Ohashi K., Shin S.: The Most Basic Missing Instrument in Financial Markets: The Case for ForwardStarting Bonds 2016. The Most Basic Missing Instrument in Financial Markets: The Case for Forward Starting Bonds. Journal of Investment Consulting 16, no. 2: 34–47, (2106). Available at: https://poseidon01.ssrn.com/delivery.php?ID=859095117066064125106122116118098112023069025084090022029080123123074075073026075085045043007017025043026070104121071070026015046002027035000096011124001095126115097068050008064111006002087002102007124098087092119115095114015086069108112082013082125120&EXT=pdf. November 20th, 2019.

Oliveira, J. A. A., Teixeira, S. M. F.: (Im)previdência social: 60 anos de história da previdência no Brasil. (2nd ed.). Petrópolis, Brasil: Ed. Vozes, (1989). Available at: http://cebes.org.br/site/wp-content/uploads/2013/10/Im-previdencia-social-60-anos-hist%C3%B3ria.pdf. October 10th, 2019.

Soto, M.. Pension Shock. International Monetary Fund - Finance & Developement. 54 (2), (2017). Available at: https://www.imf.org/external/pubs/ft/fandd/2017/06/soto.htm. October 27th, 2019.

Stiglitz, J. E. and Yun, J. Integration of unemployment insurance with retirement insurance. Journal of Public Economics, n. 89, p. 2037-2067. (2008).

Available at: https://www.researchgate.net/publication/222539011_Integration_of_Unemployment_Insurance_with_Retirement_Insurance. January 12th, 2020.

TEIXEIRA, Ib: Como Brasília arruinou a previdência social. Revista Conjuntura Econômica, Rio de Janeiro, v. 51, n. 3, p. 43-45, mar. 1997. Available at: http://bibliotecadigital.fgv.br/ojs/index.php/rce/article/view/37536. October 3rd, 2019.

Thaler, R. H.: Nobel Prize Lecture, From cashews to Nudges: The Evolution of Behavioral Economics. American Economic Review, 108(6), 1265-1287, 2018 . Available at: https://pubs.aeaweb.org/doi/pdf/10.1257/aer.108.6.1265, October 30th, 2019.

Thaler, R. and Sunstein, C.. (2003). Libertarian Paternalism. American Economic Review. 93. 175-179. Available at: https://www.researchgate.net/publication/4719322_Libertarian_Paternalism. July 30th 2019.

Vise, David A. (2004). “A Card to Borrow Your Future: Can Access to Credit Encourage Savings?” Washington Post. October 24th. Available at: http://www.washingtonpost.com/wpdyn/articles/A56183-2004Oct23.html. February 14th, 2020.

Weintraub, A. B. V., Lorenzoni, O. and Ludovico, G.: Poupança Individual de Aposentadoria – PIÁ. Revista Brasileira de Previdência da UNIFESP, 2017. Available at: http://www.revistabrasileiradeprevidencia.org/revista/edicoes-anteriores/vol-6-novembro-de-2017/poupanca-individual-de-aposentadoria-pia/. July 30th, 2019.




DOI: http://dx.doi.org/10.21902/rbp.v11i1.4436

Apontamentos

  • Não há apontamentos.


Bookmark and Share


Licença Creative Commons
Este obra está licenciado com uma Licença Creative Commons Atribuição-NãoComercial-CompartilhaIgual 4.0 Internacional.

Rev. Bras. Prev, Curitiba, Paraná, Brasil. eISSN: 2317-0158

Licença Creative Commons
Este obra está licenciado com uma Licença Creative Commons Atribuição-NãoComercial-CompartilhaIgual 4.0 Internacional.