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The purpose of this study is to examine the impact of COVID-19 on the Latin America and the Caribbean (LAC) region and to discuss imperative engines for potential regional recovery.

This study conceptually discusses the effects of COVID-19 on the LAC region and highlights potential areas for recovery.

The LAC region have a history of facing structural development challenges – due to digital inequality, environmental degradation, erosion of democracy and financial debt – which have led to a profound discontent among people in the LAC region and this dissatisfaction has been intensified by the crises stemming from the COVID-19 pandemic. LAC region can increase its resilience and recover its path to sustainable development by consolidating impact-based regional value chains, attracting sustainability-themed foreign direct investment and nurturing structural development to facilitate LAC companies to expand into international markets (“multilatinas”).

There are some preliminary studies on the economic and social impact of COVID-19 on the LAC region, however, the strategies that emerging and developing economies might pursue to promptly recover are still a matter of discussion. The uncertainty and heterogeneity of the developing and emerging economies and the multidimensional needed actions require local adaptations and adjustments.

The LAC COVID-19 crisis recovery requires shared responsibility, global solidarity, urgent and immediate cooperation and structural transformations to enable deeper regional integration. This integration should focus on impact-based value chains to be resiliently adaptable to changing global realities and arduous local contexts. This paper provides integrative avenues for potential regional recovery within the region.

el propósito de este manuscrito es examinar el impacto de COVID-19 en la región de Latinoamérica y el Caribe (LAC) y discutir los motores imperativos para una posible recuperación regional.

Este estudio analiza conceptualmente los efectos del COVID-19 en la región de LAC y destaca áreas potenciales de recuperación.

la región de LAC tiene un historial de enfrentar desafíos de desarrollo estructural debido a la desigualdad digital, la degradación ambiental, la erosión de la democracia y la deuda financiera, que han llevado a un profundo descontento entre las personas de LAC, y esta insatisfacción se ha visto intensificada por las crisis derivadas de la pandemia de COVID-19. La región de LAC puede aumentar su resiliencia y recuperar su camino hacia el desarrollo sostenible mediante la consolidación de más cortas cadenas de valor regionales basadas en el impacto, la atracción de Inversión Extranjera Directa (IED) con temas de sostenibilidad y el fomento del desarrollo estructural para facilitar la expansión de las empresas de LAC en los mercados internacionales (“multilatinas”).

la recuperación de la crisis del COVID-19 en LAC requiere de responsabilidad compartida, solidaridad global, cooperación urgente e inmediata y transformaciones estructurales que permitan una integración regional más profunda. Esta integración debe centrarse en las más cortas cadenas de valor basadas en el impacto para que se adapten con resiliencia a las cambiantes realidades globales y los arduos contextos locales. Este manuscrito proporciona vías integradoras para una posible recuperación regional dentro de la región.

Existen algunos estudios preliminares sobre el impacto económico y social del COVID-19 en la región de LAC, sin embargo, las estrategias que las economías emergentes y en desarrollo podrían seguir para recuperarse rápidamente son aún un tema de discusión. La incertidumbre y heterogeneidad de las economías en desarrollo y emergentes y las acciones multidimensionales necesarias requieren adaptaciones y ajustes locales.

o objetivo deste manuscrito é examinar o impacto do COVID-19 na região da América Latina e do Caribe e discutir mecanismos imperativos para uma potencial recuperação regional.

este estudo discute conceitualmente os efeitos do COVID-19 na região da América Latina e do Caribe e destaca áreas potenciais para recuperação.

a região da América Latina e do Caribe (LAC) tem um histórico de desafios estruturais de desenvolvimento – devido à desigualdade digital, degradação ambiental, erosão da democracia e dívida financeira – que levaram a um profundo descontentamento entre as pessoas na região da LAC, e essa insatisfação foi intensificada pelas crises decorrentes da pandemia COVID-19. A região da LAC pode aumentar sua resiliência e recuperar seu caminho para o desenvolvimento sustentável consolidando cadeias de valor regionais com impacto econômico e social, atraindo Investimento Estrangeiro Direto (IED) com foco em sustentabilidade e fomentando o desenvolvimento estrutural para facilitar a expansão das empresas da LAC para mercados internacionais (“multilatinas”)

a recuperação da crise LAC COVID-19 requer responsabilidade compartilhada, solidariedade global, cooperação urgente e imediata e transformações estruturais para permitir uma integração regional mais profunda. Essa integração deve se concentrar em cadeias de valor baseadas em impacto para serem resilientemente adaptáveis às mudanças nas realidades globais e nos contextos locais árduos. Este manuscrito oferece caminhos integrativos para uma potencial recuperação regional.

existem alguns estudos preliminares sobre o impacto econômico e social do COVID-19 na região da LAC; no entanto, as estratégias que as economias emergentes e em desenvolvimento podem seguir para se recuperar prontamente ainda estão em discussão. A incerteza e a heterogeneidade das economias em desenvolvimento e emergentes, assim como as ações multidimensionais necessárias requerem adaptações e ajustes locais.

The purpose of this study is to examine the determinants of the level of indebtedness in the health sector in Portugal, taking into account the effects of the COVID-19 pandemic. At the same time, an attempt is made to understand whether the effect of a pandemic crisis is similar to that of a financial crisis.

To achieve this aim, two subperiods were analyzed: a global period between 2011 and 2020 that includes the pandemic crisis and the period between 2011 and 2014, designated as the financial assistance period by the “Troika” in Portugal. For a sample of 514 companies belonging to the NACE code: 86100 – activities of the health sector with hospitalization, the panel data methodology was applied, specifically, the generalized method of moments system proposed by Arellano and Bover (1995) and Blundell and Bond (1998).

The results of the study are in line with the Pecking-order explanatory theory, demonstrating that companies in this sector follow a financing hierarchy, preferentially resorting to internally generated funds and external debt. Additionally, the results reveal that the capital structure of companies has changed due to the COVID-19 pandemic. As for the period of financial assistance, there are no major differences in evidence when the total debt ratio is considered. The results suggest different impacts when it comes to a bear market period caused by a health crisis or a period of growing economic slowdowns.

As far as we know, this is the first study that analyses the debt levels in the context of the health sector in a country with a financial system based on the bank sector, using short- and long-term debt ratios, taking into account the particularities of two different moments considered to be bear market that may eventually be useful for comparison with other bear market moments in other macroeconomic environments.

El objetivo principal de este estudio es examinar los determinantes del nivel de endeudamiento en el sector de la salud en Portugal, teniendo en cuenta los efectos de la pandemia de COVID-19. Al mismo tiempo, se intenta comprender si el efecto de una crisis pandémica es similar al de una crisis financiera.

Para lograr este objetivo, se analizaron dos subperíodos: un período global entre 2011 y 2020 que incluye la crisis pandémica y el período entre 2011 y 2014, designado como el período de asistencia financiera por la “Troika” en Portugal. Para una muestra de 514 empresas pertenecientes al código NACE: 86100 – actividades del sector de la salud con hospitalización, se aplicó la metodología de datos de panel, específicamente, el método generalizado de momentos (GMM)-sistema propuesto por Arellano y Bover (1995) y Blundell y Bond (1998).

Los resultados del estudio están en línea con la teoría explicativa del “Pecking-order”, demostrando que las empresas en este sector siguen una jerarquía de financiamiento, recurriendo preferentemente a fondos generados internamente y deuda externa. Además, los resultados revelan que la estructura de capital de las empresas ha cambiado debido a la pandemia de COVID-19. En cuanto al período de asistencia financiera, no hay diferencias significativas en la evidencia cuando se considera la proporción total de deuda. Los resultados sugieren impactos diferentes cuando se trata de un período de mercado bajista causado por una crisis de salud o un período de crecimiento económico más lento.

Hasta donde sabemos, este es el primer estudio que analiza los niveles de deuda en el contexto del sector de la salud en un país con un sistema financiero basado en el sector bancario, utilizando ratios de deuda a corto y largo plazo, teniendo en cuenta las particularidades de dos momentos diferentes considerados como momentos de mercado bajista que eventualmente pueden ser útiles para comparar con otros momentos de mercado bajista en otros entornos macroeconómicos.

O principal objetivo deste estudo é examinar os determinantes do nível de endividamento no setor de saúde em Portugal, levando em consideração os efeitos da pandemia de COVID-19. Ao mesmo tempo, tenta-se compreender se o efeito de uma crise pandêmica é semelhante ao de uma crise financeira.

Para atingir esse objetivo, foram analisados dois subperíodos: um período global entre 2011 e 2020, que inclui a crise pandêmica, e o período entre 2011 e 2014, designado como o período de assistência financeira pela “Troika” em Portugal. Para uma amostra de 514 empresas pertencentes ao código NACE: 86100 – atividades do setor de saúde com hospitalização, foi aplicada a metodologia de dados em painel, especificamente o método generalizado de momentos (GMM)-sistema proposto por Arellano e Bover (1995) e Blundell e Bond (1998).

Os resultados do estudo estão de acordo com a teoria explicativa da ordem de preferência (“Pecking-order”), demonstrando que as empresas neste setor seguem uma hierarquia de financiamento, recorrendo preferencialmente a fundos gerados internamente e dívida externa. Além disso, os resultados revelam que a estrutura de capital das empresas mudou devido à pandemia de COVID-19. No que diz respeito ao período de assistência financeira, não há diferenças significativas na evidência quando se considera a proporção total de dívida. Os resultados sugerem impactos diferentes quando se trata de um período de mercado em baixa causado por uma crise de saúde ou um período de desaceleração econômica.

Até onde sabemos, este é o primeiro estudo que analisa os níveis de dívida no contexto do setor de saúde em um país com um sistema financeiro baseado no setor bancário, utilizando índices de dívida de curto e longo prazo, levando em consideração as particularidades de dois momentos diferentes considerados como momentos de mercado em baixa que eventualmente podem ser úteis para comparação com outros momentos de mercado em baixa em outros ambientes macroeconômicos.

As high-tech industries are the main responsible for research and development (R&D), the purpose of this paper is to investigate some of the possible determinants of R&D investment in this type of industry.

The analysis is based on a sample of European high-tech industries represented both by countries of civil law origin and common law origin. The authors used data from 155 high-tech firms in the period between 2011 and 2016. The sample was collected from Amadeus database. The panel data methodology was used to test the dependence of R&D expenses ratio according to different variables. Specifically, the authors have used the generalized method of moments (GMM) estimation method.

The results point out that there are differences in the explanation of the R&D ratio depending on whether the authors are dealing with countries of civil legal origin or common legal origin. The evidence also suggests that the intangible assets, contrary to the expect result, have a negative influence on R&D. Probably in this recovery time, as de global financial crisis and the sovereign debt crisis for Eurozone countries, the high-tech firms are using their intangible assets to create value and not for more investments in R&D. Companies are not renewing their asset stocks.

As high-tech companies are traditionally rich in R&D, this research can contribute with additional pieces to the knowledge of the factors that contribute to this. Thereby, this study may be interesting for managers, investors and civil society. This study adds value as it is unique in addressing this topic on this new dimension, with respect to the sample and indicators presented.

Como las industrias de alta tecnología son las principales responsables por la I + D, proponemos investigar algunos de los posibles determinantes de la inversión en I + D en este tipo de industria.

Nuestro análisis se basa en una muestra de indústrias europeas de alta tecnología representadas tanto por países de origen civil como por derecho consuetudinario. Utilizamos datos de 155 empresas de alta tecnología en el período comprendido entre 2011 y 2016. Nuestra muestra se recopiló de la base de datos Amadeus. La metodología Panel Data se utilizó para evaluar la dependencia del índice de gastos de I + D de acuerdo con diferentes variables. Específicamente, hemos utilizado el método de estimación del Método Generalizado de Momentos (GMM).

Nuestros resultados señalan que existen diferencias en la explicación de la relación de I + D dependiendo de si estamos tratando con países de origen legal civil u origen legal común. Nuestra evidencia también sugiere que los activos intangibles, al contrario del resultado esperado, tienen una influencia negativa en la I + D. Probablemente en este tiempo de recuperación económica, desde la crisis financiera mundial y la crisis de la deuda soberana para los países de la zona euro, las empresas de alta tecnología están utilizando sus activos intangibles para crear valor y no para más inversiones en I + D. Las empresas no renuevan sus activos.

Dado que las empresas de alta tecnología son tradicionalmente ricas en I + D, esta investigación puede contribuir con piezas adicionales al conocimiento de los factores que contribuyen a esto. Por lo tanto, este artículo puede ser interesante para gerentes, inversores y la sociedad civil. Este artículo agrega valor, ya que es único al abordar este tema en esta nueva dimensión, con respecto a la muestra y los indicadores presentados.

Como as indústrias de alta tecnologia são as principais responsáveis pela investigação e desenvolvimento, neste trabalho propomos investigar alguns dos possíveis determinantes da I&D nesse tipo de indústria.

A Nossa análise é baseada em uma amostra de indústrias europeias de alta tecnologia representadas por países de origem do direito civil e de direito comum. Foram utilizados dados de 155 empresas de alta tecnologia no período compreendido entre 2011 e 2016. Os dados foram recolhidos da base de dados Amadeus. Foi usada a metodologia de Dados em Painel para testar a dependência entre as despesas de I&D e as diferentes variáveis explicativas. Especificamente, usamos o método de estimação Método generalizado de momentos (GMM).

Os nossos resultados apontam que existem diferenças na explicação do índice de I&D, dependendo de estarmos lidando com países de origem legal civil ou de origem legal comum. As evidências também sugerem que os ativos intangíveis, ao contrário do resultado esperado, influenciam negativamente a I&D. Provavelmente neste período de recuperação económica, desde a crise financeira global e a crise da dívida soberana dos países da zona do euro, as empresas de alta tecnologia estão a usar os seus ativos intangíveis para criar valor e não para mais investimentos em I&D. As empresas não estão a renovar os seus ativos.

Como as empresas de alta tecnologia são tradicionalmente ricas em I&D, este trabalho pode contribuir com peças adicionais para o conhecimento dos fatores que contribuem para esse facto. Assim, este artigo pode ser interessante para gestores, investidores e sociedade civil. Trata-se de uma investigação que agrega valor, pois é único ao abordar este tópico nesta nova dimensão, com relação à amostra e às variáveis apresentadas.

Using a fiscal sentiment indicator, this study aims to verify whether fiscal sentiment affects the yield curve in Brazil. Since policymakers highlight the coordination between monetary and fiscal policies and the importance of fiscal policy to the expectations formation process in inflation targeting regimes, the authors also explore the transmission mechanism through inflation expectations. Hence, the study also analyzes the effect of fiscal sentiment on interest rate swap spreads through the inflation expectations channel.

Based on information obtained from official communiqués about fiscal policies issued by the Central Bank of Brazil and the Brazilian Ministry of Finance, the study builds a fiscal sentiment indicator. The econometric strategy to verify whether fiscal sentiment is related to the short tail of the yield curve is based on time series analysis through ordinary least squares and generalized method of moments estimates. In turn, to estimate the transmission mechanism through inflation expectations, the model uses interaction terms between fiscal sentiment and inflation expectations.

The results suggest a more optimistic (pessimistic) fiscal sentiment reduces (increases) swap spreads. The findings reveal that improvements in fiscal credibility and a more optimistic fiscal sentiment are able to reduce the positive marginal effect that inflation expectations variations have on interest rate swap spreads.

This study contributes to the literature, as, to the best of authors’ knowledge, it is the first to analyze the content of the communiqués related to fiscal policy, and based on this content, it extracts the sentiment related to the fiscal environment and analyzes the effect of this sentiment on the yield curve. Besides, different from existing studies that analyze the effect of fiscal backward-looking aspects (such as public debt, budget balance, taxes and public spending) on the yield curve, this study investigates forward-looking aspects related to fiscal policy (such as fiscal credibility and fiscal sentiment).

This paper aims to investigate the existing relations between the management of public bonds on the dynamics of debt, term structure of interest rates and economic cycle, through a dynamic stochastic general equilibrium model (DSGE), which was estimated through Bayesian inference techniques using data from Brazil.

The model developed was used to investigate the effects of the public debt average maturity management when the economy faces a monetary policy shock. For this, three management scenarios are evaluated, including Brazilian securities average term.

Contrary to what might be inferred from DSGE models that limited the analysis of the debt term by imposing only one-period bonds, a contractionary monetary policy shock does not necessarily cause public debt to increase significantly. Debt term structure plays a crucial role in this result since the government does not need to roll the debt over at higher costs when the debt term profile is longer, reducing the debt service costs and then the impact on the overall debt.

Despite the relevance of this theme and its implications for the dynamics of the economy, there is still a gap to be filled in the literature when using DSGE models, since most part of the work that used this methodology limited the analysis of the debt term by imposing that government issues only one-period bonds. This paper differs from the others insofar as it promotes an investigation focused on the role played by debt maturity management on the performance of the contractionary monetary policy. This approach can generate a better understanding of debt management policy and its interaction with fiscal and monetary policies.

The purpose of this paper is to explore the impact of consumer spending self-control (CSSC), personal saving orientation (PSO), materialism, financial knowledge (FK) and time perspective (TP) on Brazilian consumers’ perceived financial well-being.

A conceptual framework is provided to support the research hypotheses. A survey with 1,027 respondents allowed the research hypotheses to be tested by means of regression-based models.

The findings show that the two dimensions of financial well-being – current money management stress and future financial security – are predicted by CSSC, materialism and TP; PSO also predicts future financial security. TP moderates the effect of materialism on current money management stress, and CSSC mediates this relationship.

The role of FK in predicting financial well-being is weakened in the presence of the psychological variables investigated, which has important implications for financial education efforts. The use of survey data alone limits the research findings, as the advocated causal relationships are based solely on theory; gathering experimental data to further support the findings is a possibility for future research.

Banks and other financial institutions can create tools to stimulate control of their customers’ day-to-day spending and try to show assertive projections to evidence the impact of their present actions on their financial future, enhancing personal awareness and promoting overall well-being.

The authors advance knowledge on the antecedents of financial well-being and offer two explanations involving moderating and mediating relationships that enhance the understanding of the individual differences that shape current money management stress.

The purpose of the present research is first to assess the financial education’s effectiveness, examining how a specific communication regarding the use of money could help new consumers from low-income families avoid insolvency. The second is to analyse the impact of this corporate social responsibility (CSR) activity on a Brazilian bank’s image.

The research used a qualitative methodology based on in-depth interviews using three advertising films, which served as an enhanced element to prompt students to evaluate the discourse of sensible use of money and credit and the bank’s image.

The results showed that the students are very receptive to the ideas shown by the bank advertising films. Nevertheless, the interviewees showed a certain degree of suspicion toward the initiative and intentions of the bank. The perceived corporate image was clearly ambiguous, with the financial institution showing its advertising film about the careful use of money in complete contrast to actual bank branch practices in which employees offer and encourage young students from low-income families to get loans and credit cards. The bank became more socially responsible merely to cut costs and as a consequence did not improve its image.

For CSR in banks to be real and have a positive impact on society, the authors suggest that the bank enter into a cooperation or sponsorship agreement with the federal government or any public sector institution or non-governmental organizations. The form, the arguments and the language of the bank’s financial education campaign examined in this article seemed to be capable of serving social purposes or benefiting society.

Educating consumers in the conscious use of money reduces delinquency rates and increases banks’ profits while, at the same time, benefiting society economically. The bank’s positive experience in terms of financial education could help the Brazilian government and other institutions with the same purpose. The advertising campaign provides some insights for the Brazilian government financial education program to which it has given high priority (BCB, 2015).

The article expands studies on CSR in developing countries and of attitudes toward it in the emerging middle class, two issues that have received scant attention. The study reinforces Carroll and Shabana’s view (2010) that companies are becoming more socially responsible merely to cut costs and Porter and Kramer’s call that to be really strategic the action must not appear to be mitigating the very harm it has caused.

Financial literacy has been recognized as a key competency. However, there are some gaps such as the relationship with other behavioral factors. Thus, this paper aims to develop a model that would be able to identify the integrate effect of financial literacy on the behavioral factors: materialism, compulsive buying and propensity to indebtedness.

The study investigated 2,487 individuals in Brazil. For an analysis, the authors used confirmatory factorial analysis and structural equations modeling and six research hypotheses.

The main findings showed that the impact of financial literacy on compulsive buying behavior was the greatest of the direct relationships proposed, as well as the total effects of financial literacy on behavioral aspects.

The outcomes of this study are important for the development of public policies and to other interested agents, as financial literacy goes beyond the fact that it impacts on the individuals’ financial health only and also helps those who suffer from other psychosocial behaviors.

This study is unique and innovative, to the extent that it measures the actual direct and indirect impact of financial literacy on other behavioral factors, which have been so far analyzed in separate. It concluded that financial literacy has much more significant impacts than other academic studies have shown, because under the academic point of view, the central focus up to now has been identifying only its impact on other behaviors.

This paper aims to examine the origins and trajectory of the Brazilian corporate social responsibility (CSR) movement in relation to political economic developments in Brazil during and prior to the 2000s.

This paper relies on a historical political account that traces the evolution of the main actors in the CSR movement since the democratization period, details the contacts established with relevant political and civil society groups and outlines the adaptation of their agenda to the changing context.

The long association between a faction of Brazilian business and the Workers’ Party (PT) and the overlapping state – society relations characteristic of the Brazilian political economy explain the domestic and international standing of the Brazilian CSR movement, in particular since 2003 when Lula da Silva came to power.

The trajectory of Brazilian CSR and participation in related global initiatives cannot be explained through market-based or isomorphic approaches traditionally used to analyze the diffusion of governance mechanisms in the Global South. Rather, it highlights the relevance of local political structures in shaping involvement in global governance initiatives.

In the context of Portugal, this study examines the stereotypes of accountants held by laypeople and how they are influenced by financial crises and accounting scandals.

To better understand the social images of accountants, the authors adopt a structural approach based on the big five model (BFM) of personality. The authors test this approach on a Portuguese community sample (N = 727) using a questionnaire survey. The results are analyzed considering the socioanalytic theory.

The results suggest the existence of a stereotype dominated by features of conscientiousness, which is related to the superior performance of work tasks across job types. This feature comprises the core characteristics of the traditional accountant stereotype, which survives in a context challenged by financial scandals and crises. The findings highlight the social acceptance of accountants as an occupational group but do not suggest the possibility of accountants benefiting from the highest levels of social status when considered in relation to the traditional accountant stereotype.

By combining the BFM and the socioanalytic theory, this study provides a unique theoretical approach to better understand the social images of accountants. The findings demonstrate the suitability of using the BFM to study the social perceptions of accountants. They also indicate a paradox based on the survival of the traditional stereotype. This stereotype appears to be resistant to scandals and financial crisis, instead of being impaired, giving rise to another prototype with concerns about integrity.