Ermelinda Lopes Silva (p)

The volatility in monetary and real economy creates instability in banking sector, more yet, within the global market where they develop their financial activities. The savings as resources to commercial bank activities has had lower returns and, not less important, higher instability provoked by several reasons: imperfect market competition, public debt financing, higher risk, and also a deregulated sector. This reality, convince us for a public and private approach in order to reduce these problems, and also to suggest a perfect market competition as a way to get the Pareto efficiency in private financing market, where we need higher number of banks, but not less and big banks through the mergers and acquisitions (M&A). Then, we must looking at the financial services as a public good, where savings must be protected through regulation, as is the case of the European Supervision Mechanism (ESM), and also avoiding an imperfect market competition promoted by financial innovation and capital mobility, which has been implied interest rates close to zero. This reality creates a negative financial externality provoking less confidence in the financial system for both: savings and borrowers.

Augusto Berton Vedan (p), Joaquim Israel Ribas Pereira (p)

Abstract: The Brazilian market for offshore vessels – to support the production of oil in marine waters – is one of the most important in the world. It represents 6% of the world market in number of vessels and 13.3 billion dollars between 2005-2015. This market is characterized as oligopsony, i.e., several sellers concentrated in a few buyers. In this work, the main buyer is Petrobras. The database was obtained from the contracts between the shipping companies and Petrobras, where it is possible to observe the contracted ship, the amounts paid and the duration of the contracts. With this data, the vessel features were researched: model, year of construction and country of registered (flag), Brazilian or not. The National Agency of Waterway Transportation (ANTAQ) requires that national vessels get preference over foreign vessels in Brazilian waters, according to Federal Law 9,432 / 97, as a protection policy for national vessels. The objective of this article is to find the weight of variables in determining the affreightment rate of vessels, considering four groups of factors: vessel, regulation, the market power of Petrobras, and external factors. The results are robust to the Ordinary Least Squares (OLS) to the class of variation of the vessel. Regarding the age of the vessel, market fluctuations and oil price variations, only the Anchor Handling Tug Supply Vessels (AHTS) showed significance with a reduction in charter rate against appreciation of Petrobras' share price. Furthermore, the use of national flag vessels was significant, and this legal requirement increased by 14% the costs in vessels to Petrobras during the period analyzed. This article may be useful for public and private agents operating in the country seeking to explain the remuneration of vessels and the impact of promotion policies to the national flag.