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The role of the Brazilian Development Bank (BNDES) in Brazilian development policy

In: Public Banks in the Age of Financialization

Author

Listed:
  • Adriana Nunes Ferreira
  • Everton Sotto Tibiriçá Rosa

Abstract

The authors trace the history of one of the largest development banks in the world, Banco Nacional de Desenvolvimento Econômico e Social. In its various phases since the 1950s, the history of the BNDES has mirrored the vision of development held by the leaders of the Brazilian economy. It moved from support for industrialization based on import substitution to relieving private companies of their foreign-denominated debt, to facilitating privatization and finally to carrying out industrial policy initiatives. While it undoubtedly contributed to economic growth in Brazil, the country has yet to fulfil the original vision of development with an endogenous technical progress and social justice.

Suggested Citation

  • Adriana Nunes Ferreira & Everton Sotto Tibiriçá Rosa, 2017. "The role of the Brazilian Development Bank (BNDES) in Brazilian development policy," Chapters, in: Christoph Scherrer (ed.), Public Banks in the Age of Financialization, chapter 6, pages 101-115, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17305_6
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