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Financing Development: The Case of BNDES

In: The Industrial Policy Revolution I

Author

Listed:
  • João Carlos Ferraz

    (Brazilian Development Bank (BNDES))

  • Claudio Figueiredo Coelho Leal

    (Universidade Federal do Rio Grande do Sul (UFRGS))

  • Felipe Silveira Marques

    (Federal University of Rio de Janeiro)

  • Marcelo Trindade Miterhof

    (Universidade Estadual de Campinas (Unicamp))

Abstract

The 2009–11 period revealed Brazil’s capacity to stay on the growth path, which had characterized the national economic performance from 2005 up to the first hint of damaging effects of the international financial crisis on the country in the second half of 2008. Not only was it possible for the country, by means of incisive anti-cyclical initiatives, to diminish the severity of the crisis, but the government’s determination and the array of instruments available were also reinforced to prioritize the long-term nature and maintain the growth of investment ahead of GDP. In fact, the proportion of Gross Fixed Capital Formation (GFCF) in GDP rose from 17.4 percent in 2007 to 19.3 percent in 2011, despite the fall posted at the end of 2009. From the perspective of sustainable development, however, this level is clearly insufficient. It is essential to further raise the rate of investment in Brazil, without which it will be difficult to maintain the recent growth trajectory and to strengthen the competitiveness of Brazilian firms.

Suggested Citation

  • João Carlos Ferraz & Claudio Figueiredo Coelho Leal & Felipe Silveira Marques & Marcelo Trindade Miterhof, 2013. "Financing Development: The Case of BNDES," International Economic Association Series, in: Joseph E. Stiglitz & Justin Yifu Lin (ed.), The Industrial Policy Revolution I, chapter 3, pages 143-157, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-33517-3_10
    DOI: 10.1057/9781137335173_10
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