What Have We Learned About the Brazilian Development Bank? by Ricardo Barboza (BNDES), Samuel Pessoa (FGV IBRE), Eduardo Pontual (UFRJ) e Fábio Roitman (BNDES) published by FGV IBRE (7/2020)
“This paper discusses what we have learned about the Brazilian Development Bank (BNDES), one of the largest development banks in the world, based on the available empirical evidence. We reviewed 70 academic papers that, based on the data, tried to identify causal relations involving the Bank. In general, the evidence indicates that BNDES loans are an effective instrument to increase investment, employment and exports, especially when credit borrowers are micro, small and medium-sized companies. The Bank also appears to have positive effects on economic activity and the revenues of supported firms. There is also evidence that the BNDES’s operation was able to reduce deforestation in the country. However, most articles suggest that the BNDES has null effects on productivity, the profitability of companies and the share value of supported firms. The literature is not conclusive about the effects of BNDES on monetary policy power and municipal tax collection, as well as about whether there was political influence in the Bank’s loans. Finally, this article discusses what we still do not know about the BNDES – which, therefore, remains an open issue for future research.”
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