Capacidades estatais para o financiamento do investimento no Brasil: Uma análise da relação institucional de complementaridade entre FAT e BNDES

The theme of this text is the construction of state capacities to enable medium and long term investment. The focus was on the relationship between public funds and state financial agents in the formation of institutional arrangements for the financing of economic development, based on a specific strategy. We sought to analyze the mechanisms by which the Worker Support Fund (FAT) absorbs and makes available resources for projects of national interest, managed by the National Bank for Economic and Social Development (BNDES). It was observed that there is a complex relationship of institutional complementarity involving FAT and BNDES, whose trajectory was marked by strong instability in recent years, which is a worrying situation in terms of economic planning because FAT is one of the main generators of funding for the BNDES, which in turn is the main medium and long-term financing agent in the country.