The author describes major changes to the role played by BNDES ? National Bank for Economic and Social Development ? as …

to pin down, and thin long term credit markets, which are dominated by the national development bank BNDES. Going forward …. This will require leveling the playing field, which can only be achieved by removing BNDES’ exclusive access to low … terme, dans lesquels la banque nationale de développement, la BNDES, joue un rôle dominant. Dans l’avenir, il faudra inciter …

on the impact of the credit lines managed by BNDES and FINEP in fostering growth measured in terms of employment, labor …

clients: (a) sub-national governments; (b) the National Bank for Economic and Social Development (BNDES), and (c) the private … de Desarrollo Económico y Social (BNDES) y (c) el sector privado. La evaluación también concluye que se pueden hacer …

. We study the effect of loans and equity investments of the Brazilian National Development Bank (BNDES) and find that they … expenditures due to the subsidies accompanying loans. However, BNDES does not systematically lend to underperforming firms. Our … results indicate that BNDES subsidizes firms that could fund their projects with other sources of capital. …