Publication:
Towards a More Effective BNDES

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dc.contributor.authorFrischtak, Claudio
dc.contributor.authorPazarbasioglu, Ceyla
dc.contributor.authorByskov, Steen
dc.contributor.authorHernandez Perez, Adriana
dc.contributor.authorCarneiro, Igor Andre
dc.date.accessioned2017-09-25T20:22:10Z
dc.date.available2017-09-25T20:22:10Z
dc.date.issued2017-06
dc.description.abstractFounded in 1952, the National Bank for Economic and Social Development (BNDES) is a financial entity fully owned by the Brazilian government. It is in the process of redefining its priorities and its role going forward. New operational policies (OPs) published on January 5, 2017, mark an important milestone. This report aims to contribute to the improvement of BNDES OPs and, more generally, provide a medium- to long-term view of BNDES’ role in the Brazilian economy. It provides a conceptual framework to establish BNDES as a development bank that aims to offset market failures that impose a wedge between private and social rates of return and limit access to term finance. The framework differentiates credit-constraining factors from the presence of externalities. The former might justify facilitating access to long-term financing; only the latter might justify subsidies. The paper then applies the framework and methodology to BNDES’ operations and finds that BNDES has in the past provided financing to many firms that have access to alternative sources and subsidies beyond what could be reasonable in economic terms. The paper provides recommendations to establish BNDES as a more effective and focused development bank, less dependent on the government for funding, and less subject to interference by improving its governance.en
dc.identifierhttp://documents.worldbank.org/curated/en/306511499659990217/Towards-a-more-effective-BNDES
dc.identifier.doi10.1596/28398
dc.identifier.urihttps://hdl.handle.net/10986/28398
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectSTATE-OWNED ENTERPRISES
dc.subjectFINANCIAL MANAGEMENT
dc.subjectINFRASTRUCTURE FINANCE
dc.subjectGOVERNANCE
dc.subjectLENDING ACTIVITIES
dc.titleTowards a More Effective BNDESen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleTowards a More Effective BNDES
okr.date.disclosure2017-07-12
okr.doctypeEconomic & Sector Work::Other Financial Sector Study
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/306511499659990217/Towards-a-more-effective-BNDES
okr.guid306511499659990217
okr.identifier.doi10.1596/28398
okr.identifier.doihttps://doi.org/10.1596/28398
okr.identifier.externaldocumentum090224b084dc2bc4_2_0
okr.identifier.internaldocumentum27711487
okr.identifier.report117304
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/306511499659990217/pdf/117304-REVISED-PUBLIC-WB-BNDES-June-2017-post-DM.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.countryBrazil
okr.sectorFinance
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::Finance and Development
okr.topicFinance and Financial Sector Development::Non Bank Financial Institutions
okr.topicGovernance::Governance and the Financial Sector
okr.topicInternational Economics and Trade::Competition Policy
okr.topicPrivate Sector Development::Competitiveness and Competition Policy
okr.unitF&M GP LCR - IFC (GFM04)
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