Abstract
Clearly one cannot deny the influence of BNDES on the Brazilian economy, its fundamental contribution in the provision of longer-term finance, and its pronounced counter-cyclical lending during the recent global financial crisis, and all of those points are well made in the paper. What is less clear is whether this model is replicable and advisable for other developing countries, whether BNDE’ influence will adversely affect (or has adversely affected) the provision of long-term finance by private financial institutions, and whether counter-cyclical lending by state banks reaches the borrowers who are most worthy of credit.
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References
Cull, Robert, Leite, Philippe G., and Scott, Kinnon (2011) “Coping with the Financial Crisis: Household Evidence from Brazil,” Chapter 3 of Poverty and Social Protection in Brazil during the Twin Crises of 2008/09, report prepared for the Brazil country unit of the World Bank (Washington, DC: World Bank).
Cull, Robert J. and Martía, María Soledad (2012) “Bank Ownership and Lending Patterns during the 2008–2009 Financial Crisis: Evidence from Latin America and Eastern Europe,” mimeo (Washington, DC: World Bank).
De Luna-Martínez, José and Carlos Leonardo Vicente (2012) Global Survey of Development Banks, World Bank Policy Research Working Paper 5969 (Washington, DC: World Bank).
World Bank (2001) Finance for Growth (Policy Choices in a Volatile World), World Bank Policy Research Report (New York: Oxford University Press).
World Bank (2008) Finance for All? (Policies and Pitfalls in Expanding Access), World Bank Policy Research Report (Washington, DC: World Bank).
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© 2013 International Economic Association
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Cull, R. (2013). Comment on “Financing Development: The Case of BNDES” by Joao Carlos Ferraz, Claudio Figueiredo Coelho Leal, Felipe Silveira Marques and Marcelo Trindade Miterhof. In: Stiglitz, J.E., Lin, J.Y. (eds) The Industrial Policy Revolution I. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137335173_11
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DOI: https://doi.org/10.1057/9781137335173_11
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