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The Renewed Developmental State: The National Development Bank and the Brazil Model

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  • Kathryn Hochstetler
  • Alfred P. Montero

Abstract

This study examines how Brazil operationalised a renewed developmentalist project during the democratic period, and especially during the presidency of Lula da Silva. We use an original data set of 2,115 loans made by the Brazilian National Development Bank (BNDES) between 2002 and 2011 to show elements of both change and continuity with Brazil's developmentalist past. Large loans continued to flow to many of Brazil's historic large firms and industrial sectors - as reported widely - but the data also show significant numbers of smaller loans to firms in all sectors, as well as renewed support for internationalisation and innovation. We conclude that BNDES's lending reflects less a wholly new model of developmentalism than it does a developmentalist strategy that has been renewed and updated for the challenges and opportunities of a more market-oriented economy.

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  • Kathryn Hochstetler & Alfred P. Montero, 2013. "The Renewed Developmental State: The National Development Bank and the Brazil Model," Journal of Development Studies, Taylor & Francis Journals, vol. 49(11), pages 1484-1499, November.
    • Handle: RePEc:taf:jdevst:v:49:y:2013:i:11:p:1484-1499
    DOI: 10.1080/00220388.2013.807503
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    References listed on IDEAS

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    1. Franco, Gustavo H.B. & Fritsch, Winston, 1993. "The political economy of trade and industrial policy reform in Brazil in the 1990s," Series Históricas 9402, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Dani Rodrik, 2007. "Introductiion to One Economics, Many Recipes: Globalization, Institutions, and Economic Growth," Introductory Chapters, in: One Economics, Many Recipes: Globalization, Institutions, and Economic Growth, Princeton University Press.
    3. Mansueto Almeida, 2009. "Desafios da Real Política Industrial Brasileira do Século XXI," Discussion Papers 1452, Instituto de Pesquisa Econômica Aplicada - IPEA.
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    Cited by:

    1. Victor Manuel Isidro Luna, 2019. "Development banking, state of confidence and sustainable growth," Working Papers PKWP1917, Post Keynesian Economics Society (PKES).
    2. Kathryn Hochstetler & Genia Kostka, 2015. "Wind and Solar Power in Brazil and China: Interests, State–Business Relations, and Policy Outcomes," Global Environmental Politics, MIT Press, vol. 15(3), pages 74-94, August.
    3. Sean Burges, 2014. "Brazil's International Development Co-operation: Old and New Motivations," Development Policy Review, Overseas Development Institute, vol. 32(3), pages 355-374, May.
    4. Ashley Gunter & Kenneth Manuel, 2016. "A role for housing in development: Using housing as a catalyst for development in South Africa," Local Economy, London South Bank University, vol. 31(1-2), pages 312-321, February.
    5. Malin Hasselskog, 2018. "Rwandan “home grown initiatives†: Illustrating inherent contradictions of the democratic developmental state," Development Policy Review, Overseas Development Institute, vol. 36(3), pages 309-328, May.
    6. Torres, Ernani & Zeidan, Rodrigo, 2016. "The life-cycle of national development banks: The experience of Brazil's BNDES," The Quarterly Review of Economics and Finance, Elsevier, vol. 62(C), pages 97-104.
    7. Sierra, Jazmin & Hochstetler, Kathryn, 2017. "Transnational activist networks and rising powers: transparency and environmental concerns in the Brazilian National Development Bank," LSE Research Online Documents on Economics 79089, London School of Economics and Political Science, LSE Library.
    8. Ali Burak Güven, 2016. "Rethinking Development Space in Emerging Countries: Turkey's Conservative Countermovement," Development and Change, International Institute of Social Studies, vol. 47(5), pages 995-1024, September.
    9. Elizabeth Chatterjee, 2022. "New Developmentalism and its Discontents: State Activism in Modi's Gujarat and India," Development and Change, International Institute of Social Studies, vol. 53(1), pages 58-83, January.
    10. Mariana Mazzucato & Caetano C.R. Penna, 2016. "Beyond market failures: the market creating and shaping roles of state investment banks," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 19(4), pages 305-326, October.
    11. Sarah L. Stattman & Aarti Gupta, 2015. "Negotiating Authority in Global Biofuel Governance: Brazil and the EU in the WTO," Global Environmental Politics, MIT Press, vol. 15(1), pages 41-59, February.
    12. Hochstetler, Kathryn, 2021. "Climate institutions in Brazil: three decades of building and dismantling climate capacity," LSE Research Online Documents on Economics 111417, London School of Economics and Political Science, LSE Library.

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