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Comment on “Financing Development: The Case of BNDES” by Joao Carlos Ferraz, Claudio Figueiredo Coelho Leal, Felipe Silveira Marques and Marcelo Trindade Miterhof

In: The Industrial Policy Revolution I

Author

Listed:
  • Robert Cull

    (Finance and Private Sector Development Team of the Development Research Group of the World Bank)

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.

Suggested Citation

  • Robert Cull, 2013. "Comment on “Financing Development: The Case of BNDES” by Joao Carlos Ferraz, Claudio Figueiredo Coelho Leal, Felipe Silveira Marques and Marcelo Trindade Miterhof," International Economic Association Series, in: Joseph E. Stiglitz & Justin Yifu Lin (ed.), The Industrial Policy Revolution I, chapter 3, pages 158-161, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-33517-3_11
    DOI: 10.1057/9781137335173_11
    as

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