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Long-term finance and BNDES tapering in Brazil

Author

Listed:
  • Otaviano Canuto
  • Matheus Cavallari

Abstract

One major policy issue in Brazil is how to boost productivity, while following a path of fiscal consolidation that will take at least a decade to bring the public-debt-to-GDP ratio back to 2000 levels (Canuto, 2016a). The productivity-boosting agenda includes not only the implementation of a full range of structural reforms, but also recovering and upgrading the national infrastructure and other long-term investments. Given that fiscal consolidation has already been leading to less transfer of funds—in fact, the reversal—from the Treasury to the National Economic and Social Development Bank (BNDES) and a consequent downsizing of the latter’s operations, pursuing the double objective of raising productivity and adjusting fiscal accounts will require an expansion of alternative sources of long-term asset finance.

Suggested Citation

  • Otaviano Canuto & Matheus Cavallari, 2017. "Long-term finance and BNDES tapering in Brazil," Policy notes & Policy briefs 1720, Policy Center for the New South.
    • Handle: RePEc:ocp:ppaper:pb-17/20
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    File URL: http://www.policycenter.ma/sites/default/files/OCPPC-PB1720.pdf
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