Estrategia contracíclica de los bancos de desarrollo[Countercyclical strategy of the development banks]

The objective of this report is to analyze whether development banks in Germany, Spain and Brazil have made a strategic counter during the current crisis. The development banks (necessarily consistent with public policy) are a tool that can address the countercyclical strategy that could drive growth and development in countries in crisis. As countercyclical strategy of the development banks we understand actions in two ways. At the macroeconomic level the development banks can provide resources to the economy in a context of tight credit from private financial institutions. At the microeconomic level, we analyze whether the development banks have supported specific sectors and actors palliating the disadvantage access of some economic agents and ensuring the financing of productive activities chosen by public policy because of its importance in development.