The Public Bank Trilemma: Brazil’s New Developmentalism and the bndes



Download 90.32 Kb.
Page2/2
Date conversion29.04.2016
Size90.32 Kb.
1   2

O Globo. “Apesar do financiamento do BNDES, multinacionais não se livram das dívidas.” Dec 17, 2011, O Globo Gazeta Online.


Goodhart, Charles. 1990. The Evolution of Central Banks. Cambridge, MA: MIT Press.

Hochstetler, Kathryn and Alfred P. Montero. 2013. “The New Developmentalist State: The National Development Bank and the Brazil Model.” Unpublished paper, January 27.

Kingstone, Peter. 2011. The Political Economy of Latin America: Reflections on Neoliberalism and Development. New York: Routledge.

Landim, Raquel. 2012. “É melhor cortar gasto que subir juro contra a inflação: Arida defende fim do crédito subsidiado oferecido pelo BNDES e pela Caixa.” O Estado de São Paulo.



Latin Finance. 2009. “Best Multilateral: Cranking Out Champions,” Latin Finance, November 1.

Leahy, Joe. 2011. “Questions surround Brazil bank in Carrefour deal.” Financial Times, July 13.

Leonel, Josué. 2010. “BNDES limita desenvolvimento do crédito privado, diz Loyola.” Brasil Econômico, July 16.


Lessa, Carlos. “Atrofiar, Privatizar ou, se Possível, Fechar o BNDES.” Valor Econômico, August 3, 2005.

Lissardy, Gerardo. 2011. “BNDES impulse maior presença brasileira en América Latina.” BBC Brasil, November 9.

Luce, Mathias Seibel. 2007. “O subimperialismo brasileiro revisitado: a política de integração regional do governo Lula (2003-2007).” Unpublished paper. Graduate Program in International Relations, Federal University of Rio Grande do Sul.

Madrid, Pamela. 2012. Brazil. Financial System Stability Assessment. Washington, D.C.: International Monetary Fund.

Mello, João Manoel P. De and Márcio G. P. Garcia. 2011. “Bye, Bye Financial Repression, Hello Financial Deepening: The Anatomy of a Financial Boom.” Texto para Discussão #594, PUC-Rio: Departamento de Economia.

Perondi, Darsício. 2011. “Perondi critica BNDES,” June 30. At: http://darcisioperondi.com.br/perondi-critica-bndes/

Place, Michael. 2013. “Norte Energia confirms first US$2.54bn credit line for Belo Monte.” Business News Americas, January 2.


Reuters. 2011. “Brazil BNDES to receive $27 bn from govt.” February 15.

Romero, Critina. 2011. “Crédito subsidiado impede queda de juros.” Valor Econômico, December 13.


Rosas, Rafael. 2011. “BNDES estuda crédito de 2 bi de euros para Pão de Açúcar.” Valor Econômico, June 28.


Rossi, P. and D.M. Prates. 2009. “Projeto de Estudos sobre a Indústria Financeira Brasileira e o Papel dos Bancos Públicos.” Campinas, MG: Fundação Economia de Campinas (FECAMP).

Shleifer, A. 1998. “State versus Private Ownership.” Journal of Economic Perspectives, 12: 4, pp. 133–50.

Shapiro, Helen. 2007. “Industrial Policy and Growth.” United Nations, Department of Economic and Social Affairs (UN/DESA), Working Paper #53, August.

Skidmore, Thomas E. 1973. “Politics and Economic Policy Making in Authoritarian Brazil, 1937-71.” In Alfred Stepan, ed. Authoritarian Brazil: Origins, Policies, and Future. New Haven: Yale University Press.

Sola, Lourdes and Laurence Whitehead, eds. 2005. Statecrafting Monetary Reform: Democracy and Financial Order in Brazil, Oxford: Centre for Brazilian Studies, Oxford University, Fall.

Syvrud, Donald. 1975. Foundations of Brazilian Economic Growth. Stanford, California: Hoover Institution Press.

Torres Filho, E.T. 2005. “A Reforma do Sistema FAT-BNDES: Críticas à Proposta Arida.” Revista do BNDES, 12:24, December, pp. 31-42.

Torres Filho, E.T. 2009. “Papel dos Bancos Públicos: o Caso do BNDES,” Powerpoint presentation, 5ª Jornada de Estudos de Regulação, Rio de Janeiro: IPEA, November.

Torres Filho, E.T. and F.N. Costa. 2012. “BNDES e o financiamento do desenvolvimento,” Economia e Sociedade, Campinas, v. 21, Número Especial, December, pp. 975-1009.

Trubeck, David M., 1971. "Law, Planning, and the Development of the Brazilian Capital Market," The Bulletin, New York University, School of Business Administration, Institute of Finance, Nos. 72-73, April.

U.S. Eximbank. 2005. Report to the U.S. Congress on Export Credit Competition and the Export-Import Bank of the United States for the Period January 1, 2004 through December 31, 2004. Washington, D.C.: U.S. Eximbank.

Valle, Sabrina. 2012. “Aracruz: quem vai levar a culpa?” Estado de São Paulo, January 9.

Von Mettenheim, K.E. 2010. Federal Banking in Brazil: Policies and Competitive Advantages. London: Pickering and Chatto.

Wheatley, Jonathan. 2009. “Interview with Luciano Coutinho, president of the development bank, the BNDES.” Special Report on Brazil, Financial Times, November 4.


Willis, Eliza Jane. 2013. “A historical case study of a Pocket of Effectiveness: Brazil’s National Economic Development Bank (BNDE).” In Michael Roll, ed. State Performance and Reform in Developing Countries: Pockets of Effectiveness. New York: Routledge.

Zanetta, Rafael A.F. 2012. “The Risk of the New Developmentalism: ‘Brasil Maior’ Plan and Bureaucratic Rings.” Working paper, available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2120002

Zibechi, Raúl. 2012. Brasil potencia. Entre la integración regional y un nuevo imperialism. Bogotá: Ediciones desde abajo.


Tables and Figures

Figure 1. BNDES, Evolution of annual loan disbursements (1999-2012)

R$ billions


Source: http://www.bndes.gov.br/SiteBNDES/bndes/bndes_pt/Institucional/Relacao_Com_Investidores/Desempenho/
Table 1. BNDES, Comparison with other large development banks (2010)

US$ billions







BNDES

IADB

World Bank

China DB

Total Assets

329.5

87.2

282.8

774.2

Loan Assets

217.0

63.0

120.1

682.9

Loan Disbursements

96.3

10.3

28.9

86.7

Source: BNDES 2011:58.


Table 2. Brazilian Trade Structure, 2012*

(in percent)







Share of

imports from:



Share of

exports to:






Manufactures, share in

exports to:



Primary products, share in exports to:

Total Brazilian exports to:

Asia

31.1

30.6




22

78

100

United States

14.6

13.8




66

34

100

Latin America & Caribbean

16.7

20.8




84

16

100

European Union

21.3

20.4




50

50

100

Other

16.3

14.4




71

29

100

World

100.0

100.0




50

50

100

* January-June, 2012

Note: Columns 1 and 2 add down; columns 3 to 5 add across.

Source: Underlying data from Ministério de Desenvolvimento, Indústria e Comércio Exterior (MDIC). Balança Comércial Brasileira, Dados Consolidados. Brasília: MDIC, 2012.



http://www.desenvolvimento.gov.br/sitio/interna/interna.php?area=5&menu=571

1 For further discussion of contemporary Brazilian and Latin American political economy, see Bresser-Pereira 2009, Castelo 2012, Zanetta 2012, Ban 2013, and Kingstone 2011.

2 For other analyses of the contemporary political economy of the BNDES see Von Mettenheim 2010; Hochstetler and Montero 2013; Doctor 2013.

3 Data in this paragraph have been drawn from BCB 2009: Tables II.18 and II.19; BNDES 2011: 48; BNDES 2012: 43; BNDES 2013.

4 On the central bank regulatory dilemma in Brazil, see Sola and Whitehead, eds. (2005).

5 For BNDES’ history, see Willis (2013), Armijo (1993, 1997), BNDES (2002a), von Mettenheim (2010), and Doctor (2013).

6 Rossi and Prates (2009: 24) concluded that the share of total financing from the BNDES system that was export-related was fully 33 percent in 2003, but had fallen to only 13 percent of disbursements in 2008. Other sources show smaller shares.

7 Brazilian government officials, sensitive to the charge of Brazilian neo-imperialism in South America, are coy about the origins of the IIRSA. Knowledgeable interviewees at the IADB and among former government economists confirmed that much of the political impetus and technical expertise for the program came from Brazil, especially the BNDES.

8 It is true that long-term rates legitimately may be lower than short-term ones. However, given the magnitude of these gaps in Brazil, the general points still hold.

9 Another reason that Brazilian interest rates remain stubbornly high is that commercial banks get so little of their funding from the free market (since they also access on-loaned BNDES funds, which are at the below-market TJLP rate). Brazil’s Central Bank must therefore raise rates quite high in order to get an impact on the volume of credit.

10 See, for example, www.plataformabndes.org.br

1   2


The database is protected by copyright ©essaydocs.org 2016
send message

    Main page