O que aprendemos sobre o BNDES?

Abstract

This article discusses the available empirical evidence about the Brazilian Development Bank (BNDES), one of the largest development banks in the world. Seventy academic papers that, based on the data, tried to identify causal relationships involving the Bank were reviewed. In general, the evidence indicates that BNDES loans are an effective instrument to increase investment, employment and exports, especially when credit borrowers are micro, small and medium-sized companies. The Bank also appears to have positive effects on economic activity and the turnover of supported firms. There is also evidence that the BNDES’s operation was able to reduce deforestation in the country. However, most articles suggest that the BNDES has null effects on productivity, the profitability of companies and the share value of supported firms. The literature is not conclusive about the effects of BNDES on the power of monetary policy and municipal tax collection, as well as about whether there was political influence in the Bank’s loans. Finally, this article discusses what is still unknown about the BNDES – which, therefore, remains an open issue for future research.