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Title: Financiamento amplo às empresas: crédito bancário, mercado de capitais e setor externo
Authors: Costa, Leticia Magalhães da
Borça Junior, Gilberto Rodrigues
Keywords: Sistema Financeiro Nacional (Brasil)
Banco Nacional de Desenvolvimento Econômico e Social (Brasil) - Financiamento
Brazilian Development Bank - Financing
Empresas - Brasil
Business enterprises - Brazil
Financiamento da empresa
Corporate finance
Empréstimo bancário - Brasil
Bank loans - Brazil
Mercado de capitais - Brasil
Capital market - Brazil
Financiamento a longo prazo - Brasil
Long-term financing - Brazil
Créditos - Brasil
Credit - Brazil
Issue Date: Apr-2019
Publisher: Banco Nacional de Desenvolvimento Econômico e Social
Abstract: Increasing the dissemination of information about sources of financing to Brazilian companies is an important effort, since it allows a better understanding of the dynamics of financing in Brazil and expands the scope of the analysis. The sum of resources from capital market and from the external sector to bank credit is denominated as ‘extended financing to companies’. While corporate bank credit shows a contraction in real terms since 2015, explained by the performance of BNDES, the incorporation of resources from domestic and foreign capital markets tends to modify this scenario in the most recent period. The most conventional diagnosis tends to attribute this dynamic fully to the lower performance of BNDES. However, without fully discarding such an explanation, further studies are necessary to determine the additional determinants that influence the performance of other sources of resources. It is important to keep in mind that both international liquidity conditions and the level of domestic interest rates are key elements for the good performance of alternative sources. Nevertheless, BNDES is still the main source of long-term funding for Brazilian companies. Since the country has huge investment needs, synergy efforts through complementarity between the private and public credit system, external resources and the capital markets are a must-have. This is essential for the resumption of investment and economic growth.
Other Identifiers: COSTA, Leticia Magalhães da; BORÇA JUNIOR, Gilberto Rodrigues. Financiamento amplo às empresas: crédito bancário, mercado de capitais e setor externo. Rio de Janeiro: Banco Nacional de Desenvolvimento Econômico e Social, 2019. 59 p. (Textos para Discussão; 137)
Appears in Collections:Produção BNDES - Livros

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