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Title: O modelo indireto do BNDES: benefícios, diagnóstico e perspectivas
Authors: Borça Junior, Gilberto Rodrigues
Faleiros, João Paulo Martin
Zylberberg, Raphael Simas
Keywords: Banco Nacional de Desenvolvimento Econômico e Social (Brasil) - Financiamento
Brazilian Development Bank - Financing
BNDES Finame
Cartão BNDES
BNDES card
Fundo de Amparo ao Trabalhador
Restrição de crédito - Brasil
Credit constraints - Brazil
Taxa de juros de longo prazo - Brasil
Long-term interest rates - Brazil
Pequenas e médias empresas - Brasil
Small business - Brazil
Bancos - Brasil
Banks and banking - Brazil
Taxa de longo prazo
Long-term rate
Issue Date: Jun-2020
Publisher: Banco Nacional de Desenvolvimento Econômico e Social
Abstract: This article aims to present an overview of the importance of wholesale lending business model of Brazilian Development Bank (BNDES) under three perspectives: (i) the financial support to small- and middle-sized enterprises (SME) known as a credit constrained group; (ii) its relevance for mitigating Brazilian credit market bank concentration; and (iii) its institutional role in allocating federal public resources over domestic credit market. Furthermore, we also point out the impact on the wholesale model by the change in the remuneration rate of the historic resource of BNDES for loan, the Workers’ Assistance Fund (FAT), remunerated at Long-Term Interest Rate (TJLP) until 2018 and, after that, at Long-Term Rate (TLP). The TLP is based on a five-year federal treasury yield that has approximated BNDES interest rates to the overall market. Therefore, BNDES wholesale products, such as BNDES Finame (machinery and equipment financial support), observed a relevant reduction in its credit operations. Traditional financial institutional, as the large retail banks and industrial loan companies, have reduced BNDES resources utilization. However, other financial institutions as cooperatives and small retail banks maintain or even increase the application of BNDES loans.
Other Identifiers: BORÇA JUNIOR, Gilberto Rodrigues; FALEIROS, João Paulo Martin; ZYLBERBERG, Raphael Simas. O modelo indireto do BNDES: benefícios, diagnóstico e perspectivas = The indirect model of BNDES: advantages, diagnosis and perspectives. Revista do BNDES, Rio de Janeiro, v. 27, n. 53, p. [53]-88, jun. 2020.
Appears in Collections:Produção BNDES - Artigos

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