Financial development institutions: lessons from international experiences

Abstract

Development financial institutions around the world are shifting towards greater transparency, better governance and greater social and environmental responsibility. At the center of these changes is the relationship of each of these institutions with their State (shareholder) in what it refers to operational and financial autonomy, taxation and distribution of profits and dividends. Despite the specificities of each relationship, some combinations of operational and financial autonomy and corporate responsibility provide these institutions with better performance and institutional stability to carry out its mandate with a long-term perspective. In Brazil, BNDES follows this renewal movement.