A atuação histórica do BNDES: o que os dados têm a nos dizer?

Abstract

This work has three objectives. First, to investigate the sectoral composition of BNDES loans since its creation in 1952, based on the institution’s historical data. BNDES was created to be the bank of the national infrastructure and, in fact, fulfilled that role during its first decade of existence. However, since the 1960s, most BNDES’ financing resources went to the industrial sector. The second objective is to analyze the relevance of BNDES in the Brazilian economy since its origin. For this, the BNDES impact is measured by the ratio of aggregate investment by the gross domestic product (GDP). Data show that BNDES significantly increased its share in the economy in the 2000s, especially between 2009 and 2014. The third objective is to decompose BNDES’ disbursements, since 1990, by company size. Data show that small and medium-sized enterprises (SME) have been increasing its participation in the credit granted by BNDES.