O BNDES e o investimento: 2000 a 2016

Abstract

The paper compares BNDES operations and Brazilian investments in 2000 to 2016. It shows the need of a previous data treatment, for any future analysis of effectiveness of the institution. Although it does not intend to define casual relationships, it matches BNDES’ disbursements with investments flows and the outstanding credit with the fixed capital stock of the economy. It focuses on disbursements to investments and on gross fixed capital formation excluding families, because those are not financed by the Bank. The results indicate a strong positive correlation between BNDES disbursements and investments, and highlight some characteristics of the most financed industry and infrastructure sectors. Although big enterprises received a larger share of industry disbursements, small business had a larger proportion of their investments financed by BNDES. Finally, the article indicates that BNDES had long term effects on Brazilian economy through the increase of the country’s fixed capital stock.