Investigating the Role of BNDES as a Tool to Transmit Countercyclical Policy Decisions: Evidence from 2002-2016

31 Pages Posted: 12 Feb 2020

See all articles by Marco Carreras

Marco Carreras

Institute of Development Studies - IDS; University of Sussex - Science Policy Research Unit (SPRU)

Date Written: February 1, 2020

Abstract

I evaluate the impact of BNDES disbursements on Brazilian commercial banks’ disbursement using balance-sheet data for the period of 2002-2016. Using dynamic panel data techniques, I find BNDES disbursement for both investment in innovation and fixed capital investments crowded-in commercial banks’ disbursement. Further, the results obtained considering the distribution before and after 2008, suggest the beginning of the crowding-in impact together with the countercyclical role adopted by the bank at the beginning of the financial crisis.

Keywords: BNDES, development bank, countercyclical policies, crowding-in/out

Suggested Citation

Carreras, Marco, Investigating the Role of BNDES as a Tool to Transmit Countercyclical Policy Decisions: Evidence from 2002-2016 (February 1, 2020). SWPS 2020-02, Available at SSRN: https://ssrn.com/abstract=3543394 or http://dx.doi.org/10.2139/ssrn.3543394

Marco Carreras (Contact Author)

Institute of Development Studies - IDS ( email )

Library Road
Brighton, BN1 9RE
United Kingdom

University of Sussex - Science Policy Research Unit (SPRU) ( email )

Brighton, BN1 9SL
United Kingdom

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