Public Banks in the Age of Financialization
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Public Banks in the Age of Financialization

A Comparative Perspective

Edited by Christoph Scherrer

This book asks the important question of whether public banks are a better alternative to profit-seeking private banks. Do public banks provide finance for development? Do they serve as stability anchors in financial markets? What kind of governance keeps public banks accountable to the public? Theoretically the book draws on the works of Minsky for the question on stability and on interpretative policy analysis for the issue of governance. It compares empirically three countries with significant public banks: Brazil, Germany, and India.
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Chapter 6: The role of the Brazilian Development Bank (BNDES) in Brazilian development policy

Adriana Nunes Ferreira and Everton Sotto Tibiriçá Rosa

Abstract

The authors trace the history of one of the largest development banks in the world, Banco Nacional de Desenvolvimento Econômico e Social. In its various phases since the 1950s, the history of the BNDES has mirrored the vision of development held by the leaders of the Brazilian economy. It moved from support for industrialization based on import substitution to relieving private companies of their foreign-denominated debt, to facilitating privatization and finally to carrying out industrial policy initiatives. While it undoubtedly contributed to economic growth in Brazil, the country has yet to fulfil the original vision of development with an endogenous technical progress and social justice.

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