Revisitando as fontes de recursos do BNDES : de volta ao FAT

Abstract

After the enactment of the 1988 Federal Constitution, the Workers' Support Fund (FAT – Fundo de Amparo ao Trabalhador) became the main Brazilian National Bank for Economic and Social Development (BNDES)’ source of funding. However, due to its characteristics, this source of funds is only compatible with a pattern of low output growth rates and investment. After 2004, when the Brazilian economy took on a trajectory of low product and investment growth rates, the FAT proved to be exhausted and unable to act as the BNDES' main source of funding, in the context of a capital market still concentrated on the short term and, therefore, an economy still dependent on its main development bank. The solution created in 2009 were loans from the National Treasury (TN) to the BNDES, constituting a subsidy but it was dismantled before 2016, and the BNDES once again became dependent on the FAT as its main source of funding. However, the conditions of FAT exhaustion occurred until 2008 persist. The BNDES is therefore once again dependent on an exhausted source of funding, compatible only with a low-growth economy, but incapable of sustaining sustained growth in investment.