Perspectiva histórica das fontes de funding do BNDES

Abstract

In recent years, development banks have regained prominence in economic policy debates, particularly considering their roles during the 2008 global financial crisis, the Covid-19 pandemic, and the current climate emergency. To fulfill their countercyclical and developmental mandates, these institutions require stable and long-term funding sources. In the Brazilian context, the Brazilian Development Bank (BNDES) seeks to reestablish its relevance after a period of significant decline in its relative participation in the economy. A critical aspect of this process is the ongoing discussion around the diversification and sustainability of its funding base. This study provides an analysis of the main sources of BNDES and their relative scale within the Brazilian economy from the bank’s inception to the present. It highlights key institutional changes over time and discusses current challenges the institution faces in regaining its central role in economic development.