http://web.bndes.gov.br/bib/jspui/handle/1408/666 <strong>BNDES in focus - Articles | BNDES en foco - Artículos</strong> 2026-04-08T05:46:48Z http://web.bndes.gov.br/bib/jspui/handle/1408/29367 Title: Estado e financeirização dependente no Brasil : implicações das debêntures de infraestrutura Authors: Moreira, Antônio Victor de Mendonça; Carvalho, Alba Maria Pinho de Abstract: Critical debates have been growing in recent decades that problematize the relationships between nature, society, and economy, with emphasis on the energy transition and financial logic. From this perspective, this paper aims to discuss reconfigurations of the State in the deepening of financialization, which assumes a dependent character in Brazil, investigating the implications of infrastructure debentures. To achieve this, a selection of national and international specialized literature was conducted, as well as the collection and analysis of secondary documentary data. Therefore, based on the discussion carried out, it is understood that the consolidation of neoliberal policies reconfigures the meanings of Brazilian State financing in the material infrastructure sector, through the issuance of debentures, reducing the role of BNDES and increasing the protagonism of private financial agents in the Brazilian energy transition, subordinating local natural and built spaces to the demands of globalized financial accumulation. Description: Este é um artigo publicado em acesso aberto (Open Access) sob a licença Creative Commons Attribution (https://creativecommons.org/licenses/by/4.0/), que permite uso, distribuição e reprodução em qualquer meio, sem restrições desde que o trabalho original seja corretamente citado.; Disponível também on-line em: https://www.scielo.br/j/rk/a/pnp3vBTBsNbBQKjdkWPQxWc/?lang=pt; Bibliografia: p. 8-9 2025-01-01T00:00:00Z http://web.bndes.gov.br/bib/jspui/handle/1408/28329 Title: A atuação dos bancos públicos na economia brasileira no período entre crises (2009-2015) Authors: Lima, Taís Maria Gomes de; Carvalho, André Roncaglia de Abstract: The purpose of this paper is to compare the dynamics of the credit market in Brazil, between 2009-2015 and 2004-2008, through the analysis of selected data and indicators. The interregnum considered in this paper comprises a period of significant changes in the credit market in Brazil. Until 2008 mostly private banks led the expansion of credit. As the effects of the international financial crisis deepened, the public banks systematically increased their share of the credit market. The evidence points out that credit continued to expand between 2009 and 2015 thanks to the active role of public banks, in which BNDES participated decisively to ensure the maintenance of credit availability due to scarcity of traditional resources of funds for corporate investments. Description: Disponível também on-line em: https://revistas.ufpr.br/economia/article/view/70911; Esta publicação está licenciada sob os termos de Creative Commons Atribuição-Não Comercial 4.0 Internacional; Inclui bibliografia: p. 566-570 e notas de rodapé 2021-01-01T00:00:00Z http://web.bndes.gov.br/bib/jspui/handle/1408/28348 Title: A efetividade social e a concessão do saneamento à iniciativa privada: o caso do leilão da CEDAE no Rio de Janeiro, Brasil Authors: REIS, Fátima de Carvalho Madeira Abstract: Changes in the regulatory and legal framework for Brazil’s water and sanitation sector (Law 14,026, July 15, 2020) require competitive bidding for service contracts, even in cases where the provision of services was previously delegated to state-owned utilities under program contracts. The aim of this study was to identify the actors who benefited from these changes to the legislation and assess the social effectiveness of the privatization of water supply and sewerage services in the state of Rio de Janeiro by investigating the auction of services provided by the public utility CEDAE in four blocks comprising 35 municipalities in April 2021. We conducted an exploratory analysis of secondary data and used the systemic integration method to identify the main actors involved in the concession process and the role they played. It is concluded that federal, state, and municipal governments, the Brazilian Development Bank, and the concessionaires have gained from the concessions, while the percentage of low-income populations connected to the sewage collection or drainage network is lower and tariffs are higher in municipalities served by the private sector when compared to the municipalities encompassed by the auction. Description: Disponível também on-line em: https://www.scielo.br/j/csc/a/CGMNdRMq5YnZyNbR4mHHnjm/?format=html&lang=pt; Este é um artigo publicado em acesso aberto sob uma licença Creative Commons; Bibliografia: p. 557-559 2023-02-01T00:00:00Z http://web.bndes.gov.br/bib/jspui/handle/1408/27888 Title: Public banks and banking competition Authors: Castor, Kamaiaji de Souza Abstract: How margins of private banks are affected by public banks’ conduct is a relevant question for both competition policy and credit market development in emerging economies. In this article, this question is addressed using an exogenous variation on the conduct of public banks between 2008 and 2015 when a pro-state government implemented a broad counter-cyclical policy in Brazil on major credit lines financed by the National Development Bank (BNDES). Given this event, we estimate the best reply function of private banks in a mixed oligopolistic market structure where private and public firms differ in their objective function. Using a detailed data set from a large BNDES credit line, in a dynamic panel data, results point to a significant but low reaction of private financial institutions. In the long run, a private bank’s margin is reduced by 0.03 p.p for 1 p.p lower final interest rate set by state-owned institutions. In this sense, the reduction in margins observed between 2008-2014 is more associated with a lower subsidized funding cost. Description: Disponível também em: https://www.scielo.br/j/rec/a/stFy9Dh5pmL6yCfgsX8FsTL/?lang=en#; Todo o conteúdo deste periódico, salvo indicação em contrário, está licenciado sob os termos da Creative Commons Attribution License.; Inclui bibliografia: p. 21-24 e notas de rodapé. 2022-01-01T00:00:00Z