http://web.bndes.gov.br/bib/jspui/handle/1408/9777 <strong>BNDES Production - Discussion papers BNDES | Producción BNDES - Textos para discusión BNDES</strong> 2026-04-01T05:11:34Z http://web.bndes.gov.br/bib/jspui/handle/1408/29167 Title: O papel do funding sustentável para o desenvolvimento: o caso do Novo BNDES Editor(s): Banco Nacional de Desenvolvimento Econômico e Social (Brasil). Área de Relacionamento, Marketing e Cultura. Departamento de Relacionamento Abstract: In the past decade, public national development banks have taken on a new leading economic role by incorporating social and environmental policies, while using sustainability linked funding sources. This Working Paper analyzes the strategy of capital source diversification adopted by the “New BNDES” within these international trends. We show that sustainability funding – through policy funds and external borrowings aimed at social and environmental goals – has emerged as the most promising solution so far to the challenge of expanding financial resources for development. This solution aligns with the international trend of state-led promotion of the ecological transition, while enabling sectoral policies that integrate social, environmental, and industrial goals. Description: "O presente artigo é de exclusiva responsabilidade do autor, não refletindo, necessariamente, a opinião do BNDES".; Bibliografia: p. 33-38. 2026-01-01T00:00:00Z http://web.bndes.gov.br/bib/jspui/handle/1408/28847 Title: Perspectiva histórica das fontes de funding do BNDES Editor(s): Banco Nacional de Desenvolvimento Econômico e Social (Brasil). Área de Relacionamento, Marketing e Cultura. Departamento de Relacionamento. Gerência de Editoração e Memória 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. Description: Conteúdo: 1. Introdução -- 2. Primeira etapa (1952-1973) -- 3. Segunda etapa (1974-1995) -- 4. Terceira etapa (1995-2024) -- 5. Novas perspectivas e mudanças em curso -- 6. Conclusões -- Referências.; "O presente artigo é de exclusiva responsabilidade do autor, não refletindo, necessariamente, a opinião do BNDES".; Bibliografia: p. 28-35. 2025-11-01T00:00:00Z http://web.bndes.gov.br/bib/jspui/handle/1408/28367 Title: Entendendo a BNDESPAR Editor(s): Banco Nacional de Desenvolvimento Econômico e Social (Brasil). Área de Relacionamento, Marketing e Cultura. Departamento de Relacionamento Abstract: This paper aims to explain the role of BNDESPAR, the equity arm of BNDES, and its contributions for the development of the Brazilian capital markets with the generation of positive results for the Brazilian economy and the BNDES itself. The paper claims that this role was always relevant and congruent with the economic context and the public policies in place throughout different cycles in the past thirty years, presenting evidence and concrete success cases. Finally, the text describes BNDESPAR’s governance and its current priorities, with structured investments being pursued directly in companies that focus on themes such as decarbonization and climate change. Description: "O presente artigo é de exclusiva responsabilidade dos autores, não refletindo, necessariamente, a opinião do BNDES".; Inclui bibliografia: p. 39-41, notas de rodapé e apêndice. 2025-09-01T00:00:00Z http://web.bndes.gov.br/bib/jspui/handle/1408/27627 Title: A previdência social no Brasil: tendências e desafios Editor(s): Banco Nacional de Desenvolvimento Econômico e Social (Brasil). Área de Relacionamento, Marketing e Cultura. Departamento de Relacionamento Abstract: This article presents the main data regarding the situation of Brazilian social security. After showing the general characteristics of the organization of the country's social security system, the text sets out the main trends observed over the last few decades, with data that, in some cases, date back to the early 1980s, highlighting the role of demographics. Attention is drawn, in particular, to the expansion of expenditure by the National Social Security Institute (INSS), which, after having been 2.5% of the gross domestic product (GDP) in 1988, when the Constitution was approved, has recently reached around 8% of the GDP. Together with an analysis of the growth in welfare expenditures under the Continuous Cash Benefit Programme of the Organic Social Assistance Law (BPC-Loas), it is explained that, despite the relevance of the 2019 pension reform, the country still faces significant challenges in this area, and it is necessary to prepare for a new round of parametric changes, if not in the rest of the decade, certainly in 2030, in light of current demographic trends. Description: "O presente artigo é de exclusiva responsabilidade do autor, não refletindo, necessariamente, a opinião do BNDES".; Bibliografia: p. 47-50 2025-07-01T00:00:00Z