http://web.bndes.gov.br/bib/jspui/handle/1408/665 <strong> BNDES in focus | BNDES en foco</strong><br><br>Esta comunidade reúne publicações cujo tema principal é o BNDES. Inclui livros e artigos sobre a história do Banco e também sobre sua atuação nos diversos setores da economia.<br><br>This community gathers publications whose main theme is the BNDES. It includes books and articles on the history of the Bank and also its work in the various sectors of the economy.<br><br>Esta comunidad reúne publicaciones cuyo tema principal es el BNDES. Incluye libros y artículos sobre la historia del Banco y también su trabajo en los diversos sectores de la economía. Sat, 26 Sep 2026 12:36:29 GMT 2026-09-26T12:36:29Z http://web.bndes.gov.br/bib/jspui/handle/1408/30588 Title: Political strategy and the growth of business groups Authors: Gama, Marina Amado Bahia; Mello, Rodrigo Bandeira-de; Spuldaro, Juliano Danilo Abstract: How do companies and government interactions affect business groups’ decisions on growth? So far, empirical evidence is based on qualitativedata that do not explain how political strategies affect the expansion or diversification of business groups. Our main contribution is to discuss theconditions that affect their growth. To do this, we conducted an in-depth field study in six business groups, and examined 17 growth decisions. Fourcategories (origin of growth, historical relationships, business group’s scope and use of specific political strategies) emerged from the analysis,based on interviews with managers and on 480 secondary data sources. We further applied the qualitative comparative method to test our categoriesas conditions for growth. We found that a historical relationship between the group and the government is a necessary but insufficient conditionfor growth through diversification. To foresee diversification, historical relationship must be aligned with government’s political interest, or withthe use of one or a combination of specific political tactics. We found no set of variables that can fully explain growth through expansion. Description: Este e um artigo Open Access sob uma licença CC BY (http://creativecommons.org/licenses/by/4.0/); Disponível também on-line em: https://www.sciencedirect.com/science/article/pii/S2531048817300226?via%3Dihub; Bibliografia: p. 46-47. Mon, 01 Jan 2018 00:00:00 GMT http://web.bndes.gov.br/bib/jspui/handle/1408/30588 2018-01-01T00:00:00Z http://web.bndes.gov.br/bib/jspui/handle/1408/30587 Title: Infrastructure and its role in Brazil's development process Authors: Amann, Edmund Abstract: This article considers the relationship between growth and infrastructure spending in the Brazilian contexto and the nature and causes of infrastructural underinvestment. The paper begins by considering the relationship between infrastructural investment and economic growth on both a national and regional basis. Next, focusing on the critical urban transportation sector, the paper gauges the infrastructural shortfall facing Brazil and the policies designed to overcome it. Given the obvious importance of infrastructure, why has investment not been higher? In the final section we argue that a central reason for this lies in regulatory design and implementation. Description: This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).; Disponível também on-line em: https://www.sciencedirect.com/science/article/pii/S1062976916300540; Bibliografia: p. 73. Fri, 01 Jan 2016 00:00:00 GMT http://web.bndes.gov.br/bib/jspui/handle/1408/30587 2016-01-01T00:00:00Z http://web.bndes.gov.br/bib/jspui/handle/1408/30567 Title: The relaunching of industrial policy in Brazil : what have rare earths got to do with it? Authors: Mindreau Montero, Manuel Abstract: With the purpose of reverting the process of premature ‘de-industrialization’ suffered by the Brazilian economy in the previous decade, the Lula III administration has embarked on implementing a new industrial programme using a ‘mission-driven’ design. Several of the missions prioritised by Nova Indústria Brasil, officially announced in January 2024, will imply a greater demand for rare earths and other critical minerals necessary both for the energy and digital transitions, and the defence industry –integral components of the ‘neoindustrialisation’ objectives contemplated in the missions to be accomplished. Furthermore, in a setting of global great power rivalry and exacerbated supply chain failures, the quest for securing access to critical minerals away from China is offering Brazil, a country with large reserves of rare earths, additional prospects for linking production of these minerals to industrial policy. But how is the Federal Government responding to this opportunity for economic upgrading in its rare earths sector? The question will be examined by comparing Brazil’s attempts at strategic management of rare earths over the 2010–2025 period within the context of President Rousseff’s Plano Brasil Maior, the absence of industrial policy during the Temer and Bolsonaro administrations, and the recently launched Nova Indústria Brasil. Description: This is an open access article under the CC BY license ( http://creativecommons.org/licenses/by/4.0/ ).; Disponível também on-line em: https://www.sciencedirect.com/science/article/pii/S2214790X25001121?via%3Dihub; Bibliografia: p. 11. Mon, 01 Dec 2025 00:00:00 GMT http://web.bndes.gov.br/bib/jspui/handle/1408/30567 2025-12-01T00:00:00Z http://web.bndes.gov.br/bib/jspui/handle/1408/30547 Title: The influence of interest on net equity and interest rates on tax neutrality : a case study of the Brazilian corporate taxation Authors: Almeida, Aloísio Flavio Ferreira de; Paes, Nelson Leitão Abstract: In this paper we visit the capital income taxation in Brazil to know whether and to what extent interest on net equity (INE) has an influence on tax neutrality, i.e., if it helps reducing debt financing advantage over equity. The paper also addresses the persistent Brazilian high interest rates influence on the cost of capital, especially for small and medium enterprises (SME), given that big companies are usually allowed to access low interest rates from BNDES, the National Public Development Bank in Brazil. Based on King and Fullerton methodology for computation of effective tax rates, this paper derives the pre-tax and post-tax rates of returnon investment, the tax wedges and the correspondent effective tax rates in Brazil, comparing three sources of finance (debt, retained earnings and new equity) and three types of assets: machinery, buildings and inventories. Our simulations show that INE reduces the cost of capital for new equity by 40% but it cannot offset the debt advantage. On the other hand, very high interest rates as found in Brazil make debt finance the worst option, forcing SME to finance themselves. Description: Open access, under a Creative Commons license.; Disponível também on-line em: https://www.sciencedirect.com/science/article/pii/S1517758013000131?via%3Dihub; Bibliografia: p. 197-198. Tue, 01 Jan 2013 00:00:00 GMT http://web.bndes.gov.br/bib/jspui/handle/1408/30547 2013-01-01T00:00:00Z