Uma proposta de reativação do BNDES frente aos desafios do século XXI

Abstract

The major economic changes underway, notably the energy transition, the digital revolution and the technological innovations associated with them, will lead to an expansion in the demand for financial resources to invest in such activities. However, given their high degree of uncertainty and risk, Brazil’s private capital market will not be able or willing to offer the necessary amount of credit throughout this century. The role of the Brazilian Development Bank (BNDES) in offering long-term credit, in amounts and under conditions that meet the social agenda, but also encourage investments in these strategic activities, will be crucial for Brazil to take advantage of the opportunities that arise over this century. In view of that, this essay has three goals: first, present, in a broad perspective, a summary of the theories on the role of the financial system in economic development, with emphasis on the theoretical justification for the active role of development banks in providing credit to finance longterm investments; second, make a brief historical overview of the BNDES's operational policies in order to distinguish its different policy mechanisms since its creation in 1952; and third, considering the great changes that will continue throughout the century, as well as the economic and social particularities of Brazil, suggest priority axes of action, propose diversified ways of raising financial resources and discuss a reconfiguration of interest rates inherent to the BNDES's financing lines.