Regulating development banks: a case study of the Brazilian Development Bank (BNDES) (1952-2019)

Norberto Montani Martins, Ernani Teixeira Torres Filho

Resumo


This paper analyzes the experience of the Brazilian Development Bank [Banco Nacional de Desenvolvimento Econômico e Social] (BNDES) from 1952 to 2019 to understand how financial regulatory standards influence development banks and their performance as a tool for the socialization of investment and promotion of full employment. We focus on the period after the adoption of Basel standards by Brazilian authorities (1994), presenting and assessing the current regulatory framework that rules BNDES governance, operations, and risk management practices. Our methodology combines a comprehensive review of regulations, relevant data provided by BNDES and the Central Bank of Brazil and semi-structured interviews with BNDES’ staff.


Palavras-chave


Financial Regulation; Development Banks; Basel Accords; Brazilian Development Bank

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Referências


BNDES. BNDES By-Laws. Rio de Janeiro: BNDES, 1952.

BNDES. BNDES By-Laws. Rio de Janeiro: BNDES, 1964.

CASTRO, L. B. Financial Regulation and Risk Management in Development Banks. Development Finance Research, n. 5, p. 44-58, 2018.

CASTRO, L. B. Regulação Financeira: Teoria, Acordos de Basiléia e a Experiência Recente do BNDES. 2009. Thesis (PhD in Economics) – Universidade Federal do Rio de Janeiro, Rio de Janeiro, 2009.

PRADO, L. C.; MONTEIRO FILHA, D. O BNDES e os acordos de capital de Basileia. Revista do BNDES, v. 12, n. 23, p. 177-200, 2005.

SOBREIRA, R.; MARTINS, N. M. Os Acordos de Basiléia e bancos de desenvolvimento no Brasil: uma avaliação do BNDES e do BNB. Brazilian Review of Public Administration, v. 45, n. 2, p. 349-376, 2011.

TORRES FILHO, E. T. O BNDES em uma encruzilhada: como evitar sua desmontagem. Carta IEDI, 2018.

TORRES FILHO, E. T.; MARTINS, N. M. Survival constraint and financial regulation: a new Minskyian approach. Brazilian Journal of Political Economy, v. 42, n. 1, p. 88-104, 2022.


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