What do state-owned development banks do? Evidence from BNDES, 2002-09

World Development

Volumn 66, Issue , 2015, Pages 237-253

  Lazzarini, Sergio G ^a   Musacchio, Aldo ^b,c,d   Bandeira de Mello, Rodrigo ^e   Marcon, Rosilene ^f  

^a INSPER INSTITUTE OF EDUCATION AND RESEARCH   (Brazil)

^b BRANDEIS UNIVERSITY   (United States)

^c HARVARD BUSINESS SCHOOL   (United States)

^d NATIONAL BUREAU OF ECONOMIC RESEARCH   (United States)

^e FUNDAÇÃO GETÚLIO VARGAS   (Brazil)

^f UNIVERSIDADE DO VALE DO ITAJAÍ   (Brazil)

Author keywords

BNDES; Development banks; Industrial policy; Political connections; State owned banks

Indexed keywords

BANKING; CAPITAL FORMATION; EXPENDITURE; INDUSTRIAL PERFORMANCE; INDUSTRIAL POLICY; INVESTMENT; LENDING BEHAVIOR; STATE OWNED ENTERPRISE;

BRAZIL;

EID: 84907760425     PISSN: 0305750X     EISSN: 18735991     Source Type: Journal    
DOI: 10.1016/j.worlddev.2014.08.016     Document Type: Article

References (71)

1. Abadie A., Drukker D., Herr J.L., Imbens G. Implementing matching estimators for average treatment effects in Stata. Stata Journal 2004, 4(3):290-311.
2. Abadie A., Imbens G. Bias-corrected matching estimators for average treatment effects. Journal of Business & Economic Statistics 2011, 29(1):1-11.
3. Ades A., Di Tella R. National champions and corruption: some unpleasant interventionist arithmetic. The Economic Journal 1997, 107(443):1023-1042.
4. Almeida, M. (2009). Desafios da real política industrial brasileira no século XXI. Texto para discussão 1452, IPEA.
5. Amsden A.H. Asia's next giant: South Korea and late industrialization 1989, Oxford University Press, New York.
6. Amsden A.H. The rise of 'the rest': challenges to the West from late-industrializing economies 2001, Oxford University Press, Oxford.
7. Antunes, A., Cavalcanti, T., & Villamil, A. (2012). The effects of credit subsidies on development. Unpublished manuscript.
8. Araújo C.E.P.d. Financiamento de campanhas eleitorais. Revista de Informação Legislativa 2004, 41:59-66.
9. Armendáriz de Aghion B. Development banking. Journal of Development Economics 1999, 58:83-100.
10. Aronovich S., Fernandes A.G. A atuação do governo no mercado de capitais: experiências de IFDs em países desenvolvidos. Revista do BNDES 2006, 13(25):3-34.
11. Arvate, P., Barbosa, K. d. S., & Fuzitani, E. (2013). Campaign donation and government contracts in Brazilian states. Unpublished manuscript.
12. Bailey W., Huang W., Yang Z. Bank loans with Chinese characteristics: Some evidence on inside debt in a state-controlled banking system. Journal of Financial and Quantitative Analysis 2011, 46(6):1795-1830.
13. Bandeira-de-Mello R., Marcon R. Unpacking firm effects: Modeling political alliances in variance decomposition of firm performance in turbulent environments. Brazilian Administration Review 2005, 2(1):21-37.
14. Behr, P., Norden, L., & North, F. (2012). Financial constraints of private firms and bank lending behavior. Unpublished manuscript.
15. BNDES 50 Anos: Histórias Setoriais 2002, DBA Artes Gráficas, São Paulo.
16. BNDES (2013). Relatório de administração - sistema BNDES. Unpublished manuscript, Rio de Janeiro.
17. Boas T., Hidalgo F.D., Richardson N. The spoils of victory: Campaign donations and government contracts in Brazil. The Journal of Politics 2014, 76(2):415-429.
18. Bruck N. The role of development banks in the Twenty-First Century. Journal of Emerging Markets 1998, 3:39-67.
19. Cameron R. France and the economic development of Europe, 1800-1914 1961, Princeton University Press, Princeton.
20. Campos R.d.O. A retrospect over Brazilian development plans. The economy of Brazil 1969, 317-344. University of California Press, Berkeley and Los Angeles. H.S. Ellis (Ed.).
21. Carvalho, D. (2010). The real effects of government-owned banks: Evidence from an emerging market. Unpublished manuscript.
22. Caughey D., Sekhon J. Elections and the regression discontinuity design: Lessons from close US house races, 1942-2008. Political Analysis 2011, 19(4):385-408.
23. Claessens S., Feijen E., Laeven L. Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics 2008, 88:554-580.
24. Coelho, D., & De Negri, J. A. (2010). Impacto do financiamento do BNDES sobre a produtividade das empresas: uma aplicação do efeito quantílico de tratamento. Unpublished manuscript.
25. Cole S. Fixing market failure or fixing elections? Agricultural credit in India. American Economic Journal: Applied Economics 2009, 1(1):219-250.
26. Colombo M.G., Giannangeli S., Grilli L. Public subsidies and the employment growth of high-tech startups: assessing the impact of selective and automatic support schemes. Industrial and Corporate Change 2012, http://icc.oxfordjournals.org/content/early/2012/11/09/icc.dts037.
27. Cook T.D., Shadish W.R., Wong V.C. Three conditions under which experiments and observational studies produce comparable causal estimates: New findings from within-study comparisons. Journal of Policy Analysis and Management 2008, 27(4):724-750.
28. Cull, R. J., Li, W., Sun, B., & Xu, L. C. (2013). Government connections and financial constraints: Evidence from a large representative sample of Chinese firms. World Bank Working Paper 6352.
29. Curralero C.R.B. A atuação do sistema BNDES como instituição financeira de fomento no periodo 1952-1996 1998, Universidade Estadual de Campinas, Campinas.
30. De Negri, J. A., Maffioli, A., Rodriguez, C. M., & Vázquez, G. (2011). The impact of public credit programs on Brazilian firms. Unpublished manuscript.
31. Dinç I.S. Politicians and banks: Political influences on government-owned banks in emerging markets. Journal of Financial Economics 2005, 77:453-479.
32. Evans P. Embedded autonomy: States and industrial transformation 1995, Princeton University Press, Princeton.
33. Faccio M. Politically connected firms. American Economic Review 2006, 96(1):369-386.
34. Falck O., Gollier C., Woessmann L. Arguments for and against policies to promote national champions. Industrial policy for national champions 2011, 3-9. MIT Press, Cambridge. O. Falck, C. Gollier, L. Woessmann (Eds.).
35. Fazzari S.M., Hubbard R.G., Petersen B.C. Financing constraints and corporate investment. Brookings Papers on Economic Activity 1988, 1:141-195.
36. Ferraz J.C., Além A.C., Madeira R.F. A contribuição dos bancos de desenvolvimento para o financiamento de longo prazo. Revista do BNDES 2013, 40:5-42.
37. Fordwor K.D. Some unresolved problems of the African Development Bank. World Development 1981, 9(11-12):1129-1139.
38. Gerschenkron A. Economic backwardness in historical perspective 1962, Harvard University Press, Cambridge.
39. Haber S. Introduction: The political economy of crony capitalism. Crony capitalism and economic growth in Latin America: Theory and evidence 2002, xi-xxi. Hoover Institution Press, Stanford. S. Haber (Ed.).
40. Hainz, C., & Hakenes, H. (2008). The politician and the banker. Unpublished manuscript.
41. Inoue C.F.K.V., Lazzarini S.G., Musacchio A. Leviathan as a minority shareholder: Firm-level performance implications of equity purchases by the government. Academy of Management Journal 2013, 56(6):1775-1801.
42. Inoue, C. F. V. (2011). Capitalismo de Estado no Brasil: uma análise das participações minoritárias do Banco Nacional de Desenvolvimento EconÔmico e Social (BNDES) entre 1995 e 2009. Unpublished manuscript.
43. Khanna T., Yafeh Y. Business groups in emerging markets: Paragons or parasites?. Journal of Economic Literature 2007, 45:331-372.
44. Khwaja A.I., Mian A. Do lenders favor politically connected firms? Rent provision in an emerging financial market. Quarterly Journal of Economics 2005, 120(4):1371-1411.
45. Kornai J. Resource-constrained versus demand-constrained systems. Econometrica 1979, 47(4):801-819.
46. Krueger A.O. Government failures in development. Journal of Economic Perspectives 1990, 4(3):9-23.
47. La Porta R., Lopez de Silanes F., Shleifer A. Ownership of banks. Journal of Finance 2002, 57(1):265-302.
48. Lamenza G., Pinheiro F.P., Giambiagi F. A capacidade de desembolso do BNDES durante a década de 2010. Revista do BNDES 2011, 36:43-88.
49. Lazzarini S.G. Capitalismo de laços: os donos do Brasil e suas conexões 2011, Campus/Elsevier, Rio de Janeiro.
50. Leff N.H. Economic policy-making and development in Brazil, 1947-1964 1968, John Wiley & Sons, New York.
51. Lin J., Chang H.-J. Should industrial policy in developing countries conform to comparative advantage or defy it? A debate between Justin Lin and Ha-Joon Chang. Development Policy Review 2009, 27(5):483-502.
52. Musacchio A. Experiments in financial democracy: corporate governance and financial development in Brazil, 1882-1950 2009, Cambridge University Press, Cambridge.
53. Musacchio A., Lazzarini S.G. Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond 2014, Harvard University Press, Cambridge.
54. Najberg S. Privatização de Recursos Públicos: Os Empréstimos do Sistema BNDES ao Setor Privado Nacional com Correção Monetária Parcial 1989, PUC-RIO, Rio de Janeiro.
55. Ndongko W.A. Development bank lending: The Cameroon experience. World Development 1975, 3(6):421-425.
56. Nelson P.J. Transparency mechanisms at the multilateral development banks. World Development 2001, 29(11):1835-1847.
57. Nunes, E. d. O. (1997). A grámatica política do Brasil: clientelismo e insulamento burocrático. Sao Paulo: J. Zahar Editor.
58. Ottaviano, G. I. P., & Sousa, F. L. (2007). The effect of BNDES loans on the productivity of Brazilian manufacturing firms. Unpublished manuscript.
59. Pereira, T. R., Simões, A., & Carvalhal, A. (2011). Mensurando o resultado fiscal das operações de empréstimo do Tesouro ao BNDES: custo ou ganho líquido esperado para a União? Unpublished manuscript, Rio de Janeiro.
60. Prochnik M., Machado V. Fontes de Recursos do BNDES 1995-2007. Revista do BNDES 2008, 14(29):3-34.
61. Rajan R.G., Zingales L. Financial dependence and growth. The American Economic Review 1996, 88(3):559-586.
62. Rodrik D. Getting interventions right: How South Korea and Taiwan grew rich. Economic Policy 1995, 20:55-107.
63. Rodrik, D. (2004). Industrial policy for the twenty-first century. CEPR Discussion Paper 4767, London.
64. Samuels D. Pork barreling is not credit claiming or advertising: Campaign finance and the sources of personal vote in Brazil. The Journal of Politics 2002, 64(3):846-863.
65. Sapienza P. The effects of government ownership on bank lending. Journal of Financial Economics 2004, 72(2):357-384.
66. Schneider B.R. Politics within the state: Elite bureaucrats and industrial policy in authoritarian Brazil 1991, University of Pittsburgh Press, Pittsburgh.
67. Schneider B.R. Business politics and the State in twentieth-century Latin America 2004, Cambridge University Press, Cambridge.
68. Sousa, F. L. (2010). Custos, BNDES e produtividade. Unpublished manuscript.
69. Tendler J. Electric power in Brazil 1968, Harvard University Press, Cambridge, MA.
70. Villela A. Taxa de Investimento e Desempenho do BNDES: 1985/94. Revista do BNDES 1995, 2(4):129-142.
71. Yeyati, E. L., Micco, A., & Panizza, U. (2004). Should the government be in the banking business? The role of state-owned and development banks. Unpublished manuscript.