On support from National Development Banks for the internationalisation of public Brazilian companies: it’s hard to say goodbye (to good companies)

  1. Alonso-Guinea, Fernando 1
  2. Alañón-Pardo, Ángel 1
  1. 1 Applied Economics, Economic Structure and Economic History, Faculty of Economics and Business, Complutense University of Madrid (Spain) and Complutense Institute for International Studies, Madrid, Spain
Zeitschrift:
Journal of Economic Policy Reform

ISSN: 1748-7870,  1748-7889

Datum der Publikation: 2024

Seiten: 1-24

Art: Artikel

DOI: 10.1080/17487870.2024.2302170 GOOGLE SCHOLAR lock_openOpen Access editor

Andere Publikationen in: Journal of Economic Policy Reform

Zusammenfassung

This article examines the relevance of National Development Banks (NDBs), taking as a reference the activity of Brazil’s BNDES (Banco Nacional de Desenvolvimento Econômico e Social) and its role in the internationalisation of State-Owned Enterprises (SOEs). NDBs cover market failures in access to financing for companies, and they promote the development of nascent industries. Within the business cycle, the key determination to be made is at what point NDBs should withdraw their support and reallocate resources to other developing industries and companies. Using operations databases from BNDES, this process is analysed by considering the different strategies followed by flagship Brazilian companies, including Vale, Embraer, and Petrobras.

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