The BNDES’ disbursements, investment, and growth rate in Brazil from 1953 to 2013


Victor Manuel Isidro Luna


In this article, we analyze the behavior of the BNDES’ disbursements, investments in machinery and equipment, and the growth rate, from 1953 to 2013. We find that investments in machinery and equipment lead the BNDES’ disbursements through an Error Correction Model (ECM). Also, we show that the BNDES positively affected investment and growth during long-term economic expansions (procyclical performance) and contributed positively to investment but not to growth during long-term economic recessions.

Palabras clave

BNDES, Investment, Business Cycle, Brazil, Growth.



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