Since it was founded in 1952, the Banco Nacional de Desenvolvimento Econômico e Social (BNDES; Brazilian National Bank for Economic and Social Development) has been at the centre of Brazil's industrialisation and development strategy. It played a key role in the evolution of policies from import substitution to market-opening and privatisation, to the ‘new developmentalism’. The article evaluates and discusses whether BNDES fulfils the three typical functions expected of national development banks: financial sector development; business climate enhancement; and knowledge services.
Doctor, M. (2015). Assessing the changing roles of the Brazilian Development Bank. Bulletin of Latin American Research, 34(2), 197-213. https://doi.org/10.1111/blar.12210