| Popis: |
Clearly one cannot deny the influence of BNDES on the Brazilian economy, its fundamental contribution in the provision of longer-term finance, and its pronounced counter-cyclical lending during the recent global financial crisis, and all of those points are well made in the paper. What is less clear is whether this model is replicable and advisable for other developing countries, whether BNDE’ influence will adversely affect (or has adversely affected) the provision of long-term finance by private financial institutions, and whether counter-cyclical lending by state banks reaches the borrowers who are most worthy of credit. |
