O papel anticíclico do BNDES na crise econômica internacional
| Autor | Alexandre Silva Oliveira |
| Páginas | 39-59 |
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The BNDS countercyclical role in the internacional economics crisis
Abstract: the paper analyses the role of Brazilian Bank for Economic and Social Development (BNDES)
during international crisis from 2008 on. It discusses, from the Keynesian approach, the Bank’s
countercyclical role, which boosts the resources to investment financing and their effects on the
employment expansion, income and tax revenues. In contrast to the criticism, especially regarding to the
alleged National Treasury’s subsidies to BNDES, it is concluded that BNDES performance was positive
during of the crisis and was essential to minimize adverse effects on the Brazilian economy. The financing
operations costs to the National Treasury is smaller than the benefits, taking into account the
investment’s multiplier effects, as well as the aggregate demand, employment and taxes revenues
increasing.
Resumo: o artigo analisa o papel do Banco Nacional de Desenvolvimento Econômico e Social (BNDES)
durante a crise deflagrada em 2008. É discutido, a partir de uma abordagem Keynesiana, o papel
anticíclico da instituição financeira, com a disponibilização de recursos para financiamento de
investimentos e seus efeitos sobre a expansão do emprego, renda e impostos. Em contraste as críticas,
especialmente quanto aos subsídios advindos do Tesouro Nacional, pode-se concluir que foram positivos
os efeitos da atuação do BNDES durante a crise e foi essencial para minimizar os impactos na economia
brasileira. Os custos das operações financeiras com o Tesouro Nacional foram menores do que os
benefícios produzidos, considerando-se o efeito multiplicador dos investimentos, bem como a demanda
agregada, emprego e geração de impostos.
Keywords: BNDES; Treasury Policy; Brazilian economy
Jel Classification: E63 – Treasury Policy, G01 – Financial Crises, H12 – Crises Management.
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1 INTRODUCTION
The article discusses the countercyclical role of the National Bank of Economic and Social
Development (BNDES) in the economic crisis of 2008-2009. It discusses, from the Keynesian approach,
the countercyclical role of the Bank, which expanded the resources to finance productive investments and
their effects on the expansion of employment, income and tax revenues.
The article provides a counterpoint to criticism, especially with regard to the alleged subsidies
Treasury to BNDES - pointing to the role of public banks cause macroeconomic imbalances, with rising
inflation, imbalances of public accounts, caused by government subsidies and a disincentive to private
funding. Unlike this approach, we found that the BNDES helped increase productive investment in recent
years. Moreover, the fiscal cost of the BNDES performance should be analyzed in perspective and with
respect to their benefits generated, i.e., the government has expanded its revenue by increasing tax
revenues from increased taxes on aggregate demand, but also the Treasury receives plus dividends from
the Bank, being the majority shareholder of the Bank.
Unlike the approach mentioned above, the counterpoint proposed in this article is that public
banks boost productive investment that the Keynesian multiplier effect expands employment, income and
government revenue. The fiscal cost of BNDES performance is much less than the benefits generated,
considering that the government has expanded its revenue increased by raising taxes on higher aggregate
demand.
It should be added that the Treasury receives further dividends, since is the majority shareholder
of the Bank. Thus, the country has the macroeconomic benefit by widening Gross Domestic Product
(GDP), employment, income, and a positive result in the public accounts. We conclude that the pro-
activity of this institution during the crisis of the late 2000s was crucial to mitigate the adverse effects on
the economy.
The cost of financing operations for the exchequer should be analyzed from the perspective of the
benefits generated, considering the indirect impacts as the multiplier effect of the investments, as well as
the increase of the aggregate demand, employment, income and tax revenues.
Thus, the article has the following structure: In Section 1 we conducted a brief history of the
importance of BNDES for financing public; The section 2 presents its countercyclical role in the
economic crisis of 2009; In the section 3 we present an analysis on the structure of capitation of the
resources together to the National Treasury and the costs created in such operations and their
consequences for the economy; Section 4 presents a review of the importance of capital markets as
external financing as alternatives to finance the National Treasury.
2. Brief history of the National Bank of Development, Economic and Social (BNDES)
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