Abstract
The 2009–11 period revealed Brazil’s capacity to stay on the growth path, which had characterized the national economic performance from 2005 up to the first hint of damaging effects of the international financial crisis on the country in the second half of 2008. Not only was it possible for the country, by means of incisive anti-cyclical initiatives, to diminish the severity of the crisis, but the government’s determination and the array of instruments available were also reinforced to prioritize the long-term nature and maintain the growth of investment ahead of GDP. In fact, the proportion of Gross Fixed Capital Formation (GFCF) in GDP rose from 17.4 percent in 2007 to 19.3 percent in 2011, despite the fall posted at the end of 2009. From the perspective of sustainable development, however, this level is clearly insufficient. It is essential to further raise the rate of investment in Brazil, without which it will be difficult to maintain the recent growth trajectory and to strengthen the competitiveness of Brazilian firms.
This article is an English version of Ferraz et al. (2012).
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References
Além, A.C. and Giambiagi, F. (eds), O BNDES em um Brasil em Transiç’o (Rio de Janeiro: BNDES).
BNDES (2013) BNDES: a bank of history and of the future (São Paulo: Museu da Pessoa).
Fenaz, J.C., Leal, C., Marques, F., and Miterhof, M. (2012) “O BNDES e o financiamento do desenvolvimento,” Revista da USP, no. 93, Dossiêspecial: Desenvolvimento: uma corrida de longa distância (São Paulo: USP).
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© 2013 International Economic Association
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Ferraz, J.C., Leal, C.F.C., Marques, F.S., Miterhof, M.T. (2013). Financing Development: The Case of BNDES. In: Stiglitz, J.E., Lin, J.Y. (eds) The Industrial Policy Revolution I. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137335173_10
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DOI: https://doi.org/10.1057/9781137335173_10
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