The BNDES countercyclical role in the international economic crisis

Abstract

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. In counterpoint to criticism, especially with regard to the alleged subsidies Treasury to BNDES, it was concluded 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 in aggregate demand, employment, income and tax revenues.