Abstract
ABSTRACT This article examines the relevance of National Development Banks (NDBs), taking as a reference the activity of Brazil’s BNDES (Banco Nacional de Desenvolvimento Econômico e Social) and its role in the internationalisation of State-Owned Enterprises (SOEs). NDBs cover market failures in access to financing for companies, and they promote the development of nascent industries. Within the business cycle, the key determination to be made is at what point NDBs should withdraw their support and reallocate resources to other developing industries and companies. Using operations databases from BNDES, this process is analysed by considering the different strategies followed by flagship Brazilian companies, including Vale, Embraer, and Petrobras.
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