A trajetória do Banco do Brasil no período recente, 2001-2006: banco público ou banco estatal "privado"? The recent path of the bank of Brazil, 2001-2006: public bank or "private" state-owned bank?

O objetivo deste texto é avaliar a performance do Banco do Brasil (BB) no período 2001-2006, enfatizando os seguintes aspectos: O desempenho do BB correspondeu ao de um banco público tradicional que atua como um importante instrumento de governo para a promoção do desenvolvimento? Ou, ao invés disso, a trajetória recente do banco pode ser caracterizada pelo reforço de uma lógica privada de atuação? O texto procura levantar algumas questões relativas ao papel do Estado na atividade econômica, particularmente o papel que um grande banco estatal pode e deve ter para financiar o desenvolvimento em um país periférico (e desigual) como o Brasil. A conclusão mais geral é que, desde meados dos anos 1980, o Banco do Brasil tem perdido crescentemente a função básica que costumava exercer como banco público.<br>The purpose of this paper is to assess the performance of the Bank of Brazil (BB) in the 2001-2006 period, with a focus on the following aspects: has the BB actually performed the role of a typical public bank, functioning as an important instrument to foster development in Brazil? Or, instead, has its recent path been characterised by the reinforcement of a private logic of behaviour? The paper aims at raising a few questions regarding the role of the state in the economic activity, particularly the role that a big state-owned bank can and must perform to finance development in a peripheral (and unequal) country like Brazil. The general conclusion is that, since the mid-80s, the BB has increasingly lost the key function that it formerly exerted as a public bank. A distinct pattern of behaviour has emerged, characterised by the bank's transformation into a "more private, less public" institution

Política de Crédito do BNDES e Sustentabilidade de Crescimento do Setor Primário

The purpose of the paper is to investigate the effectiveness of credit supply by the National Bank for Social and Economic Development (BNDES) on the growth sustainability of the primary sector, based on convergence criteria with the application of an autoregressive model with endogenous threshold, as proposed in Caner e Hansen (2001). The empirics were conducted in the period from January/2000 to September/2014 with quarterly data from the Brazilian Institute of Geography and Statistics (IBGE) for the Gross Domestics Product (GDP) of the primary sector and from the BNDES for disbursements to that sector. The estimates allow us to infer that the growth dynamics of the proposed indicator, disbursement/GDP, is linear and globally explosive. These findings suggest that BNDES disbursements policy for the primary sector is not consistent with maintaining a trajectory of sustainable economic growth in the long run, which leads to inefficiency in its allocation of credit granting