Long term corporate financing in Brazil: Is Brazil becoming “normal”? by Ernani Teixeira Torres Filho and Luiz Macahyba published by MINDS (2015). “The government has to act quickly to foster the development of the long term market in order to accommodate the lack of BNDES funds. The response of the corporate bond market, however, will depend mainly on the levels of interest rates and on the expectations of economic agents about the trajectory of the Brazilian economy in the coming years.”
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