The life-cycle of national development banks: The experience of Brazil’s BNDES by Ernani Torres and Rodrigo Zeidan published by Elsevier (7/2016). “…For many developing countries, institutions like the BNDES may be a tenable solution for building long-term local financial institutions and markets, and developing specialized human capital. However, they also pose potencial risks centered on issues of scalability, crowding out, graft and inefficiency.”
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