Long-term finance and BNDES tapering in Brazil by Otaviano Canuto & Matheus Cavallari published by OCP Policy Center (6/2017). “…Given that fiscal consolidation has already been leading to less transfer of funds – in fact, the reversal – from the Treasury to the National Economic and Social Develoment Bank (BNDES) and a consequent downsizing of the latter’s operations, pursuing the double objective of raising productivity and adjusting fiscal accounts will require an expansion of alternative sources of long-term asset finance.”
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