Treasury loans to the BNDES: Cornucopia? by Márcio G. P. Garcia. “The authors recognize that part of the investments financed by the BNDES would have been financed by other sources, if the subsidized financing had not existed. Therefore, it is necessary to estimate the volume of investment financed by the BNDES that would not have been understaken if the subsidized loans had not been made possible by Treasury funds. However, to do this they use inadequate econometric tools.” See PDF Attached
