XIII National Conference of Researchers in Regional Economies

The Development Bank of Brazil in the recent neoliberalization process (2003-2019)

Abstract

This article studies the process of neoliberalization in Brazil with the national Bank for Economic and Social Development (BNDES) as a case study during the period 2003-2019. This time frame seeks to observe the action of the BNDES during the first three governments of the Workers Party –PT– (2003-2014) and its changes and remains from the offensive conservative that began in 2015 until 2019, when the far-right completed the first year of government, before the outbreak of the pandemic of COVID-19. The research methodology consisted of the analysis of operational statistics, documents and interviews conducted at BNDES. Among the results we highlight how between 2003 and 2014 the BnDEs expanded its financing power to benefit partnerships between large public and private companies in large projects, a situation we call BNDES conglomerator. On the contrary, between 2015 and 2019 the bank was reduced in its financing power, oriented to manage and finance a new round of privatizations and to promote the creation of financial instruments in the private capital market, a moment that we call BNDES privatization. This trend is accentuated with the assumption of the far-right government in 2019, which further reduced its regulatory and financing capacity on the eve of the COVID-19 pandemic.