Development finance innovations and conditioning factors: The case of the Brazilian Development Bank and sustainable industries

Author:

FERRAZ JOÃO CARLOS1ORCID,RAMOS LUMA2ORCID,PLATTEK BRUNO3ORCID

Affiliation:

1. Universidade Federal do Rio de Janeiro, Brasil

2. Boston University Global Development Policy Center, United States

3. Banco Nacional de Desenvolvimento Econômico e Social, Brasil; Universidade Federal do Rio de Janeiro, Brasil

Abstract

ABSTRACT This article analyses the policy capacity of the Brazilian Development Bank, BNDES, to develop and implement finance innovations to foster the local wind industry and their suppliers in the 2010s and which exogenous and endogenous factors conditioned its actions and the related outcomes. It demonstrates that technology, market, and policy drivers constituted exogenous windows of opportunities while, from an endogenous perspective, BNDES timely mobilised internal competencies to implement successive finance innovations resulting in a significant development of such sustainable industry. It is hoped that this article may be a source of inspiration for those engaged in researching and promoting policy innovations.

Publisher

FapUNIFESP (SciELO)

Subject

Political Science and International Relations,General Economics, Econometrics and Finance,Sociology and Political Science

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