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

João Carlos Ferraz (), Luma Ramos () and Bruno Plattek ()

Brazilian Journal of Political Economy, 2022, vol. 42, issue 4, 977-997

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 andtheir suppliers in the 2010s and which exogenous and endogenous factors conditioned itsactions and the related outcomes. It demonstrates that technology, market, and policy driversconstituted exogenous windows of opportunities while, from an endogenous perspective,BNDES timely mobilised internal competencies to implement successive finance innovationsresulting in a significant development of such sustainable industry. It is hoped that thisarticle may be a source of inspiration for those engaged in researching and promoting policyinnovations. JEL Classification: O13; O16; O25; Q01; Q48.

Keywords: Policy capacity; development finance; innovation; sustainable industries (search for similar items in EconPapers)
Date: 2022
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