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I evaluate the impact of BNDES disbursements on Brazilian commercial banks’ disbursement using balance-sheet data for the period of 2002-2016. Using dynamic panel data techniques, I find BNDES disbursement for both investment in innovation and fixed capital investments crowded-in commercial banks’ disbursement. Further, the results obtained considering the distribution before and after 2008, suggest the beginning of the crowding-in impact together with the countercyclical role adopted by the bank at the beginning of the financial crisis.

Investigating the Role of BNDES as a Tool to Transmit Countercyclical Policy Decisions: Evidence from 2002-2016