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      World Review of Political Economy

      Volume 5, Issue 2
       
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      The Role of Development Banks in the Process of Economic Development—Two Latin American Experiences: Mexico and Brazil

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            Abstract

            This article aims to show the role of financing in economic development in two countries, Brazil and Mexico, after World War II (WWII) to present day. We do a careful historical review to see what sort of policies and what kind of structure two national development banks (Nacional Financiera [NAFINSA] from Mexico and Banco Nacional de desenvolvimento Econômico e Social [BNdES] from Brazil) carry out in order to spark industrialization. Our research shows that these banks were successful at promoting growth (but not human development) in particular periods in their country's history (import substitution) and not successful in other periods (neoliberalism).

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            Author and article information

            Journal
            Journal ID (doi): 10.13169
            Journal ID (publisher-id): worlrevipoliecon
            Title: World Review of Political Economy
            Publisher: Pluto Journals
            ISSN (Print): 2042891X
            ISSN (Electronic): 20428928
            Publication date (Print): Summer 2014
            Volume: 5
            Issue: 2
            Pages: 204-230
            Article
            Publisher ID: worlrevipoliecon.5.2.0204
            DOI: 10.13169/worlrevipoliecon.5.2.0204
            SO-VID: 80c00918-6c6c-44e3-a5b4-1d42ec8fc6e4
            Copyright © Copyright 2014 World Association for Political Economy
            License:

            All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

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            Categories
            Subject: Articles

            ScienceOpen disciplines: Political economics
            Keywords: financing,growth and development,Banco Nacional de desenvolvimento Econômico e Social,Nacional Financiera

            Notes

            1. For Diamond, financing the public sector is more related with planning.

            2. Although in some countries there are private development banks, the vast majority are public (see De Luna-Martínez and Vicente 2012).

            3. Development banks are good at financing development, according to the backwardness of each country, state's intervention is accommodated (Gerschenkron 1962).

            4. Nacional Financiera (NAFINSA) changed its name in 1985 to NAFIN.

            5. Triner (1996, 1999) comments that private financing grew in the textile industry at the beginning of the 20th century.

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