State-owned financial institutions as an arm of public policy for sustainable development

• Autor(a) principal: Feil, Fernanda de Freitas
• Data de Publicação: 2022
• Tipo de documento: Tese
• Idioma: eng
• Título da fonte: Repositório Institucional da Universidade Federal Fluminense (RIUFF)
• Texto Completo: http://app.uff.br/riuff/handle/1/26445
• topic: Instituição financeira; Desenvolvimento econômico; Banco de desenvolvimento; Desenvolvimento sustentável

The role of State-owned financial institutions (SFIs) has been a recurring topic of discussion in the scholars, political, and economic spheres. Financial services are essential in the economy for the supply of liquidity, which is imperative for financing investment and growth. Economic development is made possible by the financial systems capable of funding production. However, the instability inherent in the financial system may limit investors' ability to promote sustainable growth. The financial institutions' behaviour, operating in an environment of non-probabilistic uncertainty, can create instability in the economic system and obstacles to its progress. This thesis highlights the essentiality of SFIs, especially development banks, working as public policy arms and intelligence centres, capable of financing the catching-up process, regional and national development, and the green transition. That is, operating as what we call a "big government smart bank". This structural approach attributes a more significant role to SFIs and recommends that they work beyond market failures, address alternative ideas, and not amass around a single theoretical framework. Their performance should not be limited to complementing private institutions or acting countercyclically. In this sense, their position should be perennial, not transitory. Inserted in a broader context of "sustainable development convention", promoting development, SFIs must operate while embracing a mission, supporting the structural transformation, and following government guidelines. This thesis compiles four articles on State-owned financial institutions as part of research on credit, cathing-up, and sustainable development. The chapters are "Regional State- owned financial institutions and the challenges of the National Development System"; "Regional credit distribution in Brazil: the role of State-owned financial institutions"; "Development banks as an economic policy arm – promoting sustainable structural change"; and "The green transition and the need for a sustainable development convention".