In this paper, the effect of loans from Brazilian Development Bank (BNDES) on economic growth is evaluated from different aspects: total loans, loans by maturity, sectorial distribution of loans and loans by currency. FMOLS, DOLS and CCR methods are applied for 2002q1-2022q3 periods. Then, the paper also uses OLS estimation method to check the results. The findings show that total loans have a positive effect on economic growth. Additionally, different types of loans are positively related to economic growth, as well. So, National Development Banks (NDBs) may be the most important tool to stimulate economic growth through different types of loans.
Key words: National Development Banks, Economic Growth, Brazilian Development Bank (BNDES), Loans. JEL Codes: O20, O11, O19. Article Language: EnglishTurkish
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