BNDES, o real e a política monetária e fiscal do Brasil

"... A five-week rally in the Brazilian real is limiting President Luiz Inacio Lula da Silva’s efforts to make the country’s exports more competitive in international markets. Lula himself is partly to blame, according to Harvard University Professor Ricardo Hausmann.
Record lending by the state development bank, known as BNDES, is contributing to the fastest economic growth in 15 years, prompting the central bank to raise the benchmark overnight rate 1.5 percentage points this year to 10.25 percent ...
... “BNDES should be ordered to slow credit growth,” Hausmann, the director of Harvard’s Center for International Development in Cambridge, Massachusetts, said in a June 23 telephone interview. “While the central bank is trying to responsibly control inflation, BNDES is expanding lending. That means the central bank will have to raise rates that much more.”
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