The role of law and public-private collaboration in promoting innovative firms in Brazilthe case of the BNDES and the 'criatec fund'

Resumo

This paper presents the result of a qualitative empirical research about the 'Criatec Fund', a venture capital fund, privately managed and directed to innovative firms, that was created in 2007 by the Brazilian Development Bank (BNDES). The paper discusses the role of law in the implementation of the Criatec Fund in three different legal dimensions: structural, regulatory and contractual. Based on interviews, this paper tries to test some hypothesis previously formulated by some scholars that studied new financial policies created by the BNDES. This study explains the institutional arrangements of this seed capital policy and the role of flexible legal instruments in the execution of this peculiar type of publicprivate partnership. It also poses some questions to the 'law and development agenda' based on some insights from the economic sociology of law.

Ficha do documento

Tipo

Estudo

Ano

2014

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Inglês

Acesso

Não informado

Identificador

oai:repositorio.fgv.br:10438/11466

Temas

EconomiaDesenvolvimento Econômico

Palavras-chave

State activismVenture capitalDevelopment bankInstitutionsPublic-private partnershipDireitoBanco Nacional de Desenvolvimento Econômico e Social (Brasil)Capital de riscoBancos de desenvolvimento