Institutionalizing Investments in Innovation: Models of State Development Banks
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1 Institutionalizing Investments in Innovation: Models of State Development Banks Fergal Rhatigan, NUI Maynooth Matthew R. Keller, Southern Methodist University Seán Ó Riain, NUI Maynooth SASE Annual Meeting, 29 June 2013
2 Networks, Finance and State Developmental Agencies Pre-Crisis Networked production and innovation Financial markets and corporate governance Hidden Developmental State (Block and Keller) Post-Crisis SMEs and network failures (Schrank and Whitford) Financialisation and the weakness of the real economy Search for models revealing and developing the hidden hand of the state?
3 Models of State Investment Vehicles: A Typology with Examples Institutional Form of State Agency Bank Development Agency Mobilises and Targets business and channels funds to technical capabilities firms of firms Form of Relation between State and Firms Direct Evaluation carried out by agency staff or investment committee Indirect Setting criteria for decentralized evaluation by partners or via external peer review BNDES (Brazil) KfW (Germany) IDA/Enterprise Ireland (Irish Strategic Investment Fund, 2013) SBIR (USA)
4 Integration with Public and Private Spheres Public Brazil BNDES (1952) Publicly owned Direct public funding central (incl. Workers fund) Supervision by Government Ministers through Board Private Financial agents used for projects of < 3.4m BNDES card preapproved credit of up to 300,000 Public Germany KFW (1948) Publicly owned Direct public funding minimal State guarantee Supervision by Federal Ministers through Board Private International Capital Markets 90% + Savings banks, cooperative banks and commercial banks are KfW's main distribution partners Ireland IDA(1948) Enterprise Ireland (1994) ISIF (2013) Public Publicly owned Direct public funding ISIF borrowing from KfW model? Supervision by civil servants and business board members Private Stimulating private funds Financial agents used to manage venture and recovery funds
5 Operation of State Investment Brazil BNDES Large firm focus (64%) Long term investment financing Recent turn to SMEs Germany KFW 3 Domestic Pillars SMEs Exports Municipal/ Social Ireland Enterprise Ireland / ISIF Key Activities Exports FDI and SMEs Turn to infrastructure Central role in government programmes Direct engagement with key client firms Government programmes secondary Lending-on operation, sets framework for direct engagement with firms by partners Government programmes secondary, becoming more important Direct engagement with key client firms (FDI) and diverse firms (SMEs) Indirect engagement through funds
6 Euro Billions BNDES Disbursements KfW Disbursements Euro Billions Enterprise Ireland Total Financial Support To Industry Euro Millions Sources: BNDES, Enterprise Ireland and KfW Annual Reports
7 70 KfW Financing by Sector Euro Billions Domestic promotional loans (excluding securitization) Infrastructure Housing Domestic environmental and climate protection Kfw Mittlestandbank (SME) Source KfW annual reports
8 BNDES Disbursements by Sector R$ (Billions) Year Industry Infrastructure Trade and services Agriculture Source BNDES annual reports
9 THE WASHINGTON CONSENSUS AND THE DISAPPEARING STATE NETWORK PRODUCTION & NETWORK FAILURES SME FINANCING FINANCIALISATION AND CAPITAL MIS-ALLOCATION BANK FAILURES THE RE-APPEARING DEVELOPMENTAL STATE? INSTITUTIONAL RESOURCES RECOMBINANT STRATEGIES POLITICS AND CRISIS VARIETIES OF STATE DEVELOPMENT AND INVESTMENT BANKS
10 Ireland s Interesting Case From development agency to development bank? Linking developmental and financing agencies Mandate: productive, commercial (not assets), Ireland-focused, strategic What kind of bank? (institutional history of state) Privatisation of state assets (liberal) Austerity by diverting spending (post-crisis management) Election war chest (clientelism) Stimulus delivery (capital investment) Development (developmental network state) Still the Hidden Developmental State The role of party politics and elite movements Dangers of the hidden public role Keeping politics at arms length and weakening political accountability
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