Economics - Innovation - Inclusive Growth - Public Purpose

Category Archives: Green Working Papers

The Rise of Mission-Oriented State Investment Banks: the case of Brazil’s BNDES and Germany’s KfW

The Rise of Mission-Oriented State Investment Banks: the case of Brazil’s BNDES and Germany’s KfW

Mazzucato, M., Penna, C., SPRU Working Paper Series SWPS 2015-26 “This paper focuses on the rise of state investment banks (SIBs) as lead funders of mission-oriented innovation in various countries’ agendas regarding smart (innovation-led) growth, and not just fixers of ‘market failures’. The market failure justification for public finance fails to capture the active mission-oriented role… more