This study advances a quantitative political economy analysis of development banking within federative systems, focusing on Brazil's National Bank for Economic and Social Development (BNDES). Moving beyond traditional fiscal transfer models, we investigate the mechanisms through which federal...

Drawing on nearly 650 government and MDB officials across 125 countries and 250 in-depth interviews in 12 countries. This report arrives at a moment of significantly reduced aid budgets, escalating financing needs, rising sovereign debt, geopolitical tensions and a fragmented development finance...