Agence française de développement Papiers de rechercheLes Papiers de Recherche de l'AFD ont pour but de diffuser rapidement les résultats de travaux en cours. Ils s'adressent principalement aux chercheurs, aux étudiants et au monde académique. Ils couvrent l'ensemble des sujets de travail de l'AFD : analyse économique, théorie économique, analyse des politiques publiques, sciences de l'ingénieur, sociologie, géographie et anthropologie. Une publication dans les Papiers de Recherche de l'AFD n'en exclut aucune autre. Les opinions exprimées dans ce papier sont celles de son (ses) auteur(s) et ne reflètent pas nécessairement celles de l'AFD. Ce document est publié sous l'entière responsabilité de son (ses) auteur(s). AFD Research PapersAFD Research Papers are intended to rapidly disseminate findings of ongoing work and mainly target researchers, students and the wider academic community. They cover the full range of AFD work, including: economic analysis, economic theory, policy analysis, engineering sciences, sociology, geography and anthropology. AFD Research Papers and other publications are not mutually exclusive. The opinions expressed in this paper are those of the author(s) and do not necessarily reflect the position of AFD. It is therefore published under the sole responsibility of its author(s).

IntroduçãoA ascensão de teorias críticas às burocracias, classificadas como ineficientes e apegadas à norma, buscou a redução do déficit e a diminuição do setor estatal, bem como a implantação do modelo gerencial marcado pela influência da iniciativa privada. Desde então, a ideia de uma gestão por resultados tem dominado a agenda de reformas governamentais. No Estado de Minas Gerais, a partir de 2003, foi instituído o programa Choque de Gestão, cujas premissas abordam o ajuste fiscal e a modernização da administração pública. Durante os primeiros quatro anos dessa gestão, foram estabelecidos arranjos institucionais como a integração plano-orçamento, o escritório central de projetos, os acordos de resultados e as avaliações de desempenho.O Programa Estado para Resultados (EpR), marca da segunda geração de políticas do Choque de Gestão mineiro, propõe um modelo de gestão pública por resultados a partir de mecanismos criados para acompanhar resultados, além

Multilateral Development Banks (MDBs) are designed to finance investments that promote global economic and social development. The objective of this paper is to discuss a key component in meeting the demand for investment in developing countries, namely the ability of MDBs to provide loans in local rather than foreign currency. To explain how these institutions fulfill this purpose, we distinguish “traditional” from “new” MDBs, discuss the problems generated from foreign currency indebtedness, and explore a way out, or an alternative explanation, based on New Developmentalism theory and the challenge of local currency financing.

Agence française de développement Papiers de rechercheLes Papiers de Recherche de l'AFD ont pour but de diffuser rapidement les résultats de travaux en cours. Ils s'adressent principalement aux chercheurs, aux étudiants et au monde académique. Ils couvrent l'ensemble des sujets de travail de l'AFD : analyse économique, théorie économique, analyse des politiques publiques, sciences de l'ingénieur, sociologie, géographie et anthropologie. Une publication dans les Papiers de Recherche de l'AFD n'en exclut aucune autre. Les opinions exprimées dans ce papier sont celles de son (ses) auteur(s) et ne reflètent pas nécessairement celles de l'AFD. Ce document est publié sous l'entière responsabilité de son (ses) auteur(s). AFD Research PapersAFD Research Papers are intended to rapidly disseminate findings of ongoing work and mainly target researchers, students and the wider academic community. They cover the full range of AFD work, including: economic analysis, economic theory, policy analysis, engineering sciences, sociology, geography and anthropology. AFD Research Papers and other publications are not mutually exclusive. The opinions expressed in this paper are those of the author(s) and do not necessarily reflect the position of AFD. It is therefore published under the sole responsibility of its author(s).