This study aims to analyze the theoretical framework of liquidity preference and the dynamics of banking firms from a post-Keynesian perspective. For this, the behavior of the balance sheet of the Brazilian Development Bank (BNDES) between 2012 and 2021 is analyzed. The research examines the allocation of assets and liabilities. In addition, Hyman Minsky’s financial fragility hypothesis is used to understand the operational dynamics of BNDES throughout economic cycles. The methodology employed combines a qualitative approach, based on the theoretical analysis of Keynesian and post-Keynesian literature, and a quantitative approach, through the analysis of financial data extracted from the bank’s balance sheets. The results demonstrate that BNDES adopts a more conservative stance with a preference for liquidity. This confirms the importance of liquidity in banking management and the preservation of financial stability. It is concluded that BNDES acts as a hedge and does not differ in terms of liquidity preference, as it is a bank focused on long-term lending.
