The objective of this paper is to understand how Banpará’s investment portfolio was allocated between 2013 and 2023, in light of post-Keynesian theory. Having as a theoretical framework the post-Keynesian view, which emphasizes the importance of economic agents’ preference for liquidity, the endogeneity of money, fundamental uncertainty, and Minsky’s contributions. This paper is divided into four sections, in addition to the introduction. The first section seeks to understand how banks’ investment decisions are made given the preference for liquidity developed in post-Keynesian theory. The second addresses the historical and economic context of monetary and credit policy in Brazil from 2013 to 2023. The third presents the case study of the preliminary analysis of Banpará’s balance sheet also in the period from 2013 to 2023, comparing these results with the results found in the work carried out by Zendron (2006), who analyzed BNDES. Finally, the final considerations are presented. The main conclusions of this study indicate that Banpará, although more commercial in nature than BNDES, adopts a hedge stance, in line with Minsky’s concept, a behavior also observed at BNDES in Zendron’s study.
