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Title: | Relaxing credit constraints in emerging economies: the impact of public loans on the productivity of Brazilian manufacturers |
Keywords: | Banco Nacional de Desenvolvimento Econômico e Social (Brasil) - Financiamento - Avaliação Brazilian Development Bank - Financing - Evaluation Financiamento a longo prazo - Países em desenvolvimento Long-term financing - Developing countries Controle de crédito - Países em desenvolvimento Credit control - Developing countries Produtividade industrial - Brasil Industrial productivity - Brazil Empréstimos governamentais - Avaliação Government lending - Evaluation Financiamento a longo prazo - Brasil Long-term financing - Brazil Controle de crédito - Brasil Credit control - Brazil |
Issue Date: | Jun-2018 |
Publisher: | Brazilian Development Bank |
Abstract: | In emerging economies credit constraints are often perceived as one of the most important market frictions hampering firm productivity growth in manufacturing. Huge amounts of public money are devoted to the removal of such constraints but its effectiveness is still subject to an intense policy debate. This paper contributes to this debate by analyzing the effects of the Brazilian Development Bank (BNDES) loans. Exploiting the unique features of a dataset on BNDES loans to Brazilian manufactures, it finds that credit constraints facing Brazilian manufacturing firms are real, in particular for firms that apply to BNDES repeatedly, and BNDES support has allowed granted firms to match the performance of similar unconstrained firms but not to outperform them. |
URI: | http://bibliotecadigital.economia.gov.br/handle/123456789/526093 |
Other Identifiers: | SOUSA, Filipe Lage de; OTTAVIANO, Gianmarco I. P. Relaxing credit constraints in emerging economies: the impact of public loans on the productivity of Brazilian manufacturers. Rio de Janeiro: Banco Nacional de Desenvolvimento Econômico e Social, 2018. 58 p. (Discussion papers ; 124) http://web.bndes.gov.br/bib/jspui/handle/1408/15240 |
Appears in Collections: | Produção BNDES - Livros |
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