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Investimento No Brasil: O Papel Do Governo E O Impacto Do Bndes No Mercado De Crédito
| Content Provider | Semantic Scholar |
|---|---|
| Author | Keller, Felipe Chaves |
| Copyright Year | 2012 |
| Abstract | The main goal of the current paper is to identify the determinants of the Brazilian low interest rates and analyze the impact of BNDES on the private credit market through simultaneous equations models (VAR/VEC). Under the assumption of restrictions to long term credit in Brazil, it is plausible to think that the BNDES supplies an important share of the market, ignored by private banks. Although, BNDES operates with privileged funding conditions and interest rates that are low to the market, making it possible to infer that the public bank itself is a barrier to the entrance of private credit in the market. Authors that are favorable of the State intervention through BNDES argue that it consists in a contraciclical policy tool, even though the analyzed literature presents diverging results. Under the theoretical framework of the politic economy, the empirical analysis aims, in first place, at identifying the endogenous relations among private credit and BNDES credit, to test the hypothesis of crowding-out effect. The results indicate that BNDES would not be responsible, alone, for the barrier to the private credit on short term, even though its effect is negative. It is still tested the hypothesis of the contraciclical effect of BNDES and, although it is not possible to reject, the results make it possible to infer that, in fact, its disbursements respond to political cycles. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://www.lume.ufrgs.br/bitstream/handle/10183/69988/000875750.pdf?isAllowed=y&sequence=1 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
