TY  - UNPD
A1  - Ottaviano, Gianmarco I. P.
A1  - Sousa, Filipe Lage de
T1  - Relaxing credit constraints in emerging economies: the impact of public loans on the performance of brazilian manufacturers : [Version October 2014]
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 469
N2  - Especially in developing countries credit constraints are often perceived as one of the most important market frictions constraining firm innovation and growth. Huge amounts of public money are being devoted to the removal of such constraints but their effectiveness is still subject to an intense policy debate. This paper contributes to this debate by analysing the effects of the Brazilian Development Bank (BNDES) loans. It finds that, before receiving BNDES support, granted firms are indeed more credit constrained than comparable non-granted firms. It also finds that BNDES support allows granted firms to achieve the same level of performance as similar non-granted firms that are not credit constrained. However, it does not allow granted firms to outperform similar non-granted ones.
T3  - CFS working paper series - 469 
KW  - heterogeneous firms
KW  - productivity
KW  - public policy analysis
KW  - credit constraints
Y1  - 2014
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/35089
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-350895
UR  - http://ssrn.com/abstract=2505954
IS  - Version October 2014
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -