What do state-owned development banks do? evidence from BNDES, 2002–09

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dc.contributor.authorSERGIO GIOVANETTI LAZZARINI
dc.contributor.authorMusacchio, Aldo
dc.contributor.authorBandeira-de-Mello, Rodrigo
dc.contributor.authorMarcon, Rosilene
dc.coverage.cidadeNão informadopt_BR
dc.coverage.paisNão Informadopt_BR
dc.creatorMusacchio, Aldo
dc.creatorBandeira-de-Mello, Rodrigo
dc.creatorMarcon, Rosilene
dc.date.accessioned2022-10-11T23:22:29Z
dc.date.available2022-10-11T23:22:29Z
dc.date.issued2015
dc.description.otherDefendants of state-owned development banks emphasize their role in reducing capital constraints and fostering produc tive investment; detractors point out that they may benefit politically connected capitalists or bail out inefficient firms. We study the effect of loans and equity investments of the Brazilian National Development Bank (BNDES) and find that they do not have any consistent effect on firm-level performance and investment, except for a reduction in financial expenditures due to the subsidies accompanying loans. However, BNDES does not systematically lend to underperforming firms. Our results indicate that BNDES subsidizes firms that could fund their projects with other sources of capital.pt_BR
dc.format.extentp. 237-253pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doihttp://dx.doi.org/10.1016/j.worlddev.2014.08.016pt_BR
dc.identifier.issn0305-750Xpt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4257
dc.identifier.volume66pt_BR
dc.language.isoInglêspt_BR
dc.publisherElsevierpt_BR
dc.relation.ispartofWorld Developmentpt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordsstate-owned bankspt_BR
dc.subject.keywordsdevelopment bankspt_BR
dc.subject.keywordsindustrial policypt_BR
dc.subject.keywordspolitical connectionspt_BR
dc.subject.keywordsBNDESpt_BR
dc.titleWhat do state-owned development banks do? evidence from BNDES, 2002–09pt_BR
dc.typejournal article
dspace.entity.typePublication
local.identifier.sourceUrihttps://linkinghub.elsevier.com/retrieve/pii/S0305750X1400254X
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublication4ee022f9-7466-405d-ae1a-6b1e33f611e8
relation.isAuthorOfPublication.latestForDiscovery4ee022f9-7466-405d-ae1a-6b1e33f611e8

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