The after crisis government-driven credit expansion in Brazil: a firm level analysis

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dc.contributor.authorMARCO ANTONIO CESAR BONOMO
dc.contributor.authorBrito, Ricardo D.
dc.contributor.authorMartins, Bruno
dc.coverage.cidadeNão informadopt_BR
dc.coverage.paisNão Informadopt_BR
dc.creatorBrito, Ricardo D.
dc.creatorMartins, Bruno
dc.date.accessioned2022-10-28T17:03:04Z
dc.date.available2022-10-28T17:03:04Z
dc.date.issued2015
dc.description.otherGovernment-driven credit had an important role in countervailing the private credit crunch in Brazil during the recent financial crisis. However, government credit concessions continued to expand after the economy recovered. This paper investigates some important features of this expansion using a huge repository of loan contracts between banks and firms, composing an unbalanced panel of almost 1 million firms between 2004 and 2012. Our results show that larger, older and less risky firms have benefited most from the government sponsored credit expansion. Additionally, although a higher access to earmarked credit tends to lead to higher leverage, the effect on investment appears to be insignificant for publicly traded firms. Since interest rates on earmarked loans are lower than market interest rates, firms with higher ac cess to this type of loan tend to have lower cost of debt.pt_BR
dc.format.extentp. 111-134pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doihttp://dx.doi.org/10.1016/j.jimonfin.2015.02.017pt_BR
dc.identifier.issn0261-5606pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4545
dc.identifier.volume55pt_BR
dc.language.isoInglêspt_BR
dc.publisherNão informadopt_BR
dc.relation.ispartofJournal of International Money and Financept_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 EDITOR.pt_BR
dc.subject.keywordsCredit expansionpt_BR
dc.subject.keywordsState-owned bankspt_BR
dc.subject.keywordsFinancial crisispt_BR
dc.subject.keywordsCredit misallocationpt_BR
dc.titleThe after crisis government-driven credit expansion in Brazil: a firm level analysispt_BR
dc.typejournal article
dspace.entity.typePublication
local.identifier.sourceUrihttps://www.sciencedirect.com/science/article/pii/S0261560615000327
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublicationd54ec806-4e91-4f4f-8724-e3a23d67b3aa
relation.isAuthorOfPublication.latestForDiscoveryd54ec806-4e91-4f4f-8724-e3a23d67b3aa
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