Relaxing credit contraints in emerging economies: the impact of public loans on the performance of Brazilian firms

Available from: 
October 2013
Paper author(s): 
Filipe Lage De Sousa (Fluminense Federal University and Brazilian Development Bank)
Topic: 
Financial Economics
Microeconomics - Competition - Productivity
Year: 
2013


The literature evaluating the impact of government business support policies is still in its infancy. This paper contributes to this field by analysing the effects of the Brazilian Development Bank loans on domestic firms’ productivity. Results suggest distinguishable results depending on which productivity measure is considered. While labour productivity presents positive association with financial support, TFP shows negative. However, when investigating causality by difference-in-differences, no effect is found.

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Research section: 
Lacea 2013 annual meeting
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