分配不当和获得补贴信贷：巴西开发银行能瞄准信贷受限的公司吗？

IF 1.8 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2025-10-01 DOI:10.1016/j.econlet.2025.112631

Paulo Henrique Vaz , Guilherme Zambalde

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引用次数: 0

摘要

从2000年代中期到2010年代中期，巴西开发银行（BNDES）大幅增加了其补贴信贷支出。我们利用2010年BNDES公司规模重新分类作为获得补贴信贷的合理外生冲击来研究BNDES针对信贷受限公司的能力。我们的第一个结果是bndes补贴信贷确实影响了公司的资本楔子（相对于最优配置的扭曲）。我们的主要结果表明，BNDES无法将其增加的信贷流向对经济贡献最大的公司，这表明它可能无法瞄准信贷受限的公司。

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Misallocation and access to subsidized credit: Can the Brazilian Development Bank target credit-constrained firms?

The Brazilian Development Bank (BNDES) strongly increased its subsidized credit disbursements from mid-2000’s to mid-2010’s. We take advantage of a BNDES firm size reclassification in 2010 as a plausibly exogenous shock in access to subsidized credit to study BNDES’ ability to target credit-constrained firms. Our first result is that BNDES-subsidized credit does impact firms’ capital wedges (distortions relative to optimal allocation). Our main result suggests that BNDES was unable to direct its increased credit flows toward firms that contribute the most to the economy, suggesting that it may not be able to target credit-constrained firms.

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.