Publication:
Efficient Financial Allocation and Productivity Growth in Brazil

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dc.contributor.authorCalice, Pietro
dc.contributor.authorRibeiro, Eduardo P.
dc.contributor.authorByskov, Steen
dc.date.accessioned2018-06-27T21:36:19Z
dc.date.available2018-06-27T21:36:19Z
dc.date.issued2018-06
dc.description.abstractThis paper attempts to study the impact of Brazilian Development Bank credit on resource misallocation in Brazil, using manufacturing firm-level data from 2003-14. The paper first estimates measures of resource misallocation based on Hsieh and Klenow (2009), documenting high variation in firms' capital and output distortions. It then estimates the effect of financial frictions and access to Brazilian Development Bank loans on distortions and their dispersions. The analysis finds some preliminary evidence that the use of Brazilian Development Bank credit is not associated with a more efficient allocation of resources. The lower cost of Brazilian Development Bank loans reduces the marginal cost of capital, as it induces firms to reallocate inputs from labor to capital, and this effect is amplified for more financially dependent firms. The findings, together with extant evidence on the economic additionality of the Brazilian Development Bank, suggest that there is room for improving the allocative efficiency of the earmarked credit system in Brazil.en
dc.identifierhttp://documents.worldbank.org/curated/en/640271529435346695/Efficient-financial-allocation-and-productivity-growth-in-Brazil
dc.identifier.doi10.1596/1813-9450-8479
dc.identifier.urihttps://hdl.handle.net/10986/29932
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 8479
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectACCESS TO FINANCE
dc.subjectACCESS TO CREDIT
dc.subjectMISALLOCATION
dc.subjectPUBLIC CREDIT
dc.subjectPRODUCTIVITY
dc.subjectDISTORTIONS
dc.subjectRESOURCE ALLOCATION
dc.titleEfficient Financial Allocation and Productivity Growth in Brazilen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleEfficient Financial Allocation and Productivity Growth in Brazil
okr.date.disclosure2018-06-19
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/640271529435346695/Efficient-financial-allocation-and-productivity-growth-in-Brazil
okr.guid640271529435346695
okr.identifier.doi10.1596/1813-9450-8479
okr.identifier.externaldocumentum090224b085c90c91_2_0
okr.identifier.internaldocumentum30148083
okr.identifier.reportWPS8479
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/640271529435346695/pdf/WPS8479.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.countryBrazil
okr.statistics.combined1452
okr.statistics.dr640271529435346695
okr.statistics.drstats1105
okr.topicPublic Sector Development::Public Sector Economics
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicFinance and Financial Sector Development::Public & Municipal Finance
okr.topicPrivate Sector Development::Private Sector Economics
okr.unitFinance, Competitiveness and Innovation Global Practice
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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