Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/240768 
Year of Publication: 
2020
Series/Report no.: 
Texto para Discussão No. 2573
Publisher: 
Instituto de Pesquisa Econômica Aplicada (IPEA), Brasília
Abstract (Translated): 
This paper distinguishes how the source of lending affects gross domestic product (GDP) per capita in Brazilian municipalities between 2007 and 2016. A unique data set allows us to discriminate between the effects of lending operated by either private or public commercial banks, and loans provided by the National Bank for Economic and Social Development (BNDES) either directly or indirectly through accredited financial institutions. Using the system generalized method of moments (System-GMM) estimator, we find that credit from public commercial banks has the highest effect on economic growth because of its regional distribution. Regarding the BNDES, indirect loans were the most robust and significant because this lending facility especially targets firms in small, credit constrained regions, and it was provided non-cyclically.
Subjects: 
development banks
state-owned banks
regional growth
BNDES
JEL: 
E51
G21
O43
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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