Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/339266 
Year of Publication: 
2026
Series/Report no.: 
Texto para Discussão No. 3177
Publisher: 
Instituto de Pesquisa Econômica Aplicada (IPEA), Brasília
Abstract: 
The Banco Nacional de Desenvolvimento Econômico e Social (BNDES) is a federal public company that provides long-term financing and investments in all segments of the Brazilian economy. Among its various development programs and employment policies is the BNDES Giro program, which was in force between 2017 and 2018 to finance working capital for micro, small, and medium-sized enterprises (MSMEs). The study seeks to investigate the effect of the BNDES Giro program on the level of employment, using the Propensity Score Matching (PSM) and Differences in Differences methods, specifically for the services sector. The bases are taken from the Rais and the BNDES, as well as specific information from the Instituto Brasileiro de Geografia e Estatistica (IBGE) and the Secretaria Especial de Comercio Exterior e Assuntos Internacionais (SECINT). The results showed that the BNDES Giro increases the level of employment in the service companies that took part in the program, compared to those that didn't, for all the specifications used.
Subjects: 
BNDES
BNDES Giro Program
working capital
companies
employment
JEL: 
C10
E51
H81
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Working Paper

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