Crédito direcionado e misallocation: evidência do Brasil

Autor(es)

Fernando Kuwer dos Santos

• Tipo de documento: Dissertação de Mestrado
• Imprenta: São Paulo.
• Instituição: Universidade de São Paulo (USP). Faculdade de Economia, Administração e Contabilidade (FEA/SBD)
• Data de defesa: 2016-07-21

Membros da banca

Gabriel de Abreu Madeira; Marco Antonio Cesar Bonomo; Sérgio Mikio Koyama

• Orientador: Gabriel de Abreu Madeira

Resumo

This paper looks at misallocation effects of earmarked credit in the Brazilian Economy. This is a very important topic in Brazil, where the proportion of credit earmarked for specific types of loans reach about 40% of total credit. The earmarking rules are likely to generate distortions in loan\'s prices, producing differences in marginal returns to inputs across firms and sectors, and therefore misallocation of resources. Using a heterogeneous agents in continuous time model, we are able to study distributional effects of such policies and explore some computational advantages to solve the model. Furthermore, we calibrate such model using Brazilian credit microdata statistics linking firm size and loans. Additionally, we will verify how these earmarked resources interact with credit constraints that are probably present in the Brazilian economy (AU)

• Processo FAPESP: 14/19402-4 - Direcionamento de crédito e misallocation
• Beneficiário: Fernando Kuwer dos Santos
• Modalidade de apoio: Bolsas no Brasil - Mestrado