Credit subsidies: bad idea or misuse?

Detalhes bibliográficos
Autor(a) principal: Merlin, Giovanni Tondin
Data de Publicação: 2018
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/24627
Resumo: Using a heterogeneous agent model with incomplete markets and entrepreneurship, I show that development banks can generate significant and positive impacts in an economy if they target the infrastructure sector and are funded through low distortionary taxes. Calibrating the model for the Brazilian economy, I assess that a better credit policy by the Brazilian Development Bank (BNDES) can generate a welfare gain around 10%. However, with the current format, the subsidy policies in Brazil are, at best, useless to foster development, besides transferring welfare from the poor to the rich.
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spelling Merlin, Giovanni TondinEscolas::EESP2018-08-28T13:46:14Z2018-08-28T13:46:14Z2018-08TD 483http://hdl.handle.net/10438/24627Using a heterogeneous agent model with incomplete markets and entrepreneurship, I show that development banks can generate significant and positive impacts in an economy if they target the infrastructure sector and are funded through low distortionary taxes. Calibrating the model for the Brazilian economy, I assess that a better credit policy by the Brazilian Development Bank (BNDES) can generate a welfare gain around 10%. However, with the current format, the subsidy policies in Brazil are, at best, useless to foster development, besides transferring welfare from the poor to the rich.engEESP - Textos para Discussão; TD 483Development banksFinancial frictionsEntrepreneurshipSubsidiesEconomiaBancos de desenvolvimentoBanco Nacional de Desenvolvimento Econômico e Social (Brasil)CréditosEmpreendedorismoCredit subsidies: bad idea or misuse?info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVTEXTTD 483 - Giovanni_Merlin.pdf.txtTD 483 - Giovanni_Merlin.pdf.txtExtracted texttext/plain62909https://repositorio.fgv.br/bitstreams/b8a7d26d-47a6-404f-b556-f501692f04e4/download850d6d14aa7da8138d211f359546da07MD55ORIGINALTD 483 - Giovanni_Merlin.pdfTD 483 - Giovanni_Merlin.pdfTD 483 - Giovanni Tondin 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dc.title.eng.fl_str_mv Credit subsidies: bad idea or misuse?
title Credit subsidies: bad idea or misuse?
spellingShingle Credit subsidies: bad idea or misuse?
Merlin, Giovanni Tondin
Development banks
Financial frictions
Entrepreneurship
Subsidies
Economia
Bancos de desenvolvimento
Banco Nacional de Desenvolvimento Econômico e Social (Brasil)
Créditos
Empreendedorismo
title_short Credit subsidies: bad idea or misuse?
title_full Credit subsidies: bad idea or misuse?
title_fullStr Credit subsidies: bad idea or misuse?
title_full_unstemmed Credit subsidies: bad idea or misuse?
title_sort Credit subsidies: bad idea or misuse?
author Merlin, Giovanni Tondin
author_facet Merlin, Giovanni Tondin
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.contributor.author.fl_str_mv Merlin, Giovanni Tondin
dc.subject.eng.fl_str_mv Development banks
Financial frictions
Entrepreneurship
Subsidies
topic Development banks
Financial frictions
Entrepreneurship
Subsidies
Economia
Bancos de desenvolvimento
Banco Nacional de Desenvolvimento Econômico e Social (Brasil)
Créditos
Empreendedorismo
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Bancos de desenvolvimento
Banco Nacional de Desenvolvimento Econômico e Social (Brasil)
Créditos
Empreendedorismo
description Using a heterogeneous agent model with incomplete markets and entrepreneurship, I show that development banks can generate significant and positive impacts in an economy if they target the infrastructure sector and are funded through low distortionary taxes. Calibrating the model for the Brazilian economy, I assess that a better credit policy by the Brazilian Development Bank (BNDES) can generate a welfare gain around 10%. However, with the current format, the subsidy policies in Brazil are, at best, useless to foster development, besides transferring welfare from the poor to the rich.
publishDate 2018
dc.date.accessioned.fl_str_mv 2018-08-28T13:46:14Z
dc.date.available.fl_str_mv 2018-08-28T13:46:14Z
dc.date.issued.fl_str_mv 2018-08
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/24627
dc.identifier.sici.none.fl_str_mv TD 483
identifier_str_mv TD 483
url http://hdl.handle.net/10438/24627
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.none.fl_str_mv EESP - Textos para Discussão; TD 483
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