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dc.contributor.authorCapeleti, Paulo
dc.contributor.authorGarcia, Marcio
dc.contributor.authorSanches, Fabio Miessi
dc.date.accessioned2023-09-29T12:34:43Z
dc.date.available2023-09-29T12:34:43Z
dc.date.created2023-01-04T15:58:22Z
dc.date.issued2022
dc.identifier.citationJournal of Banking & Finance. 2022, 143 .en_US
dc.identifier.issn0378-4266
dc.identifier.urihttps://hdl.handle.net/11250/3093150
dc.description.abstractWe study the asymmetric effects of procyclical and countercyclical expansions of public banks’ credit on economic growth. Using a panel of Brazilian municipalities (2009–2014) and the same identification strat- egy as Greenstone et al. (2020), we show that the effect of public credit on the economic performance of Brazilian municipalities was more substantial in 2009, the only year in our sample in which the public credit policy was countercyclical. Interestingly, our estimates also suggest that the effect of credit poli- cies on growth is more salient when the banking market is more concentrated. Guided by the empirical results we built a theoretical model, which is calibrated with Brazilian data. Policy experiments based on the model demonstrate that countercyclical public credit policies are more effective than procyclical pub- lic credit policies. In line with the empirical results, the theoretical model also shows that public credit policies in general (either in booms or in recessions) are more efficient when credit markets are more concentrated. This result indicates that the structure of credit markets is crucial to explain the impact of public credit policies on growth.en_US
dc.language.isoengen_US
dc.publisherElsevieren_US
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjectBanking industryen_US
dc.subjectOligopolyen_US
dc.subjectGovernmental loansen_US
dc.titleCountercyclical Credit Policies and Banking Concentration: Evidence from Brazilen_US
dc.title.alternativeCountercyclical Credit Policies and Banking Concentration: Evidence from Brazilen_US
dc.typePeer revieweden_US
dc.typeJournal articleen_US
dc.description.versionsubmittedVersionen_US
dc.rights.holderElsevieren_US
dc.source.pagenumber19en_US
dc.source.volume143en_US
dc.source.journalJournal of Banking & Financeen_US
dc.identifier.doi10.1016/j.jbankfin.2022.106589
dc.identifier.cristin2100779
cristin.ispublishedtrue
cristin.fulltextpreprint
cristin.qualitycode2


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal