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In this paper we consider a moral hazard problem between a creditworthy firm which needs funding and a bank. We first study under which conditions the firm does not obtain the loan. We then determine whether and how the intervention of an external financial institution can facilitate the access...
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This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity-credit reversals. Using data for 179 countries during 1960-2017, the paper finds that reversals are a relatively common phenomenon--on average, they occur every five years. By comparison,...
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Bank for Economic and Social Development (BNDES). It was observed that there is a complex relationship of institutional … complementarity involving FAT and BNDES, whose trajectory was marked by strong instability in recent years, which is a worrying … situation in terms of economic planning because FAT is one of the main generators of funding for the BNDES, which in turn is the …
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two Brazilian State companies, BNDES and Petrobras, the two largest and most active agents of industrial policy in Brazil. …
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BNDES has been working as public agent for the Brazilian State developing export financing policy. Observing post …
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