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I evaluate the impact of the Banco Nacional de Desenvolvimento Econômico e Social, (BNDES) disbursements on companies' R&D intensity of companies operating in the Brazilian manufacturing sector for the period of2003-2011. Using Instrumental Variable (IV) technique, I find a crowding-in impact...
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Previous studies suggest that politically-connected firms buy from politicians access to borrowing from the Brazilian Development Bank (BNDES). By employing a regression discontinuity design approach, we challenge this claim and show that federal deputies were not able to systematically...
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