BNDES e a balança comercial: estudo dos impactos do crédito sobre as exportações brasileiras

Anderson Cavalcante and João Pedro Figueira Amorim Parga
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João Pedro Figueira Amorim Parga: Face-UFMG

No 530, Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: The main purpose of this study is to establish a connection between the loans provided by BNDES, the National Bank of Economic e Social Development, to Brazilian exporters and the volume of exports, specifically from the year 2000 up to 2013. Therefore, using quarterly data, the export supply functions were estimated for both Brazil’s total exports and for manufactured goods. The empirical analysis of the estimation of supply exports functions was based on an error correction model (ECM). The results obtained from the estimations suggest a cointegration relationship between Brazilian exports and the variables used in the estimations, which were: the volume of world exports, the real exchange rate, the commodity price index and the disbursement made by BNDES for exports. In order to understand the role played by BNDES in Brazil's economic development process, this study carried a review of the literature on public financial institutions in Brazil, with an increased focus on the BNDES. Additionally, the main models of export and import functions in the literature were reviewed, so that the estimations could be made.

Keywords: National Bank for Social and Economic Development (BNDES); Credit; Exports; Supply function; Error correction models (ECM) (search for similar items in EconPapers)
JEL-codes: E42 F10 F14 G20 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2015-12
New Economics Papers: this item is included in nep-mac
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