Crédito Cooperativo e Desenvolvimento Econômico Regional no Estado do Paraná
No 510, Working Papers Series from Central Bank of Brazil, Research Department
This study uses land endowment as an instrumental variable to estimate the impact of cooperative credit on income of Parana State municipalities. The processes of colonization and territorial occupation established between XVII and XX centuries allow to distinguish locally the formation of social capital, the reduction of market failures in financial intermediation and its influence on economic development. The credit-income elasticity suggests that an 1% increase in cooperative credit supply causes a 0.31% increase in municipal per capita agricultural income.
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Persistent link: https://EconPapers.repec.org/RePEc:bcb:wpaper:510
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