Additionality of countercyclical credit: evaluating the impact of BNDES’ PSI on the investment of industrial firms by Luciano Machado, Daniel da S. Grimaldi, Breno E. Albuquerque e Leonardo de O. Santos publicado pelo BNDES (11/2014). “The empirical results showed a positive impact of PSI on firms’ investment level for both years of this period, even though its magnitude declined in 2010.”
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