Macroeconomic and financial consequences of the after crisis government-driven credit expansion in Brazil by Marcos Bonomo, Ricardo Brito and Bruno Martins published by BCB (12/2014). “Government-driven credit had an important role in countervailing private credit crunch in Brazil during the recent financial crisis. However, government credit concessions continued to expand after the economy recovered…Our results also show that larger, older and less risky firms have benefited most from the government sponsored credit expansion…”
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