Relaxing credit constraints in emerging economies: the impact of public loans on the performance of Brazilian manufactures by Gianmarco I. P. Ottaviano and Filipe Lage de Sousa published by Center for Financial Studies (10/2014). “…It also finds that BNDES support allows granted firms to achieve the same level of performance as similar non-granted firms that are not credit constrained. However, it does not allow granted firms to outperform similar non-granted ones.”
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