Crédito do BNDES, dependência de finança externa, e intensidade de P&D nos setores da indústria brasileira (1998-2014)

Abstract

This paper tests if the BNDES (Brazilian National Development Bank) plays a role compensating potential credit market imperfections, with regard to R&D investments. To do that, we use a regression with interaction terms inspired in Maskus et al. (2012). We analyze data on 22 Brazilian industrial sectors, having the PINTEC, the BNDES and PIA as the main data sources, and covering 6 triennia from 1998 to 2014. Our results give some support to the hypothesis that BNDES played a positive role: BNDES loans are more positively correlated with R&D intensity in industrial sectors and periods in which dependence on external finance is bigger.