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Seminario

EconNet: Bancos de Desarrollo Público y las Imperfecciones del Mercado de Crédito

Fecha: 15 dic 2016

Horario: 12:00

Ubicación: 1300 New York Ave., NW, Washington DC - Sala SE-1035, Estados Unidos de América

Evento abierto al público y en inglés - Se requiere registro previo para entrar al BID

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Título: Bancos de Desarrollo Público y las Imperfecciones del Mercado de Crédito

Ordador: Xavier Freites, UPF

Resumen (en inglés): This paper analyzes the role of a Public Development Bank when banks use a costly screening technology to make credit decisions. We explore three issues: 1) what is the main financial market imperfection to be addressed by the PDB; 2) which types of firms should be optimally targeted by public financial support; and 3) what type of mechanism should be implemented in order to efficiently support the targeted firms' access to credit. We show that, in the presence of costly screening, there will be underprovision of credit, resulting from the inability of banks to appropriate the full benefits of projects they finance. This implies that the misallocation of credit is more pronounced for high value projects. This central result, and its implication that PDBs could play a central role in the financing of high value projects, contrast with the usual emphasis on credit underprovision for relatively weak projects/firms (SMEs, young firms, those without collateral, etc.). We show that a public development bank may alleviate these inefficiencies by lending to commercial banks at subsidized rates or providing credit guarantees, targeting the firms that generate high added value. Though in "normal times" PDB lending and credit guarantees are shown to be equivalent, lending is preferred when banks are facing a liquidity shortage, while when banks are undercapitalized, a credit guarantees program is best suited to alleviate the constraints banks' face. Direct lending by the PDB to the targeted industries could be superior to these subsidies to private lending, but only if the PDBs corporate governance is strong."



Mayor información: research@iadb.org



EconNet es la serie de seminarios técnicos del  Departamento de Investigación   y el  Sector de aprendizaje y conocimiento   del BID. Los seminarios consisten en una serie de almuerzos donde un académico invitado presenta sus últimos hallazgos en algún tema de desarrollo relevante a América Latina y el Caribe. EconNet se lleva a cabo todos los jueves al medio día.




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