We contribute to the finance-growth nexus literature by showing that credit origin, bank ownership, type of credit, and bank type matter in economic growth. We use a unique dataset covering 5555 cities in Brazil, with granular information on credit characteristics. We find that non-earmarked credit to the corporate sector is associated with municipal economic growth more strongly than earmarked credit, despite the increase in the relevance of the latter after the global financial crisis. We also find that the type of credit—whether the loans are general purpose or for a specific purpose—is associated with economic growth in different ways. Overall, credit provided to the corporate sector by domestic private banks is correlated with higher economic growth rates. In contrast, the relationship between credit from state-owned banks and economic growth becomes statistically significant only after the crisis. Although we follow the finance-growth literature in our empirical exercises using internal instruments in generalized method of moments (GMM) estimations, we also conduct robustness tests using two additional external instruments: the number of complaints filed against each bank and local credit accessibility. Our findings with external instruments are the same with respect to the use of traditional internal instruments in GMM estimations.

通过显示信贷来源，银行所有权，信贷类型和银行类型与经济增长息息相关，我们为金融增长关系文献做出了贡献。我们使用覆盖巴西5555个城市的独特数据集，并提供有关信贷特征的详尽信息。我们发现，尽管在全球金融危机之后，针对企业部门的非​​专用信贷与专用信贷的关联性强于专用信贷，但与专用信贷的关联性却增加了。我们还发现，信贷的类型（无论是一般用途还是特定用途的贷款）都以不同的方式与经济增长相关联。总体而言，国内私人银行向企业部门提供的信贷与较高的经济增长率相关。相比之下，危机后，国有银行的信贷与经济增长之间的关系才具有统计意义。尽管我们在经验演练中使用内部工具以广义矩量法（GMM）估算来跟踪金融增长文献，但我们还使用另外两个外部工具进行了稳健性测试：针对每个银行的投诉数量和本地信贷可及性。在GMM估算中使用传统内部工具方面，我们在外部工具方面的发现是相同的。我们还使用另外两个外部工具进行了稳健性测试：针对每家银行的投诉数量和本地信贷的可及性。在GMM估算中使用传统内部工具方面，我们在外部工具方面的发现是相同的。我们还使用另外两个外部工具进行了稳健性测试：针对每家银行的投诉数量和本地信贷的可及性。在GMM估算中使用传统内部工具方面，我们在外部工具方面的发现是相同的。