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Financing choice and local economic growth: evidence from Brazil
Journal of Economic Growth ( IF 2.3 ) Pub Date : 2021-05-13 , DOI: 10.1007/s10887-021-09191-0
Thiago Christiano Silva , Iftekhar Hasan , Benjamin Miranda Tabak

We study how financing non-traditional local activities, conceived here as a proxy for activity diversification, is associated with economic growth. We use municipality-level data from Brazil, a country with large geographical, social, and economic disparities observed across its more than 5500 municipalities. We find that finance to non-traditional local activities associates with higher municipal economic growth, suggesting a positive externality between the non-traditional and traditional sectors. Using large natural disasters in Brazil as sources of unexpected negative events, we find that this association between financing non-traditional local activities and economic growth becomes negative in times of distress. We find that traditional local sectors are more affected than non-traditional sectors following a natural disaster. Precisely because of the non-traditional sector’s dependence on the traditional sector, our results suggest that municipalities should restrengthen their traditional activities during adverse conditions.



中文翻译:

融资选择与当地经济增长:来自巴西的证据

我们研究了资助非传统的本地活动(在这里被视为活动多样化的代表)与经济增长之间的关系。我们使用来自巴西的直辖市一级的数据,该国在5500多个直辖市中观察到巨大的地理,社会和经济差异。我们发现,对非传统地方活动的融资与较高的市政经济增长相关,这表明非传统和传统部门之间存在积极的外部性。利用巴西的大型自然灾害作为意外负面事件的根源,我们发现,在困难时期,为非传统的地方活动提供资金与经济增长之间的这种联系变得负面。我们发现自然灾害后,传统的地方部门比非传统的部门受到的影响更大。

更新日期:2021-05-14
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