Essays on innovation and the development bank in Brazil

Carreras, Marco (2019) Essays on innovation and the development bank in Brazil. Doctoral thesis (PhD), University of Sussex.

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Abstract

My PhD thesis studies the role of development banks in financing industrial development and particularly in providing the long-term committed finance needed for innovation. The focus is on the Brazilian development bank, BNDES, and its leading role in supporting the new Brazilian innovation system. I begin by discussing the role of finance in the National System of Innovation framework, the literature on development banks and the motivation of my research. The second chapter looks at the impact of BNDES disbursements on commercial banks’ disbursement using balance-sheet data for the period of 2002-2016. Using dynamic panel data techniques, I investigate whether BNDES disbursement for investment in innovation and fixed capital investments crowded-in or crowded-out Brazilian commercial banks’ disbursement. The third chapter is a micro-analysis of the impact of BNDES disbursements on the R&D intensity of Brazilian manufacturing companies’ sector for the period of 2003-2011. In this chapter, I investigate whether companies that have received funding from BNDES have increased or decreased their commitment in innovation activities. The findings of this analysis provide new evidence regarding the industrial sector activity of the Brazilian development bank, adding on the debate about additionality/substitutability of public financial resources. Finally, the fourth chapter provides qualitative evidence for the Brazilian pharmaceutical sector, presenting the findings of primary collected data on companies’ perceived obstacles for investment in innovation and on contribution of BNDES funding in reducing such obstacles. The data have been collected by means of a survey, undertaken for a sample of Brazilian companies in the pharmaceutical and biotech sector.

Item Type: Thesis (Doctoral)
Schools and Departments: School of Business, Management and Economics > SPRU - Science Policy Research Unit
Subjects: H Social Sciences > HG Finance > HG1501 Banking > HG2397 By region or country > HG2851 South America > HG2881 Brazil
Depositing User: Library Cataloguing
Date Deposited: 03 Oct 2019 08:20
Last Modified: 03 Oct 2019 08:20
URI: http://sro.sussex.ac.uk/id/eprint/86656

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