The Real Effects of Government‐Owned Banks: Evidence from an Emerging Market

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Electoral Cycles in Savings Bank Lending (2017, unknown): “Carvalho (2012) documents that Brazilian firms eligible for government bank lending expand employment in politically contested regions prior to elections by shifting employment from other regions.”
State ownership reinvented? Explaining performance differences between state‐owned and private firms (2018, unknown): “…to distinguish between different types of state-related owners and identify other conduits of governmental influence such as state credit (Carvalho, 2014), discretionary regulation (Lin & Milhaupt, 2013), or political connections (Liang et al., 2014), which are more difficult to observe…”
What Do State-Owned Development Banks Do? Evidence from BNDES, 2002–09 (2015, result): “2 Carvalho (2010) studies the criteria for the allocation of loans and finds, consistent with our finding, that firms in regions governed by politicians allied with the federal government receive more funding from BNDES.”
Bank Ownership and Credit Over the Business Cycle: Is Lending by State Banks Less Procyclical? (2012, background): “Importantly, country level studies also sh w that politicians use government bank 4 lending to provide political patronage leading to significant credit misallocation (See for example Cole (2009) for India, Khwaja and Mian (2005) for Pakistan, Carvalho (2010) for Brazil, and Sapienza (2004) for Ital”