[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-216836-en":3,"doc-seo-216836-105":30,"detail-sidebar-cat-0-en-105":97},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":27,"seo_description":14,"update_tm":28,"read_time":29},216836,549768702563,"Fahsai","https://ap-avatar.wpscdn.com/avatar/8000c4aa63b76e948b?x-image-process=image/resize,m_fixed,w_180,h_180&k=1786536092046926083",8,"Research & Report","Political Connections and Access to Brazilian Development Bank’s Loans - Working Paper Nº 2019-13","Prior studies suggest politically connected firms obtain access to subsidized loans from Brazil’s Development Bank (BNDES) by financing candidates for federal deputies during election campaigns. Using donations from the 100 largest Brazilian business groups in the 2006 House of Representatives election as a proxy for political connections, the research documents a positive correlation between donations and the volume borrowed. However, regression discontinuity analysis finds no evidence that deputies elected by narrow vote margins systematically influenced BNDES credit allocation decisions, suggesting other political channels beyond direct donations to winning deputies.","Department of Economics-FEA/USP  \nPolitical Connections and Access to Brazilian Development Bank’s Loans  \nANDRÉ MEDEIROS SZTUTMAN DANTE MENDES ALDRIGHI  \nWORKING PAPER SERIES  \nNº  \n2019-13  \nDEPARTMENT OF ECONOMICS, FEA-USP  \nWORKING PAPER Nº 2019-13  \nPolitical Connections and Access to Brazilian Development Bank’s Loans  \nAndré Medeiros Sztutman  \nDante Mendes Aldrighi ([aldrighi@usp.br](aldrighi@usp.br))  \nAbstract:  \nPrior studies suggest that politically connected firms manage to buy the access to subsidized loans from the Brazilian Development Bank (BNDES) by financing candidates to federal deputies in election campaigns. Nonetheless, and although firms that most donated to these candidates were indeed the same that subsequently most tapped BNDES’ subsidized credit, no anecdotal piece of information has been reported referring to deputies being accused of interfering in BNDES lending policy to benefit their donors. Proxying political connections by the 100 largest Brazilian business groups’ donations to candidates in the 2006 election for the House of Representatives, we also documented a positive correlation between these groups’ donations and the amount they borrowed from the bank. However, carrying out regression discontinuity analysis, we found no evidence that federal deputies elected by a small margin of votes had systematically affected BNDES credit allocation decisions. The discrepant empirical results may indicate the influence on the access to the bank’s loans through political connections other than direct donations to winning federal deputies.  \nKeywords: Election campaign donations; development banks; subsidized credit; regression discontinuity design..  \nJEL Codes: D72;G38; H81 .  \nPolitical Connections and Access to Brazilian Development Bank’s Loans  \nAndré Medeiros Sztutman and Dante Mendes Aldrighi*  \nAbstract  \nPrior studies suggest that politically connected firms manage to buy the access to subsidized loans from the Brazilian Development Bank (BNDES) by financing candidates to federal deputies in election campaigns. Nonetheless, and although firms that most donated to these candidates were indeed the same that subsequently most tapped BNDES’ subsidized credit, no anecdotal piece of information has been reported referring to deputies being accused of interfering in BNDES lending policy to benefit their donors. Proxying political connections by the 100 largest Brazilian business groups ’ donations to candidates in the 2006 election for the House of Representatives, we also documented a positive correlation between these groups’ donations and the amount they borrowed from the bank. However, carrying out regression discontinuity analysis, we found no evidence that federal deputies elected by a small margin of votes had systematically affected BNDES credit allocation decisions. The discrepant empirical results may indicate the influence on the access to the bank’s loans through political connections other than direct donations to winning federal deputies.  \nKeywords: Election campaign donations, development banks, subsidized credit, regression discontinuity design.  \nJEL Code: D72, G38, H81  \n* Sztutman (Massachusetts Institute of Technology, Ph.D. candidate) gratefully acknowledges the financial support from FAPESP. Aldrighi (Universidade de São Paulo) thanks to grant from the Brazil’s National Research Council (CNPq) .  \n1. Introduction  \nDespite the copious literature on the influence of political connections on government-owned banks’ decisions, the specific political channels by which politicians favor firms have much to be clarified. We attempt herein to reduce this gap by focusing on the relationship between corporate donations to candidates to federal deputies and access to subsidized lending from the Brazilian Development Bank (BNDES) .  \nIn 2010 BNDES handled a budget of more than US$ 100 billion and accounted for 21% of the overall domestic credit supply. BNDES policy of below-market lending ","cbCaihUE3K65wSnY","https://ap.wps.com/l/cbCaihUE3K65wSnY","pdf",778261,1,35,"English","en",105,"# Introduction\n## Political channels and research gap\n## Context of BNDES subsidized lending\n## Related literature and contribution\n# Empirical strategy (RDD)\n# Findings and interpretation","[{\"question\":\"How do politically connected firms obtain BNDES subsidized loans in prior research?\",\"answer\":\"Prior studies argue that firms finance candidates for federal deputies in election campaigns, then benefit from subsidized credit access from BNDES.\"},{\"question\":\"What measure of political connections does this working paper use?\",\"answer\":\"It proxies political connections through donations by the 100 largest Brazilian business groups to candidates in the 2006 House of Representatives election.\"},{\"question\":\"What does the regression discontinuity design show about the role of winning deputies?\",\"answer\":\"RDD results find no evidence that federal deputies elected by a small margin systematically affected BNDES credit allocation decisions.\"}]","Political Connections and Access to Brazilian Development Bank’s Loans - Working Paper Nº 2019-13 | PDF",1788827922,88,{"code":4,"msg":31,"data":32},"ok",{"site_id":24,"language":23,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":92,"head_meta":94,"extra_data":96,"updated_unix":28},"political-connections-and-access-to-brazilian-development-banks-loans-working-paper-n-2019-13","",{"@graph":36,"@context":91},[37,54,74],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,51],{"item":41,"name":42,"@type":43,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":43,"position":53},"https://docshare.wps.com/document/political-connections-and-access-to-brazilian-development-banks-loans-working-paper-n-2019-13/216836/",4,{"url":52,"name":13,"@type":55,"image":56,"author":61,"headline":13,"publisher":63,"fileFormat":66,"inLanguage":23,"description":14,"dateModified":67,"datePublished":68,"encodingFormat":66,"isAccessibleForFree":69,"interactionStatistic":70},"DigitalDocument",{"url":57,"@type":58,"width":59,"height":60},"https://docshare.wps.com/thumbnails/political-connections-and-access-to-brazilian-development-banks-loans-working-paper-n-2019-13/216836.png","ImageObject",300,407,{"name":9,"@type":62},"Person",{"url":41,"name":64,"@type":65},"DocShare","Organization","application/pdf","2026-09-11","2026-09-08",true,{"@type":71,"interactionType":72,"userInteractionCount":20},"InteractionCounter",{"@type":73},"ViewAction",{"@type":75,"mainEntity":76},"FAQPage",[77,83,87],{"name":78,"@type":79,"acceptedAnswer":80},"How do politically connected firms obtain BNDES subsidized loans in prior research?","Question",{"text":81,"@type":82},"Prior studies argue that firms finance candidates for federal deputies in election campaigns, then benefit from subsidized credit access from BNDES.","Answer",{"name":84,"@type":79,"acceptedAnswer":85},"What measure of political connections does this working paper use?",{"text":86,"@type":82},"It proxies political connections through donations by the 100 largest Brazilian business groups to candidates in the 2006 House of Representatives election.",{"name":88,"@type":79,"acceptedAnswer":89},"What does the regression discontinuity design show about the role of winning deputies?",{"text":90,"@type":82},"RDD results find no evidence that federal deputies elected by a small margin systematically affected BNDES credit allocation decisions.","https://schema.org",{"og:url":52,"og:type":93,"og:title":13,"og:site_name":64,"og:description":14},"article",{"robots":95,"canonical":52},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":98},[99,103,107,111,116,121,126,129,134,137,141],{"id":20,"doc_module":4,"doc_module_name":46,"category_name":100,"show_sort_weight":101,"slug":102},"Story & Novel",90,"story-novel",{"id":47,"doc_module":4,"doc_module_name":46,"category_name":104,"show_sort_weight":105,"slug":106},"Literature",80,"literature",{"id":53,"doc_module":4,"doc_module_name":46,"category_name":108,"show_sort_weight":109,"slug":110},"Exam",70,"exam",{"id":112,"doc_module":4,"doc_module_name":46,"category_name":113,"show_sort_weight":114,"slug":115},5,"Comic",60,"comic",{"id":117,"doc_module":4,"doc_module_name":46,"category_name":118,"show_sort_weight":119,"slug":120},6,"Technology",50,"technology",{"id":122,"doc_module":4,"doc_module_name":46,"category_name":123,"show_sort_weight":124,"slug":125},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":127,"slug":128},30,"research-report",{"id":130,"doc_module":4,"doc_module_name":46,"category_name":131,"show_sort_weight":132,"slug":133},9,"Religion & Spirituality",20,"religion-spirituality",{"id":132,"doc_module":4,"doc_module_name":46,"category_name":135,"show_sort_weight":132,"slug":136},"World Cup","world-cup",{"id":138,"doc_module":4,"doc_module_name":46,"category_name":139,"show_sort_weight":138,"slug":140},10,"Lifestyle","lifestyle",{"id":142,"doc_module":4,"doc_module_name":46,"category_name":143,"show_sort_weight":112,"slug":144},19,"General","general"]