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Title: Essays on innovation and the development bank in Brazil
Author: Carreras, Marco
ISNI:       0000 0004 7972 3809
Awarding Body: University of Sussex
Current Institution: University of Sussex
Date of Award: 2019
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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.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available
Keywords: HG2881 Brazil