SCHCLAREK CURUTCHET ALFREDO
Congresos y reuniones científicas
Título:
The Countercyclical Behavior of National Development Banks in Latin America and the Caribbean
Autor/es:
ALFREDO SCHCLAREK; MICHAEL BREI
Lugar:
La Plata
Reunión:
Conferencia; LIII Reunión Anual de la Asociación Argentina de Economía Política; 2018
Resumen:
Thispaperinvestigatesempiricallythecyclicallendingpatternsofnationaldevelopmentbanks.To thispurpose,wecomparethelendingactivityof nationaldevelopmentbanks, acrosscrisisandnormaltimes,with that of public, foreign and domestic private banks using information on the annual financialstatementsof 336 majorbanksfrom 31 LatinAmericanandCaribbean countriesovertheperiodof1995-2014.Usingdynamicpanelregressions thatallowcontrollingforloandemandandotherfactors,wefindrobust evidence that national development and public retail-oriented banks have counteracted theslowdowninthelendingactivityofprivatebanks duringcrises by significantly increasing their provisionof loans.Our results are particularly importantwhen considering productive lending to the corporatesector.The findingssuggestthatgovernmentshaveplayed anactivecountercyclicalroleintheirbankingsystems directlythroughbothnational developmentandretail-oriented publicbanks. Certainly,nationaldevelopment banks? size, governance structure and financial condition play a key role in determiningthat the countercyclical response is effective in mitigating the macroeconomic effects of financialturmoil.Inaddition,itisimportantthatspecialandinnovativecreditlinesaredesignedinlinewith thespecific needs of companies in times of crisis. Moreover, credit lines for infrastructure projects thatincreasethecountries?productiveandexportcapabilitiesare alsoadvisable.