Evaluating inter-sectorial efficiency of state-owned bank financing: a hierarchical game with a two-stage Malmquist approach
by Ricardo Kalil Moraes; Peter Fernandes Wanke; João Ricardo Faria; Steven B. Caudill; Yong Tan
International Journal of Public Policy (IJPP), Vol. 17, No. 1/2, 2023

Abstract: This paper examines the efficiency of the Brazilian productive structure due to public funding provided by its state-owned bank. We develop a hierarchical dynamic game between this bank and the firms yielding investment as a function of the subsidised credit, industry competition, and openness. Through a multi-sector two-stage data envelopment analysis model, we find that the funding's main recipients were not effective in jointly producing aggregate outcomes. Finally, the importance of the degree of economic openness and the level of competition in the sectors indicate that consideration of these factors is essential to any comprehensive industrial policy.

Online publication date: Mon, 25-Sep-2023

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