IDEAS home Printed from https://ideas.repec.org/a/ppe/ppeart/y2013v43i1p7-48.html
   My bibliography  Save this article

Restrição de crédito e decisão de investimento: a experiência do setor informal no Brasil

Author

Listed:
  • Arthur de Rezende Pinto
  • Flávia Chein
  • Cristine Campos de Xavier Pinto

Abstract

O artigo investiga a existência de racionamento de crédito aos empreendimentos informais da economia brasileira. Para tanto, adapta um modelo de escolha ocupacional desenvolvido em Evans e Jovanovic (1989) para a decisão de investimento da firma condicional à sua restrição orçamentária. Um dos resultados desse modelo é que as firmas restritas ao crédito são mais dependentes da sua riqueza inicial para realizar investimentos. Tal resultado motiva a estratégia empírica adotada, que utiliza a relação entre riqueza e investimento para identificar se há ou não restrição de crédito para os empreendimentos informais urbanos. Utilizando dados da Pesquisa de Economia Informal Urbana (ECINF), para o ano de 2003, realizada pelo Instituto Brasileiro de Geografia e Estatística (IBGE), encontram-se evidências de que a riqueza tem um impacto significativo sobre diferentes decisões de investimentos. Além disso, no que se refere a investimentos em capital físico, os resultados indicam que os empreendimentos caracterizados por trabalhadores por conta própria enfrentam maior restrição de crédito quando comparados aos empregadores. Credit constraints and investment decisions: the experience of the Brazilian informal sector :: This paper investigates the existence of credit rationing to informal enterprises in the Brazilian economy. A model of occupational choice developed in Evans and Jovanovic (1989) is adapted to the firm’s investment decision, conditional on its budget constraint. One result of this model is that wealth enhances investment particularly in more credit-constrained firms. This result motivates our empirical strategy that uses the relationship between wealth and investment to identify whether urban informal enterprises are credit constrained. Using data from the “Economia Informal Urbana” survey (ECINF) conducted by IBGE, for the year 2003, we find evidence that wealth has a significant impact on various investment decisions. Furthermore, our estimates suggest that for investments in physical capital, self-employed workers face stronger credit restrictions than employers.

Suggested Citation

  • Arthur de Rezende Pinto & Flávia Chein & Cristine Campos de Xavier Pinto, 2013. "Restrição de crédito e decisão de investimento: a experiência do setor informal no Brasil," Pesquisa e Planejamento Econômico - PPE, Instituto de Pesquisa Econômica Aplicada, vol. 43(1), pages 7-48, abr..
  • Handle: RePEc:ppe:ppeart:y:2013:v:43:i:1:p:7-48
    as

    Download full text from publisher

    File URL: http://ppe.ipea.gov.br/index.php/ppe/article/view/1408/1125
    Download Restriction: no

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ppe:ppeart:y:2013:v:43:i:1:p:7-48. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marco Antonio F. de H. Cavalcanti). General contact details of provider: http://edirc.repec.org/data/ipeaabr.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.