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

Listed author(s):
  • Arthur de Rezende Pinto
  • Flávia Chein
  • Cristine Campos de Xavier Pinto

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.

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Article provided by Instituto de Pesquisa Econômica Aplicada in its journal Pesquisa e Planejamento Econômico.

Volume (Year): 43 (2013)
Issue (Month): 1 (abr.)
Pages: 7-48

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Handle: RePEc:ppe:ppeart:y:2013:v:43:i:1:p:7-48
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