Misallocation e imperfeições nos mercados financeiros: o papel das políticas de crédito público

Abstract

This paper surveys the misallocation literature in order to discuss whether allocation efficiency is crucial for productivity dynamics, and whether in its origins can be found government failures. The literature seems inconclusive on both questions: there are recent findings for and against the relative importance of misallocation, and some mixed evidence on the effectiveness of government interventions (specifically on imperfect financial markets). An important positive result, however, is that the details of public credit programs—as focus and accountability—are crucial to explain their success or failure.