중남미
연구정보
[경제] Household Credit as Stimulus? Evidence from Brazil
브라질 국외연구자료 연구보고서 NBER 발간일 : 2021-10-19 등록일 : 2021-10-31 원문링크
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From 2011 to 2014, the Brazilian government conducted a heavily advertised major credit expansion program through government banks as part of its effort to stimulate the economy. Using administrative data on individual-level borrowing and spending, we find that the program led to a substantial rise in borrowing by government employees, especially those with low financial literacy. We trace the impact of credit stimulus on borrowers' consumption through the 2011-16 business cycle, and find that the credit stimulus resulted in higher consumption volatility and lower average consumption over the cycle. Our results suggest a potential downside of using household credit as stimulus in emerging markets.
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