Luiza Carolina de Morais

The present study seeks to analyze the relationship between the main public export promotion programs in Brazil, namely BNDES Exim, Seguro de Crédito à Exportação, PROEX Financiamento and PROEX Equalização, and the exports in Brazilian manufacturing industry in the years 2000, based on Chaney´s (2016) theoretical model. Especially in the case of PROEX, the direct impact of the program on the extensive margin of international trade was evaluated. Recent literature has highlighted the role of firms´ financial conditions, sectoral financial vulnerability and their impacts on aggregate trade flows. To achieve the proposed objetives, a panel data procedure with instrumental variables is used. Estimatives indicate the existence of positive impacts of BNDES Exim on sectoral exports and a smoothing of specific credit restrictions of sectors with greater working capital ratio. The Seguro de Crédito à Exportação, also promotes exports in financially more The present study seeks to analyze the relationship between the main public export promotion programs in Brazil, namely BNDES Exim, Seguro de Crédito à Exportação, PROEX Financiamento and PROEX Equalização, and the exports in Brazilian manufacturing industry in the years 2000, based on Chaney´s (2016) theoretical model. Especially in the case of PROEX, the direct impact of the program on the extensive margin of international trade was evaluated. Recent literature has highlighted the role of firms´ financial conditions, sectoral financial vulnerability and their impacts on aggregate trade flows. To achieve the proposed objetives, a panel data procedure with instrumental variables is used. Estimatives indicate the existence of positive impacts of BNDES Exim on sectoral exports and a smoothing of specific credit restrictions of sectors with greater working capital ratio. The Seguro de Crédito à Exportação, also promotes exports in financially more vulnerable sectors, PROEX programs, however, do not positively impact sectoral exports, but cause a positive effect on the extensive margin of international trade.vulnerable sectors, PROEX programs, however, do not positively impact sectoral exports, but cause a positive effect on the extensive margin of international trade.