Bibliographic record
Abstract
ABSTRACT How margins of private banks are affected by public banks’ conduct is a relevant question for both competition policy and credit market development in emerging economies. In this article, this question is addressed using an exogenous variation on the conduct of public banks between 2008 and 2015 when a pro-state government implemented a broad counter-cyclical policy in Brazil on major credit lines financed by the National Development Bank (BNDES). Given this event, we estimate the best reply function of private banks in a mixed oligopolistic market structure where private and public firms differ in their objective function. Using a detailed data set from a large BNDES credit line, in a dynamic panel data, results point to a significant but low reaction of private financial institutions. In the long run, a private bank’s margin is reduced by 0.03 p.p for 1 p.p lower final interest rate set by state-owned institutions. In this sense, the reduction in margins observed between 2008-2014 is more associated with a lower subsidized funding cost.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.001 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.003 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".