Entraves à exportação: o crédito à exportação no Brasil

This paper intends to analyze the functionality, difficulty of access, and the performance of the main export credit measures, public or private, in Brazil. They are the ACC, Proex, and BNDES-Exim. According to Greenway et al (2007) and Manova (2013), frictions in the credit market can take exports to below equilibrium levels, decreasing investments and company cash-flow generation. Because of this, measures that induce exports and a well-developed credit market can determine export levels. The difficulty to access credit in Brazil, according to the CNI research in 2014 is therefore, troubling, because they make exporting more difficult.