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In the same way, an increase in the taxes of interests can produce a effect of adverse incentive inducing enterprising to choose the projects riskiest and more lucrative (when successful). In this case the debtor is indifferent between two or more projects with different probabilities of success. For Clemenz (1986) all the debtors are identical, […]

The Brazilian government comes implementing some lines of direction in the economic policy that, that shy and exactly insufficient, they have stimulated the exportation and the internationalization of the biggest Brazilian companies. The increase in the credit facilities of financing to the exportation through the BNDES and of the Bank of Brazil, as well as […]