Fabio Miessi Sanches

Førsteamanuensis - Institutt for samfunnsøkonomi


Capeleti, Paulo; Garcia, Marcio & Sanches, Fabio Miessi (2022)

Countercyclical Credit Policies and Banking Concentration: Evidence from Brazil

Journal of Banking & Finance, 143 Doi: 10.1016/j.jbankfin.2022.106589

We study the asymmetric effects of procyclical and countercyclical expansions of public banks’ credit on economic growth. Using a panel of Brazilian municipalities (2009–2014) and the same identification strat- egy as Greenstone et al. (2020), we show that the effect of public credit on the economic performance of Brazilian municipalities was more substantial in 2009, the only year in our sample in which the public credit policy was countercyclical. Interestingly, our estimates also suggest that the effect of credit poli- cies on growth is more salient when the banking market is more concentrated. Guided by the empirical results we built a theoretical model, which is calibrated with Brazilian data. Policy experiments based on the model demonstrate that countercyclical public credit policies are more effective than procyclical pub- lic credit policies. In line with the empirical results, the theoretical model also shows that public credit policies in general (either in booms or in recessions) are more efficient when credit markets are more concentrated. This result indicates that the structure of credit markets is crucial to explain the impact of public credit policies on growth.

Costa, Francisco; Nunes, Leticia & Sanches, Fabio Miessi (2022)

How to Attract Physicians to Underserved Areas? Policy Recommendations from a Structural Model

Review of Economics and Statistics Doi: 10.1162/rest_a_01155

This paper exploits location choices of all generalist physicians graduated in Brazil between 2001 and 2013 to study policies aiming at increasing the supply of physicians in underserved areas. We set up and estimate a supply and demand model for physicians. We estimate physicians' locational preferences using a random coefficients discrete choice model. The demand has private establishments competing for physicians with private and public facilities around the country. Policy counterfactuals indicate that quotas in medical schools for students born in underserved areas and the opening of vacancies in medical schools in deprived areas are more cost-effective than financial incentives.

Akademisk grad
År Akademisk institusjon Grad
2013 London School of Economics and Political Science PhD in Economics
År Arbeidsgiver Tittel
2021 - Present BI Norwegian Business School Associate professor