¿El crédito afecta a la deforestación? La evidencia de una política de crédito rural en la Amazonia brasileña

This executive summary evaluates the impact of Resolution 3.545, a 2008 Brazilian Central Bank policy that conditioned rural credit in the Amazon biome on compliance with environmental regulations. The study finds that the policy significantly reduced rural credit disbursement, particularly for large-scale livestock producers, which in turn led to a measurable decrease in deforestation between 2008 and 2011.

• Resolution 3.545, introduced in 2008, required borrowers in the Brazilian Amazon biome to provide evidence of environmental regulation compliance, land claim legitimacy, and rural establishment regularity to access rural credit.
• The policy led to a significant reduction in rural credit disbursement between 2008 and 2011, estimated at approximately 2.9 billion BRL (1.4 million USD). The majority of this reduction, 2.6 billion BRL (1.3 million USD), affected livestock contracts.
• The restriction of rural credit resulted in a 15% decrease in deforestation during the 2008-2011 period. Counter-factual simulations indicate that without Resolution 3.545, over 2,700 km2 of forest would have been cleared between 2009 and 2011.
• The impact on deforestation was primarily significant in municipalities where livestock farming is the main economic activity. In contrast, deforestation in municipalities dominated by crop production was not affected by the resolution.
• The policy had a distributive effect on credit contracts: for livestock, the number of medium and large contracts decreased while small contracts increased. For crops, only medium-sized contracts decreased.
• The study suggests that livestock farmers are more dependent on subsidized rural credit for production and deforestation activities, whereas crop farmers are less dependent or use subsidies to increase productivity rather than expanding the production frontier.
• The authors warn that policies increasing financial resources for Amazonian farmers, such as payments for environmental services, could potentially increase deforestation rates if they do not account for existing financial constraints and avoid 'rebound' effects.

APA

Assunção, J., Gandour, C., & Rocha, R. (2013). ¿El crédito afecta a la deforestación? La evidencia de una política de crédito rural en la Amazonia brasileña. Climate Policy Initiative. https://www.climatepolicyinitiative.org/wp-content/uploads/2013/01/Does-Credit-Affect-Deforestation-Executive-Summary-Spanish.pdf

Chicago

Assunção, Juliano, Clarissa Gandour, and Romero Rocha. ¿El crédito afecta a la deforestación? La evidencia de una política de crédito rural en la Amazonia brasileña. Climate Policy Initiative, 2013. https://www.climatepolicyinitiative.org/wp-content/uploads/2013/01/Does-Credit-Affect-Deforestation-Executive-Summary-Spanish.pdf.

Wikipedia

{{cite report |last1=Assunção |first1=Juliano |last2=Gandour |first2=Clarissa |last3=Rocha |first3=Romero |title=¿El crédito afecta a la deforestación? La evidencia de una política de crédito rural en la Amazonia brasileña |publisher=Climate Policy Initiative |date=January 2013 |url=https://www.climatepolicyinitiative.org/wp-content/uploads/2013/01/Does-Credit-Affect-Deforestation-Executive-Summary-Spanish.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{assuno2013crdito, author = {Assunção, Juliano and Gandour, Clarissa and Rocha, Romero}, title = {{¿El crédito afecta a la deforestación? La evidencia de una política de crédito rural en la Amazonia brasileña}}, institution = {Climate Policy Initiative}, year = {2013}, month = jan, url = {https://www.climatepolicyinitiative.org/wp-content/uploads/2013/01/Does-Credit-Affect-Deforestation-Executive-Summary-Spanish.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }