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Replication Package for the paper "Macroprudential, Monetary Policy Synergies and Credit Supply:
evidence from matched bank-firm loan-level data in Brazil"
 
From: 25 June 2025
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/* This package replicates Tables and Figures of the paper. 

It contains:
(1) the main code that loads Pseudo_data (in Stata format) and reproduces all regressions, generating the  tables and main Figures of the paper. See all details, comments and step-by-step of each Table in the do-file "01_regsMacroPru_pseudo". This program will generate Tables II to X (from the paper) and Online Appendix 3 to 9. It also creates Figures 1,2, 4 and 5
(2) macro-data and code to generate Annex 2
(3) more macro-data with Annex 1 and Figure 3 enclosed 
(4) the ado folder used in (1)
(5) the Pseudo-data loaded by (1)   

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/* IMPORTANT: The original data is proprietary, confidential and belongs to the Central Bank of Brazil (BCB). The main code (1) runs on Pseudo_data and the outcomes WILL NOT necessarily be the same presented in the paper's tables. The macro-variables in the Pseudo-data are public and have not been modified. Yet, bank-firm credit exposures are confidential and protected by law. Thus, these variables have been randomized to protect the data. Code (1) replicates the whole dynamics of the paper and runs on both real and pseudo data. */
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/* Note on DATA access
While the DATA in this paper is not publicly available, the BCB offers worldwide researchers the possibility of teaming up, under strict guidelines, to develop research with its proprietary DATA, including the one used in this manuscript.
 
Data access requires a cooperation agreement. All steps to celebrate this agreement are detailed in the link below, including a form for project submission https://www.bcb.gov.br/en/publications/externalcollaborationresearch. 

IMPORTANT: This step includes strict "confidential agreements" with respect to DATA access and use. 
  
The handling of the raw confidential DATA must be carried by Central Bank of Brazil staff. Typically, IT staff merge, anonymize, sample and make data available for researches in "Secure Labs". All work must be done in the workstations available in these Labs, without external access to internet, in business hours, and under the surveillance of local staff. No codes or other pieces of data can be introduced or retrieved from these workstations if not by IT or speciallized staff. As of today, the "Secure Labs" are only available at the Sao Paulo, Rio de Janeiro and Brasilia headquarters of the BCB.  
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Section II of the paper provides all other details on the nature of the data, summary and empirical strategy. The main code has detailed comments on the identification strategy. 

