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Una aproximación a los determinantes de la financiación de las sociedades no financieras en España

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  • José Manuel Marqués

    ()
    (Banco de España)

  • Fernando Nieto

    ()
    (Banco de España)

  • Ana del Río

    ()
    (Banco de España)

Abstract

En este trabajo se estima un modelo para analizar los determinantes de la financiación de las sociedades no financieras españolas a nivel agregado. Los resultados muestran que la financiación depende, en el largo plazo, positivamente del nivel de actividad económica y negativamente de los tipos de interés. La elasticidad a la variable de escala se encuentra en el rango de valores estimados para otros países, mientras que la semielasticidad al tipo de interés resulta ser relativamente elevada. En el corto plazo, además, se obtiene una relación negativa con los beneficios de las empresas y con la evolución de los mercados de renta variable. Estos resultados apuntan a que el crecimiento de la financiación de las sociedades en los últimos años está en línea con la evolución de sus determinantes de largo plazo, si bien el aumento en los niveles de endeudamiento supone una mayor exposición del sector a variaciones inesperadas en los resultados económicos y en el coste de los fondos.

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File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/05/Fic/dt0535.pdf
File Function: First spanish version, October 2005
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Bibliographic Info

Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 0535.

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Length: 34 pages
Date of creation: Oct 2005
Date of revision:
Handle: RePEc:bde:wpaper:0535

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