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Evolución reciente del crédito a las sociedades no financieras: factores de demanda y de oferta

Author

Listed:
  • Roi Barreira
  • Sergio Mayordomo
  • Irene Roibás
  • Manuel Ruiz-García

Abstract

La financiación de las empresas no financieras mediante crédito proporcionado por entidades bancarias residentes ha mostrado un escaso dinamismo desde el verano de 2020. Esta evolución tras el impacto de la crisis sanitaria se ha producido en un contexto de debilidad de la demanda, de relativa estabilidad de la oferta de fondos bancarios y de repunte del recurso a la financiación con valores de renta fija. El análisis con información granular de empresas y de bancos confirma que esta pérdida de dinamismo de la financiación bancaria se explicaría fundamentalmente por factores de demanda. En particular, se encuentran indicios de que algunas empresas habrían estado utilizando una parte de los colchones de liquidez acumulados durante 2020 y de que las grandes empresas habrían sustituido una parte de su financiación con préstamos bancarios por valores de renta fija. El análisis también sugiere que los factores de oferta vinculados con la disponibilidad de capital por parte de las entidades bancarias no han desempeñado un papel importante para explicar la debilidad del crédito concedido a las sociedades no financieras durante el período examinado.

Suggested Citation

  • Roi Barreira & Sergio Mayordomo & Irene Roibás & Manuel Ruiz-García, 2022. "Evolución reciente del crédito a las sociedades no financieras: factores de demanda y de oferta," Boletín Económico, Banco de España, issue 1/2022.
    • Handle: RePEc:bde:joures:y:2022:i:01:d:aa:n:05
    Note: Artículos Analíticos
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    More about this item

    Keywords

    oferta de crédito; demanda de crédito; emisiones de renta fija; sociedades no financieras.;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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