IDEAS home Printed from https://ideas.repec.org/p/bde/wpaper/2619.html

Digitalization and credit markets: Evidence from e-Invoicing

Author

Listed:
  • Alejandro Casado

    (BANCO DE ESPAÑA)

  • Marco Giometti

    (UNIVERSIDAD CARLOS III DE MADRID)

  • José E. Gutiérrez

    (BANCO DE ESPAÑA)

  • David Martínez-Miera

    (UNIVERSIDAD CARLOS III DE MADRID AND CEPR)

  • Alexandra Matyunina

    (BANCO DE ESPAÑA)

  • Tammaro Terracciano

    (IESE BUSINESS SCHOOL)

Abstract

We document the effects of electronic invoicing (eInvoicing) on credit markets. By making invoices more standardized, verifiable and harder to falsify, eInvoicing changes lenders’ information sets, facilitating invoice-based financing and credit risk assessment. We exploit a regional eInvoicing mandate and administrative credit data using a difference-in-differences design to provide three main insights. First, credit reallocates toward firms already relying on invoice-based credit (“invoice firms”) and away from non-invoice firms. Second, the cost of (non-)invoice credit falls (rises) for (non-)invoice firms, consistent with a supply-driven mechanism. Third, banks’ information production changes: eInvoicing widens (reduces) the dispersion of rates and banks’ risk assessments and improves (worsens) their predictive accuracy for (non-)invoice firms. Overall, eInvoicing reshapes credit market outcomes, with uneven effects across borrowers.

Suggested Citation

  • Alejandro Casado & Marco Giometti & José E. Gutiérrez & David Martínez-Miera & Alexandra Matyunina & Tammaro Terracciano, 2026. "Digitalization and credit markets: Evidence from e-Invoicing," Working Papers 2619, Banco de España.
    • Handle: RePEc:bde:wpaper:2619
    DOI: https://doi.org/10.53479/44027
    as

    Download full text from publisher

    File URL: https://www.bde.es/f/webbe/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/26/Files/dt2619e.pdf
    File Function: First version, July 2026
    Download Restriction: no
    File URL: https://libkey.io/https://doi.org/10.53479/44027?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bde:wpaper:2619. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ángel Rodríguez. Electronic Dissemination of Information Unit. Research Department. Banco de España (email available below). General contact details of provider: https://edirc.repec.org/data/bdegves.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.