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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
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    References listed on IDEAS

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    1. Sergio Correia & Paulo Guimarães & Tom Zylkin, 2020. "Fast Poisson estimation with high-dimensional fixed effects," Stata Journal, StataCorp LLC, vol. 20(1), pages 95-115, March.
    2. Alberto Abadie & Susan Athey & Guido W Imbens & Jeffrey M Wooldridge, 2023. "When Should You Adjust Standard Errors for Clustering?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 138(1), pages 1-35.
    3. Doblas-Madrid, Antonio & Minetti, Raoul, 2013. "Sharing information in the credit market: Contract-level evidence from U.S. firms," Journal of Financial Economics, Elsevier, vol. 109(1), pages 198-223.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    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

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