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Limitaciones crediticias en América Latina: panorámica general de los elementos de juicio al nivel micro

  • Arturo Galindo

    ()

  • Fabio Schiantarelli

(Disponible en idioma inglés únicamente) En este trabajo se resumen y analizan los nuevos elementos de juicio sobre la naturaleza, alcance, evolución y consecuencias de las limitaciones financieras en América Latina; esos elementos se entresacan de una serie de trabajos recientes. Los países cubiertos son Argentina, Colombia, Costa Rica, Ecuador, México y Uruguay. Todos los aportes nuevos comparten las características de basarse en datos de tipo micro. La mayoría de las fuentes de datos son los balances generales de empresas. En el caso de Argentina, también se dispone de información sobre los contratos de deuda y el historial crediticio, mientras que en el caso de Costa Rica también se recabó información personal sobre los empresarios. Algunos de los trabajos investigan los factores que determinan las decisiones de financiamiento de las empresas y las consecuencias del acceso o composición de la deuda sobre el desempeño. Otros trabajos procuran evaluar la gravedad de las limitantes del financiamiento al concentrarse en las opciones de inversión de las empresas. Todos los trabajos menos uno forman parte del proyecto Determinants and Consequences of Financial Constraints Facing Firms in Latin America and the Caribbean (Factores determinantes y consecuencias de las limitantes financieras que encaran las empresas latinoamericanas y caribeñas) realizado con fondos del BID. Sin embargo, también se trataron otros aportes recientes de tipo microeconómico. Los resultados sugieren que el acceso al crédito (y sus costos) depende no sólo de las características positivas de los balances, sino también de lo estrecho de la relación entre las empresas y los bancos, así como el historial crediticio. El acceso a préstamos de largo plazo y a préstamos denominados en divisas guarda una relación positiva con el tamaño y lo tangible de los activos empresariales y una relación negativa con las medidas del riesgo país. Además, las empresas con participación foránea parecen tener menos limitantes financieras a la hora de tomar sus decisiones de inversión. Lo mismo ocurre con las empresas vinculadas con grupos empresariales. En general, todo parece indicar que la apertura financiera tiende a relajar las limitantes financieras de las empresas que anteriormente tenían restricciones, mientras que las crisis financieras tienden a estrecharlas. Sin embargo, las compañías que tienen un mayor acceso a fuentes externas de fondos, por ejemplo, por la vía de exportaciones o de participación patrimonial, parecen experimentar menos problemas en los períodos posteriores a las crisis. Este trabajo concluye con el tratamiento de las implicaciones que tienen esos resultados para las políticas.

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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4306.

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Date of creation: Sep 2002
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Handle: RePEc:idb:wpaper:4306
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