Artículo de revista

We use a sample of over 80,000 Spanish companies started by a sole entrepreneur between 2004 and 2014, and distinguish between male and female entrepreneurs demand for credit, credit approval ratio, and credit performance. We fi nd that female entrepreneurs who start a business are less likely...

Artículo de revista ; Over the past decade, the volume of leveraged loans has grown to reach its highest level since the end of the crisis. Growth has been more contained in Spain, which accounted for 5% of the total volume of such lending in Europe in the period 2016-2018. The terms and...

Artículo de revista

Artículo de revista ; In the final stretch of 2019, the funds raised by households and non-financial corporations grew at very moderate rates, somewhat below those recorded in the first half of the year. This occurred against a setting of weak demand for funds, in which credit standards for...

Artículo de revista ; The COVID-19 pandemic has significantly altered the financing of the non-financial private sector. Financing of the self-employed and businesses has risen as a consequence of both the increase in demand, stemming from greater liquidity needs and from the perceived increase...

Artículo de revista

Se estima el efecto de la politica monetaria sobre el endeudamiento de las empresas utilizando datos de panel y teniendo en cuenta su heterogeneidad. La evidencia que se obtiene, utilizando una muestra de 12.909 empresas privadas que han colaborado con la Central de Balances del Banco de...

This paper examines whether financial constraints affect firms’ investment decisions for older (larger) firms. We compare a group of unbanked firms to firms that rely on formal financing. Specifically, we combine data from the Spanish Mercantile Registry and the Bank of Spain Credit Registry...

Mientras que los bancos pueden cambiar su oferta de crédito tras sufrir shocks que afectan a sus balances (el canal local del préstamo), las empresas pueden reaccionar ajustando sus fuentes de financiación en equilibrio (el canal agregado del préstamo). En este papel proporcionamos una...