Title: Ratings y financiación empresarial
Source: Papeles de Economía Española
Abstract: This article deals with the role of credit in the post-crisis environment from three different perspectives: i) a conceptual analysis of what we understand as «credit markets» nowadays; ii) a review of the way credit markets are recovering internationally and the role of public policies, with particular attention to monetary policy and solvency regulation; and (iii) a qualitative assessment of the parameters that may have determined a change in credit conditions from pre- to post-crisis. To achieve this latter goal, we employ information on the credit markets of 37 countries, as provided by the World Bank and the International Monetary Fund. The analysis suggests that bank lending remains the main funding alternative for the private sector, although lending recovery is being slow and unequal across countries. Nevertheless, most markets are showing an increasing diversification of credit supply alternatives, with non-bank players gaining momentum and «alternative finance» players still to develop their full potential. Banks, however, has been (and will be) particularly affected by regulatory pressure and will have to assume technological challenges that have been only faced incipiently up to now.
Salvador, C. and J. Fernández de Guevara (2015): "Ratings y financiación empresarial", Papeles de Economía Española, 146, December.