%0 Journal Article
%T EL CR¨¦DITO AL SECTOR PRIVADO EN ESPA A: DEL CRECIMIENTO DESBORDADO A LA FUERTE RESTRICCI¨®N / PRIVATE SECTOR CREDIT IN SPAIN: FROM BOOM TO BUST
%A Antonio CALVO BERNARDINO
%A Jes¨²s PA¨²L GUTI¨¦RREZ
%J Revista de Estudios Cooperativos
%D 2012
%I AECOOP Escuela de Estudios Cooperativos
%X La fuerte contracci¨®n del cr¨¦dito al sector privado constituye un elemento caracter¨ªstico de la profunda crisis que actualmente atraviesa la econom¨ªa espa ola. Este comportamiento no es algo sorprendente, dado que es conocida la existencia de una fuerte correlaci¨®n positiva entre los ciclos econ¨®micos y los ciclos crediticios, tal y como ha sido ampliamente documentado en la literatura econ¨®mica. Con el fin de comprender la fuerte restricci¨®n crediticia a la que en el momento presente se enfrentan las empresas no financieras y las familias espa olas, en este art¨ªculo se analiza el ¨²ltimo ciclo del cr¨¦dito que se ha registrado en nuestra econom¨ªa. Se delimita su longitud e intensidad y se compara con otros ciclos crediticios registrados en d¨¦cadas pasadas. Tras estudiar el comportamiento del cr¨¦dito en la fase alcista del ciclo y los principales desequilibrios acumulados en ella, centramos el an¨¢lisis en su fase bajista, evaluando los factores de oferta y demanda crediticia que est¨¢n incidiendo en la contracci¨®n del cr¨¦dito. Un especial ¨¦nfasis se da al papel que las entidades bancarias de car¨¢cter social han tenido en este proceso c¨ªclico del cr¨¦dito. / The deep crisis in the Spanish economy is characterized by the existence of a sharp contraction in private sector credit. This credit behavior is not surprising, since it is known that there is a strong positive correlation between economic cycles and credit cycles, as has been well documented in the literature. In order to understand the strong credit restrictions which Spanish non-financial firms and households are facing at present, this article analyses the last credit cycle that has occurred in Spanish economy. It is defined its length and intensity and compared with other credit cycles in past decades. After studying the behavior of credit in the expansion phase of the cycle and the major imbalances accumulated in it, we focus the analysis in the recession phase, assessing the supply and demand factors that are affecting credit crunch. A special emphasis is given to the role that social banking institutions have had in this cyclical process of credit.
%K cr¨¦dito bancario al sector privado
%K ciclo crediticio
%K demanda y oferta de cr¨¦dito
%K entidades bancarias de car¨¢cter social. / bank credit to private sector
%K credit cycle
%K credit demand and supply
%K social banking institutions.
%U http://www.ucm.es/info/revesco/txt/REVESCO%20N%20109.1%20Antonio%20CALVO%20y%20Jesus%20PAUL.pdf