Los sistemas financieros y la financiación empresarialpautas de comportamiento y factores explicativos del crédito bancario: Un análisis comparado internacional

Resumo

This article examines the changes that have taken place in the "banking-industry" relationship models in the main developed countries, with a triple objetive: 1) Characterize the financial systems of the fifteen countries of the EU, so as to describe the function of the financialintermediaries (banking and non-banking) and the business financing markets. 2) Classify the groups of economic and financial variables that determine the comparative international competitiveness of countries and their companies (USA, Japan, the fifteen countries of the EU, Switzerland and Norway). 3) Compare the factorsexplaining their models of relationship with bank credit with the accounting data of the companies of thosecountries. We also confirm the gradual convergence ofbusiness financing models towards models in wich the markets and the different financial intermediaries exist side by side.