La influencia de la solvencia fiscal en el desarrollo del sistema financiero: evidencia para 140 países para 1990-2020.

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Bibliographic Details
Title:	La influencia de la solvencia fiscal en el desarrollo del sistema financiero: evidencia para 140 países para 1990-2020. (Spanish).
Authors:	Jiménez-Sotelo, Renzo A.
Source:	Revista de la CEPAL. abr2025, Issue 145, p91-112. 22p.
Subjects:	DEBT management, RATINGS & rankings of public debts, PUBLIC administration, FINANCIAL services industry, WELL-being, PUBLIC debts
Abstract (English):	The article examines the influence of fiscal solvency on the development of the financial system in 140 countries between 1990 and 2020, proposing that greater fiscal solvency, measured through the risk rating of sovereign debt, has a positive impact on various dimensions of financial development. The results indicate that fiscal solvency affects credit leverage, the efficiency of the banking spread, and access to financial services, suggesting that public debt management should be considered a key instrument for improving economic well-being. Furthermore, it highlights that macroeconomic policy often underestimates the importance of fiscal solvency in formulating strategies for financial development. [Extracted from the article]
Abstract (Spanish):	Si existe consenso en que el desarrollo financiero facilita el desarrollo económico a nivel internacional, el desafío para cada gobierno sería implementar políticas que efectivamente impulsen un mayor desarrollo financiero en su país. Este estudio pone a prueba la hipótesis de que una política de mayor solvencia fiscal influye favorablemente en el desarrollo financiero. Los resultados muestran que la solvencia fiscal, aproximada por la calificación de riesgo de la deuda soberana en moneda nacional, influye, a un año, en tres dimensiones del desarrollo financiero: i) apalancamiento crediticio de la economía, ii) eficiencia del diferencial bancario entre las tasas de interés y iii) acceso minorista a través de agencias y cajeros automáticos. Esta prueba confirma que existe un instrumento al que no todos los encargados de formular la política macroeconómica han dado igual importancia al hacer prospectiva estratégica para aumentar el bienestar general de sus poblaciones: la solvencia fiscal. [ABSTRACT FROM AUTHOR]
Database:	Referencia Latina

Description
Abstract:	The article examines the influence of fiscal solvency on the development of the financial system in 140 countries between 1990 and 2020, proposing that greater fiscal solvency, measured through the risk rating of sovereign debt, has a positive impact on various dimensions of financial development. The results indicate that fiscal solvency affects credit leverage, the efficiency of the banking spread, and access to financial services, suggesting that public debt management should be considered a key instrument for improving economic well-being. Furthermore, it highlights that macroeconomic policy often underestimates the importance of fiscal solvency in formulating strategies for financial development. [Extracted from the article]
ISSN:	02520257