Financial loan system of Argentina: a sectorial and territorial analysis

Authors

DOI:

https://doi.org/10.35622/j.rg.2024.03.004

Keywords:

concentration, development, finance, sectorial, territorial

Abstract

The aim of this article is to describe and analyze the evolution and structure of financial loans in Argentina, both sectorally and territorially, during the period 2009-2023. A descriptive-explanatory analysis of financial loan data was conducted, evaluating the general trend, sectoral and territorial concentration, and the correlation with key economic variables. For this purpose, data from the Central Bank of the Argentine Republic (BCRA) and variables such as gross value added, direct employment generated, and the number of companies were used. The results showed that the average financial loans in Argentina during 2009-2023 amounted to 43,016,947 thousand dollars. The general trend indicates growth until 2012, followed by fluctuations, reaching a peak in 2018, followed by a decline until 2021 and stability in the last two years. The linear trend is negative, indicating a contraction in available credit, with greater territorial than sectoral concentration of loans. At the territorial level, the Federal Capital jurisdictions receive the largest amount, followed by Buenos Aires, Santa Fe, and Córdoba. Loans are mainly concentrated in three sectors: services to individuals, manufacturing industry, and agriculture, livestock, hunting, and forestry. Loans show a positive correlation with GVA (R: 0.79), employment (R: 0.82), and the number of companies (R: 0.81). It is concluded that the unequal distribution of credit contributes to regional disparities and limits the positive impact of financing on economic growth and job creation.

Author Biography

  • Santiago Perez, Universidad Nacional de La Pampa

    Licenciado en Administración de Negocios Agropecuarios por la Universidad Nacional de La Pampa y Doctor en Ciencias de la Administración por la Universidad Nacional del Sur. Actualmente se desempeña como docente e investigador en la Facultad de Agronomía de la Universidad Nacional de La Pampa, donde ha contribuido al desarrollo de investigaciones en el área de la administración agropecuaria. Además, es becario posdoctoral interno del Consejo Nacional de Investigaciones Científicas y Técnicas (CONICET).

References

Aghion, P., Howitt, P. y Mayer-Foulkes, D. (2005). The Effect of Financial Development on Convergence: Theory and Evidence. Quarterly Journal of Economics, 120(1), 173-222. https://doi.org/10.1162/0033553053327515 DOI: https://doi.org/10.1162/qjec.2005.120.1.173

Arcand, J. L., Berkes, E. y Panizza, U. (2015). Too Much Finance? Journal of Economic Growth, 20(2), 105-148. https://doi.org/10.1007/s10887-015-9115-2 DOI: https://doi.org/10.1007/s10887-015-9115-2

Banco Central de la República Argentina [BCRA] (15 de diciembre de 2023). Estadísticas de préstamos por actividades. BCRA. Recuperado el 15 de diciembre de 2023 de https://cutt.ly/leRhDc0Y

Beck, T., Levine, R., y Levkov, A. (2010). Big Bad Banks? The Winners and Losers from Bank Deregulation in the United States. Journal of Finance, 65(5), 1637-1667. https://doi.org/10.1111/j.1540-6261.2010.01589.x DOI: https://doi.org/10.1111/j.1540-6261.2010.01589.x

Bolsa de Comercio de Santa Fe [BCSF] (2022). Evolución de los préstamos y depósitos del sistema financiero bancario en Argentina. Centro de Estudios y Servicios. https://cutt.ly/oeRhnj01

Buchieri, F. (2011). Desarrollo del sistema financiero y crecimiento económico. Teoría y evidencia empírica hasta la presente crisis financiera internacional. Ciencias Económicas, 1(14), 11–39. https://doi.org/10.14409/ce.v1i14.1156 DOI: https://doi.org/10.14409/ce.v1i14.1156

Calderón, C. y Liu, L. (2003). The direction of causality between financial development and economic growth. Journal of Development Economics, 72(1), 321-334. https://doi.org/10.1016/S0304-3878(03)00079-8 DOI: https://doi.org/10.1016/S0304-3878(03)00079-8

Cecchetti, S. G. & Kharroubi, E. (2012). Reassessing the Impact of Finance on Growth. Bank for International Settlements, (381),1-22. https://ssrn.com/abstract=2117753

Demirgüç-Kunt, A. y Maksimovic, V. (1998). Law, Finance, and Firm Growth. Journal of Finance, 53(6), 2107-2137. https://doi.org/10.1111/0022-1082.00084 DOI: https://doi.org/10.1111/0022-1082.00084

Di Rienzo, J. A., Casanoves, F., Balzarini, M. G., Gonzalez, L., Tablada, M., y Robledo C. W. (2008). InfoStat software estadístico: Manual del usuario versión 2008. Editorial Brujas.

Gambacorta, L., Yang, J. y Tsatsaronis, K. (2014). Financial Structure and Growth. BIS Quarterly Review, 21-35. https://ssrn.com/abstract=2457106

Hernández Sampieri, R., Fernández Collado, C. y Baptista Lucio, P. (2014) Metodología de la investigación. McGraw-Hill Editorial.

Kose, M. A., Prasad, E., Rogoff, K. & Wei, S. J. (2009). Financial Globalization: A Reappraisal. IMF Staff Papers, 56(1), 8-62. https://doi.org/10.1057/imfsp.2008.36 DOI: https://doi.org/10.1057/imfsp.2008.36

La Porta, R., Lopez-de-Silanes, F., Shleifer, A. y Vishny, R. W. (1997). Legal Determinants of External Finance. Journal of Finance, 52(3), 1131-1150. https://doi.org/10.2307/2329518 DOI: https://doi.org/10.1111/j.1540-6261.1997.tb02727.x

Lerena, O. (2013). Evolución de la banca y desarrollo económico: El financiamiento de la inversión productiva en el caso argentino. Instituto de Industria de la Universidad Nacional de General Sarmiento. https://doi.org/ 10.13140/RG.2.2.25671.55203/1

Levine, R. (2004). Finance and Growth: Theory and Evidence. Handbook of Economic Growth, 1(A), 865-934. https://doi.org/10.1016/S1574-0684(05)01012-9 DOI: https://doi.org/10.1016/S1574-0684(05)01012-9

Marcelin, I., Egbendewe, A. Y., Oloufade, D. K., & Sun, W. (2022). Financial inclusion, bank ownership, and economy performance: Evidence from developing countries. Finance Research Letters, 46, 1-15. https://doi.org/10.1016/j.frl.2021.102322 DOI: https://doi.org/10.1016/j.frl.2021.102322

Minsky, H. P. (1992). The Financial Instability Hypothesis. The Jerome Levy Economics Institute of Bard College (74), 1-10.

Morales Castro, J. A., & Espinosa Jimenez, P. M. (2022). Factors influencing the supply of bank loans in Mexico: an analysis in the context of the 2000 to 2021 crises. RAN - Revista Academia & Negocios, 9(1), 79-94. https://doi.org/10.29393/RAN9-7FIJP20007 DOI: https://doi.org/10.29393/RAN9-7FIJP20007

Pagano, M. (1993). Financial markets and growth: an overview. European Economic Review, 37(2-3), 613-622. https://doi.org/10.1016/0014-2921(93)90051-B DOI: https://doi.org/10.1016/0014-2921(93)90051-B

Parserisas, D. D. (2019). Fenómeno financiero y usos del territorio: finanzas, crédito y consumo en Argentina (2001-2016). Estudios Socioterritoriales, (26), e031. http://hdl.handle.net/11336/103164 DOI: https://doi.org/10.37838/unicen/est.26-031

Rajan, R. G. y Zingales, L. (1998). Financial Dependence and Growth. American Economic Review, 88(3), 559-586. https://doi.org/10.3386/w5758 DOI: https://doi.org/10.3386/w5758

Sahay, R., Cihak, M., N'Diaye, P., Barajas, A., Mitra, S., Kyobe, A., Mooi, Y. N., & Yousefi, S. R. (2015). Rethinking Financial Deepening: Stability and Growth in Emerging Markets. International Monetary Fund. https://cutt.ly/6eRh0PtK DOI: https://doi.org/10.5089/9781498312615.006

Stiglitz, J. E. y Weiss, A. (1981). Credit Rationing in Markets with Imperfect Information. American Economic Review, 71(3), 393-410. https://www.jstor.org/stable/1802787

Vaisman, A. (2018). Desempeño económico del sector bancario en la región centro del país y su contribución a la inclusión financiera [Trabajo final de licenciatura, Universidad Nacional de Rosario]. http://hdl.handle.net/2133/22487

Villar, L. B. (18-20 de noviembre de 2020). Estructura de financiamiento de las empresas en la argentina: influencia del tamaño de la firma y del sector al que pertenece [Ponencia]. LV Reunión de la AAEP, Argentina. http://repositoriodigital.uns.edu.ar/handle/123456789/5556

Zhang, X., Wang, Y. & Wang, S. (2012). Financial development and economic growth: evidence from China. Journal of Comparative Economics 40(3), 393-412. https://doi.org/10.2139/ssrn.1983654 DOI: https://doi.org/10.1016/j.jce.2012.01.001

Published

2024-09-18

Issue

Section

Artículos originales

How to Cite

Perez, S. (2024). Financial loan system of Argentina: a sectorial and territorial analysis. Gestionar: Revista De Empresa Y Gobierno, 4(3), 54-67. https://doi.org/10.35622/j.rg.2024.03.004

Similar Articles

1-10 of 45

You may also start an advanced similarity search for this article.