Digitalization and credit markets: Evidence from e-Invoicing

Alejandro Casado, Marco Giometti, José E. Gutiérrez, David Martínez-Miera, Alexandra Matyunina and Tammaro Terracciano
Additional contact information
Alejandro Casado: BANCO DE ESPAÑA
Marco Giometti: UNIVERSIDAD CARLOS III DE MADRID
José E. Gutiérrez: BANCO DE ESPAÑA
David Martínez-Miera: UNIVERSIDAD CARLOS III DE MADRID AND CEPR
Alexandra Matyunina: BANCO DE ESPAÑA
Tammaro Terracciano: IESE BUSINESS SCHOOL

No 2619, Working Papers from Banco de España

Abstract: We document the effects of electronic invoicing (eInvoicing) on credit markets. By making invoices more standardized, verifiable and harder to falsify, eInvoicing changes lenders’ information sets, facilitating invoice-based financing and credit risk assessment. We exploit a regional eInvoicing mandate and administrative credit data using a difference-in-differences design to provide three main insights. First, credit reallocates toward firms already relying on invoice-based credit (“invoice firms”) and away from non-invoice firms. Second, the cost of (non-)invoice credit falls (rises) for (non-)invoice firms, consistent with a supply-driven mechanism. Third, banks’ information production changes: eInvoicing widens (reduces) the dispersion of rates and banks’ risk assessments and improves (worsens) their predictive accuracy for (non-)invoice firms. Overall, eInvoicing reshapes credit market outcomes, with uneven effects across borrowers.

Keywords: digitalization; e-Invoicing; credit markets; banks’ information production (search for similar items in EconPapers)
JEL-codes: G21 G38 (search for similar items in EconPapers)
Pages: 95 pages
Date: 2026-07
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:2619

DOI: 10.53479/44027

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