Digitalization and Credit Markets: Evidence from eInvoicing

Alejandro Casado, Marco Giometti, Jose Gutierrez, David Martinez-Miera, Alexandra Matyunina and Tammaro Terracciano

No 21728, CEPR Discussion Papers from Centre for Economic Policy Research

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: Credit markets; Digitalisation; eInvoicing; Banks; Information production (search for similar items in EconPapers)
JEL-codes: G38 (search for similar items in EconPapers)
Date: 2026-07
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