A disaggregated analysis of business investment since the outbreak of the pandemic

Rationale Business investment in Spain has proven considerably weak in recent years and is still below pre-pandemic levels. This article analyses investment dynamics in Spain until 2022 drawing on firm-level data from the Banco de España Central Balance Sheet Data Office. Takeaways •The disaggregate...

Descripción completa

Detalles Bibliográficos
Autores: González Simón, Miguel Ángel, Jiménez-García, Blanca, Martínez Carrascal, Carmen
Tipo de recurso: artículo
Fecha de publicación:2024
País:España
Institución:Banco de España
Repositorio:Repositorio Institucional del Banco de España
OAI Identifier:oai:repositorio.bde.es:123456789/36772
Acceso en línea:https://repositorio.bde.es/handle/123456789/36772
Access Level:acceso abierto
Palabra clave:Business investment
Pandemic
Economic and financial situation
Inversión
Empresas
Evolución y desarrollo económicos
E22
E44
H32
id ES_0aaa6411c077fa554355d656fe4b22c0
oai_identifier_str oai:repositorio.bde.es:123456789/36772
network_acronym_str ES
network_name_str España
repository_id_str
spelling A disaggregated analysis of business investment since the outbreak of the pandemicGonzález Simón, Miguel ÁngelJiménez-García, BlancaMartínez Carrascal, CarmenBusiness investmentPandemicEconomic and financial situationInversiónEmpresasEvolución y desarrollo económicosE22E44H32Rationale Business investment in Spain has proven considerably weak in recent years and is still below pre-pandemic levels. This article analyses investment dynamics in Spain until 2022 drawing on firm-level data from the Banco de España Central Balance Sheet Data Office. Takeaways •The disaggregated data from the Central Balance Sheet Data Office can be used to identify the characteristics of the firms that adjusted their investment patterns the most from the outbreak of the pandemic until 2022. •In this period, firms’ investment decisions became more sensitive to their economic situation (proxied here by their sales and cash flow). •Conversely, the link between firms’ investment decisions and financial position (proxied here by their debt level and debt burden) remained unchanged. •Investment by young firms proved particularly weak in the period analysed, and this led to a narrowing of the positive gap between their investment drive and that of other firms.Banco de EspañaMadrid : Banco de España, 20242024info:eu-repo/semantics/articleapplication/pdfhttps://repositorio.bde.es/handle/123456789/36772reponame:Repositorio Institucional del Banco de Españainstname:Banco de EspañaInglésEconomic Bulletin / Banco de España, 2024/Q2, 04Versión en español 123456789/36638info:eu-repo/semantics/openAccessoai:repositorio.bde.es:123456789/367722026-06-20T12:44:27Z
dc.title.none.fl_str_mv A disaggregated analysis of business investment since the outbreak of the pandemic
title A disaggregated analysis of business investment since the outbreak of the pandemic
spellingShingle A disaggregated analysis of business investment since the outbreak of the pandemic
González Simón, Miguel Ángel
Business investment
Pandemic
Economic and financial situation
Inversión
Empresas
Evolución y desarrollo económicos
E22
E44
H32
title_short A disaggregated analysis of business investment since the outbreak of the pandemic
title_full A disaggregated analysis of business investment since the outbreak of the pandemic
title_fullStr A disaggregated analysis of business investment since the outbreak of the pandemic
title_full_unstemmed A disaggregated analysis of business investment since the outbreak of the pandemic
title_sort A disaggregated analysis of business investment since the outbreak of the pandemic
dc.creator.none.fl_str_mv González Simón, Miguel Ángel
Jiménez-García, Blanca
Martínez Carrascal, Carmen
author González Simón, Miguel Ángel
author_facet González Simón, Miguel Ángel
Jiménez-García, Blanca
Martínez Carrascal, Carmen
author_role author
author2 Jiménez-García, Blanca
Martínez Carrascal, Carmen
author2_role author
author
dc.subject.none.fl_str_mv Business investment
Pandemic
Economic and financial situation
Inversión
Empresas
Evolución y desarrollo económicos
E22
E44
H32
topic Business investment
Pandemic
Economic and financial situation
Inversión
Empresas
Evolución y desarrollo económicos
E22
E44
H32
description Rationale Business investment in Spain has proven considerably weak in recent years and is still below pre-pandemic levels. This article analyses investment dynamics in Spain until 2022 drawing on firm-level data from the Banco de España Central Balance Sheet Data Office. Takeaways •The disaggregated data from the Central Balance Sheet Data Office can be used to identify the characteristics of the firms that adjusted their investment patterns the most from the outbreak of the pandemic until 2022. •In this period, firms’ investment decisions became more sensitive to their economic situation (proxied here by their sales and cash flow). •Conversely, the link between firms’ investment decisions and financial position (proxied here by their debt level and debt burden) remained unchanged. •Investment by young firms proved particularly weak in the period analysed, and this led to a narrowing of the positive gap between their investment drive and that of other firms.
publishDate 2024
dc.date.none.fl_str_mv 2024
dc.type.none.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://repositorio.bde.es/handle/123456789/36772
url https://repositorio.bde.es/handle/123456789/36772
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Economic Bulletin / Banco de España, 2024/Q2, 04
Versión en español 123456789/36638
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Banco de España
Madrid : Banco de España, 2024
publisher.none.fl_str_mv Banco de España
Madrid : Banco de España, 2024
dc.source.none.fl_str_mv reponame:Repositorio Institucional del Banco de España
instname:Banco de España
instname_str Banco de España
reponame_str Repositorio Institucional del Banco de España
collection Repositorio Institucional del Banco de España
repository.name.fl_str_mv
repository.mail.fl_str_mv
_version_ 1869403176753430528
score 15,812429

Similares en LA Referencia