Credit and economic development

Private credit has expanded rapidly into segments vacated by banks, emerging as a central pillar of corporate financing within the non-bank ecosystem. Its continued growth, alongside persistent linkages to the banking system, is reshaping the distribution of risk and raising questions about how losses would be absorbed under stress.

Este artículo se centra en dos episodios concretos, el deterioro de las BDC en Estados Unidos y la expansión de las SRT en Europa, para argumentar que la pregunta correcta hoy no es si el crédito privado va a desencadenar la próxima crisis, sino qué nos dice sobre el sistema en el que se ha incrustado.

Revolving credit plays a growing but still limited role in Spain’s household borrowing landscape, offering flexible financing to consumers with limited access to conventional credit. However, its complex structure and high associated costs raise concerns around transparency, education, and regulatory oversight.