Abstract

HERNANDEZ-NUNEZ, Israel Enrique. Incidence on the granting of credit to private investment for the acquisition of domestic public debt of the honduran banking system: crowding out. Universidad y Sociedad [online]. 2022, vol.14, n.6, pp. 752-767.  Epub Dec 30, 2022. ISSN 2218-3620.

Considering that the domestic public debt has come to acquire a high degree of interest due to its behavior during the last decade, surpassing some sustainability indicators and given that when this debt is placed in the bond market through public auction, the national banking system actively participates as a holder of this public debt; this article sets out to verify the incidence and repercussions resulting from the acquisition of domestic public debt of the Central Administration by the banking system in the granting of credit to private investment in Honduras during 2002-2017. The methodology was quantitative of correlational/explanatory scope and retrospective design. The results show that although the banking system is committed to contracting domestic public debt, it does not do so at the sacrifice of credit destined to productive activities. Ceteris paribus, for an additional monetary unit of increase in debt through auctions of Honduran government bonds and bills placed in the banking system, credit responds negatively with a reduction of 0.020 monetary units; in turn, ceteris paribus, a variation of one unit in lending rates generates a reduction of credit to productive activities by 0.378 monetary units.

Keywords : Domestic public debt; investment credit; fiscal deficit; banking liquidity; crowding out.

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