@article{20.500.12766/907,
year = {2026},
url = {https://hdl.handle.net/20.500.12766/907},
abstract = {The need for a resilient financial system post-Great Recession led to the incorporation of macroprudential
tools to the policy mix. While these policies aim to achieve financial stability, their
potential impact on social sustainability deserves examination. This paper pursues two related
objectives. First, it analyses the effects of macroprudential policy on firm-level credit growth in
Spain. Second, it examines whether these credit effects are associated with changes in
employment-based gender inequality within firms. The analysis uses panel regressions with data
for more than 900,000 Spanish firms over the period 2010 to 2021, combined with a database on
the loosening or tightening use of macroprudential measures in Spain during that period. We find
that tightening macroprudential measures reduce firm-level debt growth and are associated with
a narrowing of the gender gap in firms’ workforces, while loosening measures have the opposite
effects. These results suggest that macroprudential policy may have indirect effects on social
sustainability through its impact on corporate debt.},
publisher = {Elsevier},
title = {Macroprudential policy, debt and social sustainability: Evidence from Spanish firms},
doi = {10.1016/j.iref.2026.105802},
journal = {International Review of Economics & Finance},
keywords = {Gender inequality},
keywords = {Macroprudential policy},
keywords = {Firm financing},
keywords = {Creditworthiness},
keywords = {Debt channel},
volume = {112},
author = {Infante, Juan and Curto González, Tomás},
}