Determinantes del spread financiero del sector cooperativo de ahorro y crédito ecuatoriano

Abstract

This research analyzes the determinants of the Ecuadorian union credit sector spread. The theoretical base corresponds to the model set out by Ho and Saunders (1981). Micro and Macroeconomic variables were constructed to measure the effects they have on the intermediation margin. Monthly panel data was used for the period 2007- 2014. The estimation was made by panel corrected standard errors methodology. The results show that union credit spread depends particularly on credit risk level, efficiency in operational costs and public external debt of the economy. In addition, concentration market, liquidity levels and uncertainty on international markets have a small influence on the spread.