This study of phase III of the Spending Review 2018-2021 analyzes Public Sector Financial Instruments for the support of productive sectors of the Spanish economy, intervention tools that fulfill two functions: to serve as a countercyclical instrument in times of credit restrictions and to solve market failures of a structural nature, usually related to asymmetric information problems.
The study is developed around two blocks of analysis. The first covers the set of financial instruments to support productive sectors, distinguishing cross-cutting support actions from those more specific ones aimed at specific sectors (tourism or industry) or policy objectives (digitalization, innovation and internationalization). The second block deals exclusively with exclusively with financial instruments aimed at supporting the internationalization of companies.