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Structured finance and the financial turmoil of 2007-2008: and introductory overview
Criado, Sarai; Rixtel, Adrian van - Banco de España - 2008
This paper provides an overview of the most important structured finance instruments in the context of the development of the financial turmoil that started in the third quarter of 2007 and continued into 2008. These financial market tensions were triggered by concerns about exposures of...
Persistent link: https://www.econbiz.de/10005022306
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What role, if any, can market discipline play in supporting macroprudential policy?
Nieto, María J. - Banco de España - 2012
This paper focuses on market discipline as a necessary condition to preserve the signaling content of balance sheet indicators and market prices as macroprudential tools. It argues that market discipline enhances the information content of market prices by reflecting the expected private cost of...
Persistent link: https://www.econbiz.de/10010693318
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Local versus aggregate lending channels: the effects of securitization on corporate credit supply
Jiménez, Gabriel; Mian, Atif; Peydró, José-Luis; … - Banco de España - 2011
dynamics nullify the strong local (bank-level) lending channel of securitization on credit quantity for firms with multiple … banking relationships. Credit terms however become softer, but there are no real effects. Securitization implies a credit … securitization collapse reverses the local lending channel. …
Persistent link: https://www.econbiz.de/10009319591
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Securization and banks´ capital structure
Almazan, Andres; Alfredo … - Banco de España - 2015
Asset securitization offers banks the possibility of altering their capital structures and the financial intermediation … process. This study shows that the introduction of securitization is associated with fundamental changes in the funding … policies of banks. In particular, we present evidence of more intense use of securitization by banks (i) with stronger growth …
Persistent link: https://www.econbiz.de/10011201724
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Credit market competition, collateral and firms' finance
Jiménez, Gabriel; Salas-Fumás, Vicente; Saurina, Jesús - Banco de España - 2006
This paper investigates the relationship between credit market competition and the availability of bank credit for firms of unobserved credit quality when firms pledge collateral to secure the loans. Loan data from the Spanish Credit Register shows that the average credit quality of borrowers...
Persistent link: https://www.econbiz.de/10005022289
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Sovereign ratings and their asymmetric response to fundamentals
Broto, Carmen; Molina, Luis - Banco de España - 2014
Changes in sovereign ratings are strongly asymmetric, as downgrades tend to be deeper and faster than upgrades. In other words, once a country loses its initial status it takes a long time to recover it. Using S&P data, we characterise “rating cycles” in terms of their duration and...
Persistent link: https://www.econbiz.de/10011096906
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Short-sale constraints and financial stability: Evidence from the Spanish market
Arce, Óscar; Mayordomo, Sergio - Banco de España - 2014
We examine the effect of the short-selling ban in 2011 on Spanish stocks on the level of risk in the banking sector. Before the ban, short positions were found to be positive and significantly related to the creditworthiness of medium-sized banks, these being generally less internationally...
Persistent link: https://www.econbiz.de/10010862259
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Cash, access to credit, and value creation in M&As
Campa, José Manuel; Hernando, Ignacio - Banco de España - 2009
The worldwide availability of easy external financing has been an essential driver of recent M&A activity and a growing perception exists that such conditions may have resulted in a large number of non-value increasing transactions. This paper evaluates the interaction between credit conditions,...
Persistent link: https://www.econbiz.de/10004969780
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How Informative are Financial Asset Prices in Spain?
Alonso, Francisco; Ayuso, Juan; Pagés, Jorge Martínez - Banco de España - 1997
This paper analyses the informational content of financial prices in Spain, mainly from the viewpoint of a central bank. In particular, we examine the informational content of domestic yields and yield spreads, foreign-domestic spreads, credit quality spreads, stock prices and exchange rates on...
Persistent link: https://www.econbiz.de/10005088325
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Where is the value in high frequency trading?
Cartea, Álvaro; Penalva, José - Banco de España - 2011
We analyze the impact of high frequency trading in financial markets based on a model with three types of traders: liquidity traders, market makers, and high frequency traders. Our four main findings are: i) The price impact of the liquidity trades is higher in the presence of the high frequency...
Persistent link: https://www.econbiz.de/10009024145