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Andrés, Javier; Arce, Óscar; Thomas, Carlos - Banco de España - 2014

to produce a slow and protracted deleveraging of the private sector and a persistent recession following a negative … collateral values, product market reforms bring forward the end of deleveraging and the exit from recession. …

Persistent link: https://www.econbiz.de/10010812053

Los desafíos para la política monetaria en las economías avanzadas tras la Gran Recesión

Berganza, Juan Carlos; Hernando, Ignacio; Vallés, Javier - Banco de España - 2014

After almost six years with official interest rates at close to zero and with numerous unconventional measures still in place, 2014 is witnessing the beginning of the process of monetary normalisation in those economies, such as the United States and the United Kingdom, in which the recovery...

Persistent link: https://www.econbiz.de/10010930565

Inflation-linked bonds from a central bank perspective

Garcia, Juan Angel; Rixtel, Adrian van - Banco de España - 2007

Inflation-linked bond markets have experienced significant growth in recent years. This growth is somewhat surprising, for inflation-linked bonds cannot be considered a financial innovation and their development has taken place in a period of historically low global inflation and inflation...

Persistent link: https://www.econbiz.de/10005163316

Los canales del desapalancamiento del sector privado: una comparación internacional

Garrote, Daniel; Llopis, Jimena; Vallés, Javier - Banco de España - 2013

most indebted agents will be a necessary condition for achieving balanced growth. This paper analyses the deleveraging of … deleveraging is taking. Arguably, too, differences in observed patterns of adjustment are related to distinct economic policies and … reduction in net financing flows is proving more important. Deleveraging processes will foreseeably continue in the future, as …

Persistent link: https://www.econbiz.de/10010862297

Banking crises and sovereign defaults in emerging markets: exploring the links

Balteanu, Irina; Erce, Aitor - Banco de España - 2014

This paper provides a set of stylised facts on the mechanisms through which banking and sovereign distress feed into each other, using a large sample of emerging economies over three decades. We first define “twin crises” as events where banking crises and sovereign defaults combine, and...

Persistent link: https://www.econbiz.de/10010862247

Household leverage and fiscal multipliers

Andrés, Javier; Boscá, José; Ferri, Francisco - Banco de España - 2012

limited capacity to borrow, and that increasing government spending in an episode of intense private deleveraging can still …

Persistent link: https://www.econbiz.de/10010862265

The effect of foreclosure regulation: Evidence for the US mortgage market at state level

Vicente, Fernando López - Banco de España - 2013

Do laws to protect borrowers curb foreclosures? This question is addressed by analysing the impact of foreclosure laws on default rates at state level in the US mortgage market. Using panel data techniques, we find a statistically significant effect of regulation on the different stages of the...

Persistent link: https://www.econbiz.de/10010862277

Delving into country risk

Iranzo, Silvia - Banco de España - 2008

Since the Latin American debt crisis of the early 80s, country risk analysis has accounted for a significant part of the work of research and risk management departments of banks, insurance companies, rating agencies, financial market regulators, and multinational companies. Country risk is a...

Persistent link: https://www.econbiz.de/10005022307

Do trade and financial linkages foster business cycle synchronization in a small economy?

García-Herrero, Alicia; Ruiz, Juan M. - Banco de España - 2008

We estimate a system of equations to analyze whether bilateral trade and financial linkages influence business cycle synchronization directly and/or indirectly. Our paper builds upon the existing literature by using bilateral trade and financial flows for a small, open economy (Spain) as...

Persistent link: https://www.econbiz.de/10005155209

Banking competition, housing prices and macroeconomic stability

Andrés, Javier; Arce, Óscar J. - Banco de España - 2009

We develop a dynamic general equilibrium model with an imperfectly competitive bank-loans market and collateral constraints that tie investors credit capacity to the value of their real estate holdings. Banks set optimal lending rates taking into account the effects of their price policies on...

Persistent link: https://www.econbiz.de/10005155229