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The effects of national discretions on banks
Argimón, Isabel; Ruiz, Jenifer - Banco de España - 2010
The EU's transposition of Basel II into European law has been done through the Capital Requirements Directive (CRD). Although the Directive establishes, in general, uniform rules to set capital requirements across European countries, there are some areas where the Directive allows some...
Persistent link: https://www.econbiz.de/10008643700
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Dilatoriness of the banking enterprise debt in Spain, 1992-2003
Ruano-Pardo, Sonia; Salas-Fumás, Vicente - Banco de España - 2006
This paper analyses the determinants of the default ratio associated to banking debt in Spanish non financial firms over the period 1992-2003. It studies the factors influencing firms' entering and exit processes in and out from the default status. Additionally, it explores the factors...
Persistent link: https://www.econbiz.de/10005590729
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A systematic approach to multi-period stress testing of portfolio credit risk
Breuer, Thomas; Jandačka, Martin; Mencía, Javier; … - Banco de España - 2010
We propose a new method for analysing multiperiod stress scenarios for portfolio credit risk more systematically than in the current practice of macro stress testing. Our method quantifies the plausibility of scenarios by considering the distance of the stress scenario from an average scenario....
Persistent link: https://www.econbiz.de/10008471566
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Bank leverage cycles
Nuño, Galo; Thomas, Carlos - Banco de España - 2012
We study the cyclical fluctuations of leverage and assets of financial intermediaries and GDP in the United States. Leverage and assets are several times more volatile than GDP, and experience larger fluctuations for unregulated (‘shadow’) intermediaries than for regulated ones. While the...
Persistent link: https://www.econbiz.de/10010678686
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Banking competition, collateral constraints and optimal monetary policy
Andrés, Javier; Arce, Óscar; Thomas, Carlos - Banco de España - 2010
We analyze optimal monetary policy in a model with two distinct financial frictions. First, borrowing is subject to collateral constraints. Second, credit flows are intermediated by monopolistically competitive banks, thus giving rise to endogenous lending spreads. We show that, up to a second...
Persistent link: https://www.econbiz.de/10008521844
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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 do premiums paid for bank M&As reflect? The case of the European Union
Hagendorff, Jens; Hernando, Ignacio; Nieto, María J.; … - Banco de España - 2010
We analyze the takeover premiums paid for a sample of European bank mergers between 1997 and 2007. We find that … acquiring banks value profitable, high-growth and low risk targets. We also find that the strength of bank regulation and … supervision as well as deposit insurance regimes in Europe have measurable effects on takeover pricing. Stricter bank regulatory …
Persistent link: https://www.econbiz.de/10008620574
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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
While banks may change their credit supply due to bank balance-sheet shocks (the local lending channel), firms can … dynamics nullify the strong local (bank-level) lending channel of securitization on credit quantity for firms with multiple … expansion on the extensive margin towards first-time bank clients, which are more likely to default. Finally, the 2008 …
Persistent link: https://www.econbiz.de/10009319591
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Credit supply: identifying balance-sheet channels with loan applications and granted loans
Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - Banco de España - 2010
resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account …
Persistent link: https://www.econbiz.de/10008676892
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The safety and soundness effects of bank M&As in the EU: does prudential regulation have any impact?
Hagendorff, Jens; Nieto, María J.; Wall, Larry D. - Banco de España - 2012
This paper studies the impact of European bank mergers and acquisitions on changes in key safety and soundness measures …
Persistent link: https://www.econbiz.de/10010687526