compensation for borrowers' credit risk under absence of arbitrage opportunities and I use these rates as a benchmark to interpret …

the supply of bank credit to firms, providing evidence of a bank lending channel in the context of unconventional monetary …We assess the impact on the credit supply to non-financial corporations of the two verylong-term refinancing operations … (VLTROs) conducted by the Eurosystem in December 2011 and February 2012 for the case of Spain. To do so we use bank-firm level …

credit institutions operate. …

current and anticipated changes in banks’ capital on firm lending. We isolate the role of credit supply factors using the … variation in capital growth associated to the bank-specific historical exposure to real estate development –measured 10 years …. The relatively small magnitude of credit supply factors may be explained by the weakness of loan demand in a context of a …

analyse the differential responses, to monetary policy changes, of bank lending by banks with different size, liquidity and … results are mostly against the existence of a bank-lending channel in the period under analysis. This result appears to be …

monetary policy does alter bank loan supply, with the effects most dependent on the liquidity of individual banks. Unlike in … the US, the size of a bank does generally not explain its lending reaction. We also show that the standard publicly …

Mercantile Registry and the Bank of Spain Credit Registry (CIR) to classify firms according to their number of banking relations … find that unbanked firms have a financial structure which is close to credit subject to moral hazard with unobserved effort … importance of such groups in a European country. We control for reverse causality by treating bank relationships as endogenous …

during the period 2004-2010. The proposed framework allows to estimate with bank level data both the standard credit risk …This article estimates a general credit risk model with both macroeconomic and latent credit factors for Spanish banks … model of Basel II and generalized models. I fi nd evidence of persistence in the credit latent factor and of a signifi cant …

institutions over a complete business cycle (1988 to 2000) collected by the Bank of Spain's Credit Register (Central de Información …This paper analyses the determinants of the probability of default (PD) of bank loans. We focus the discussion on the … role of a limited set of variables (collateral, type of lender and bank borrower relationship) while controlling for the …

This paper finds strong empirical support of a positive, although quite lagged, relationship between rapid credit … growth and loan losses. Moreover, it contains empirical evidence of more lenient credit terms during boom periods, both in … shareholders regarding the incentives of the former to engage in too expansionary credit policies during lending booms. The paper …