Showing 1 - 10 of 86
While banks may change their credit supply due to bank balance-sheet shocks (the local lending channel), firms can react by adjusting their sources of financing in equilibrium (the aggregate lending channel). We provide a methodology to identify the aggregate (firm-level) effects of the lending...
Persistent link: https://www.econbiz.de/10009319591
, intermediate credit growth and subpar growth or credit crisis. This specification identifies six of the countries as having … experienced period of credit adjustment after the beginning of the financial crisis in 2007 (Canada, Germany, Netherlands, Spain …
Persistent link: https://www.econbiz.de/10009024146
Entry of new firms, both in the form of entrepreneurs and corporations, fosters competition and productivity. The entry of firms and productivity have both been low in the Spanish economy over recent years. This paper analyses the determinants of entry focusing on the role of the design and...
Persistent link: https://www.econbiz.de/10010862288
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
During the last crisis, developed economies’ sovereign Credit Default Swap (hereafter CDS) premia have gained in … sovereign debt crisis, contagion has played a non-negligible role in the European peripheral countries, which confirms the …
Persistent link: https://www.econbiz.de/10010862250
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
Realized volatilities, when observed over time, share the following stylised facts: comovements, clustering, long-memory, dynamic volatility, skewness and heavy-tails. We propose a dynamic factor model that captures these stylised facts and that can be applied to vast panels of volatilities as...
Persistent link: https://www.econbiz.de/10010862270
The economic crisis affecting the industrialised countries in recent years has been singular given its intensity …, complexity and the difficulties in overcoming it. The aim of this paper is to analyse the determinants behind the crisis that … explaining the build-up of imbalances in the expansion and to conditioning the nature of the adjustment in the crisis, given that …
Persistent link: https://www.econbiz.de/10010862292
This paper briefl y describes some features of the situation of the Spanish economy after five years of crisis, a task … which is easier now that this period can be analysed from a certain perspective. The crisis prompted a substantial … crisis, in terms of the magnitude of unemployment and of the still high levels of indebtedness, makes for a complex outlook …
Persistent link: https://www.econbiz.de/10010862296
crisis. …
Persistent link: https://www.econbiz.de/10005022302