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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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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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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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Measurement of capital stock and input services of Spanish banks
Martín-Oliver, Alfredo; Salas-Fumás, Vicente; … - Banco de España - 2007
This paper contains estimates of physical and intangible (information technology, advertising and training) capital stock, together with capital, labor and externally provided input services, of Spanish commercial and saving banks in the period 1983 to 2003. Capital stocks are valued at...
Persistent link: https://www.econbiz.de/10005022267
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Do dynamic provisions reduce income smoothing using loan Loss provisions?
Pérez, Daniel; Salas-Fumás, Vicente; Saurina, Jesús - Banco de España - 2011
Spanish banks had to set aside a countercyclical loan loss provision during the period 2000 2004. The amount of such provision as well as the allowance accumulated had to be disclosed by banks. The former creates a natural experiment to test whether banks smooth earnings to mislead investors and...
Persistent link: https://www.econbiz.de/10009293111
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The distribution of debt across euro area countries: the role of individual characteristics, institutions and credit conditions
Bover, Olympia; Casado, Jose Maria; Villanueva, Ernesto; … - Banco de España - 2013
The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: the probability of holding debt, the amount...
Persistent link: https://www.econbiz.de/10010862266
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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
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Financial governance of banking supervision
Masciandaro, Donato; Nieto, María J.; Prast, Henriëtte - Banco de España - 2007
banks. The financing rule is also explained by the structure of the financial systems. Public funding is more likely in bank … oriented structures. Finally, the geographical factor is also significant: European bank supervisors are more oriented towards …
Persistent link: https://www.econbiz.de/10005022297
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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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Assessing the risk-return trade-off in loans portfolios
Mencía, Javier - Banco de España - 2009
This paper analyses the risk and return of loans portfolios in a joint setting. I develop a model to obtain the distribution of loans returns. I use this model to describe the investment opportunity set of lenders using mean-variance analysis with a Value at Risk constraint. I also obtain closed...
Persistent link: https://www.econbiz.de/10004969766