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Why do spanish firms rarely use the bankruptcy system? The role of the mortgage institution
García-Posada, Miguel; Mora-Sanguinetti, Juan S. - Banco de España - 2012
Taking advantage of a rich database of more than 1 million companies in Spain, France and the U.K., we propose and test a hypothesis to explain why Spain has one of the world’s lowest business bankruptcy rates, even during the current economic crisis and after controlling for market exit...
Persistent link: https://www.econbiz.de/10010678678
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Insolvency institutions and efficiency: the Spanish case
García-Posada, Miguel - Banco de España - 2013
, namely the mortgage system, mean that firms and their creditors mainly deal with credit provision and eventual insolvency …
Persistent link: https://www.econbiz.de/10010678693
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Are there alternatives to bankruptcy? a study of small business distress in Spain
García-Posada, Miguel; Mora-Sanguinetti, Juan S. - Banco de España - 2013
Small businesses, the majority of Spanish fi rms, rarely fi le for formal bankruptcy, and this has been the case even during the current economic crisis. This suggests that bankruptcy law has a limited role to play in the distress of small fi rms. We propose an explanation based on two premises:...
Persistent link: https://www.econbiz.de/10010705525
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The Spanish economy in EMU: The first ten years
Estrada, Ángel; Jimeno, Juan Francisco; Molina, José … - Banco de España - 2009
This paper has been prepared to mark the tenth anniversary of Economic and Monetary Union (EMU). It seeks to give an overview of the Spanish economy’s experience in this new institutional setting. It should be viewed as the result of a joint effort by a sizeable group of researchers from the...
Persistent link: https://www.econbiz.de/10005022302
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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 … realestate assets on credit supply for non real-estate firms in Spain over 2000-2010. We show that firm-level equilibrium … dynamics nullify the strong local (bank-level) lending channel of securitization on credit quantity for firms with multiple …
Persistent link: https://www.econbiz.de/10009319591
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Credit cycles: Evidence based on a non linear model for developed countries
Martín, Rebeca Anguren - Banco de España - 2011
We propose an econometric analysis of the evolution of bank credit to the private sector in order to describe credit … cycles and identify phases of particularly low (or negative) credit growth such as those that typically accompany financial … results and provides a global view of the situation of credit for developed countries. In our preferred specification, the …
Persistent link: https://www.econbiz.de/10009024146
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The bank lending channel of unconventional monetary policy: the impact of the VLTROs on credit supply in Spain
García-Posada, Miguel; Marchetti, Marcos - Banco de España - 2015
We assess the impact on the credit supply to non-financial corporations of the two verylong-term refinancing operations … identification challenges: (i) how to disentangle credit supply from demand; and (ii) the endogeneity of VLTRO bids, as banks with … more deteriorated funding conditions were more likely both to ask for a large amount of funds and to restrict credit supply …
Persistent link: https://www.econbiz.de/10011261909
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Credit Institutions' Price Policies and Type of Customer: Impact on the Money Transmission Mechanism.
Frías, M. Cruz Manzano; Belmonte, Sofía Galmés - Banco de España - 1996
credit institutions operate. …
Persistent link: https://www.econbiz.de/10005155225
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The recent slowdown of bank lending in Spain: are supply-side factors relevant?
Hernando, Ignacio; Villanueva, Ernesto - Banco de España - 2012
current and anticipated changes in banks’ capital on firm lending. We isolate the role of credit supply factors using the …. The relatively small magnitude of credit supply factors may be explained by the weakness of loan demand in a context of a …
Persistent link: https://www.econbiz.de/10009421744
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Is There a Bank Lending Channel of Monetary Policy in Spain?
Hernando, Ignacio; Pagés, Jorge Martínez - Banco de España - 2001
This paper uses panel data on banks, for the period 1991-98, to test the existence of a banklending channel in the Spanish economy. In order to distinguish between loan demand and supply movements, several exercises are performed. First, we analyse the differential responses, to monetary policy...
Persistent link: https://www.econbiz.de/10008520560