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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 main mortgage. Second, we examine the role of legal and economic institutions in accounting for these differences. We … youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low …
Persistent link: https://www.econbiz.de/10010862266
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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
the Spanish bankruptcy system relative to that of an alternative insolvency institution, the mortgage system, and the …
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 … through the latter. However, in order to use the mortgage system, some firms must overinvest in capital assets (real estate …, equipment) since those are the assets that can be pledged as mortgage collateral. This overinvestment leads to productive …
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
main alternative procedure, the mortgage foreclosure; (ii) personal bankruptcy law is unattractive to the individual debtor …
Persistent link: https://www.econbiz.de/10010705525
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What role, if any, can market discipline play in supporting macroprudential policy?
Nieto, María J. - Banco de España - 2012
This paper focuses on market discipline as a necessary condition to preserve the signaling content of balance sheet indicators and market prices as macroprudential tools. It argues that market discipline enhances the information content of market prices by reflecting the expected private cost of...
Persistent link: https://www.econbiz.de/10010693318
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Inequality for Wage Earners and Self-Employed: Evidence from Panel Data
Albarrán, Pedro; Carrasco, Raquel; Martínez-Granado, Maite - Banco de España - 2007
In this paper we study the evolution of income inequality for employees and self-employed workers. We highlight the importance of separately analyzing these different sources of income to gain a broader understanding of inequality. Using Spanish panel data on income and consumption from the ECPF...
Persistent link: https://www.econbiz.de/10005022242
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The response of household wealth to the risk of losing the job: evidence from differences in firing costs
Barceló, Cristina; Villanueva, Ernesto - Banco de España - 2010
Economic theory predicts that individuals exposed to the risk of losing their job postpone their consumption and accumulate more assets to build a buffer stock of saving. We provide a new test of the hypothesis using substantial variation in severance payments across contracts in the Spanish...
Persistent link: https://www.econbiz.de/10008516766
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Does Job Insecurity Affect Household Consumption?
Benito, Andrew - Banco de España - 2002
The paper confronts a key implication of the precautionary model of saving/consumption, using micro-data on British households. The results provide support for the key proposition that job insecurity affects consumption. A one standard deviation increase in unemployment risk for the head of...
Persistent link: https://www.econbiz.de/10004981003
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Consumption in the shadow of unemployment
Campos, Rodolfo G.; Reggio, Iliana - Banco de España - 2014
By how much do employed households reduce their consumption when the aggregate unemployment rate rises? In Spain during the Great Recession a 1 percentage point increase in the unemployment rate was related to a strong drop in household consumption of more than 0.7% per equivalent adult. This...
Persistent link: https://www.econbiz.de/10010791506
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Consumption partial insurance of Spanish households
Casado, Jose Maria - Banco de España - 2012
This paper measures how households smooth changes in consumption when incomes are shifted by permanent or transitory shocks at country and regional level. I compute insurance capacity using the Spanish Continuous Family Expenditure Survey skipping the imputation methods used by the previous...
Persistent link: https://www.econbiz.de/10010678680