Narrow search
Showing 1 - 10 of 102
Cover Image
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
Cover Image
When does cash matter? Evidence for private firms
Ehling, Paul; Haushalter, David - Banco de España - 2014
Using a database of more than 180,000 private companies from 2000 to 2009, we find that the benefits of holding more cash vary substantially with a firm’s size and the conditions it faces. Cash holdings matter most for small firms: when there are negative shocks to industry or macroeconomic...
Persistent link: https://www.econbiz.de/10010862263
Cover Image
No bank, one bank, several banks: does it matter for investment?
Karaivanov, Alexander; Ruano, Sonia; Saurina, Jesús; … - Banco de España - 2010
Mercantile Registry and the Bank of Spain Credit Registry (CIR) to classify firms according to their number of banking relations … importance of such groups in a European country. We control for reverse causality by treating bank relationships as endogenous …
Persistent link: https://www.econbiz.de/10008540441
Cover Image
Corporate governance and corporate ownership: The investment behaviour of Japanese institutional investors
Altunbaş, Yener; Kara, Alper; Rixtel, Adrian van - Banco de España - 2007
In this paper, we investigate the investment behaviour of institutional investors in terms of their shareholdings in 2,938 companies listed on the Tokyo and Osaka Stock Exchanges at the end of June 2002. By doing so, we provide one of the first detailed empirical analyses of the involvement of...
Persistent link: https://www.econbiz.de/10005088326
Cover Image
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 … Spain in 2010:I; and United States in 2009:IV). The analysis also uncovers a systematic cyclical pattern in the bank lending … restrictions in bank lending: 1974-75, 1980-82, 1991-93, 2001-02 and from 2008 to the end of the sample. …
Persistent link: https://www.econbiz.de/10009024146
Cover Image
Securization and banks´ capital structure
Almazan, Andres; Alfredo … - Banco de España - 2015
Asset securitization offers banks the possibility of altering their capital structures and the financial intermediation process. This study shows that the introduction of securitization is associated with fundamental changes in the funding policies of banks. In particular, we present evidence of...
Persistent link: https://www.econbiz.de/10011201724
Cover Image
Dilatoriness of the banking enterprise debt in Spain, 1992-2003
Ruano-Pardo, Sonia; Salas-Fumás, Vicente - Banco de España - 2006
This paper analyses the determinants of the default ratio associated to banking debt in Spanish non financial firms over the period 1992-2003. It studies the factors influencing firms' entering and exit processes in and out from the default status. Additionally, it explores the factors...
Persistent link: https://www.econbiz.de/10005590729
Cover Image
Boom-bust cycles, imbalances and discipline in Europe
Alberola, Enrique; Molina, Luis; Río, Pedro del - Banco de España - 2012
The fallout from the 2008 financial crisis has been particularly acute in the euro area Member States of the south-western rim and in the new EU Member States, due to their previously accumulated macroeconomic and financial imbalances. The perception that the euro environment provided a solid...
Persistent link: https://www.econbiz.de/10010678679
Cover Image
The Impact of the Global Economic and Financial Crisis on Central Eastern and SouthEastern Europe (CESEE) and Latin America
Gallego, Sonsoles; Gardó, Sándor; Martin, Reiner; … - Banco de España - 2010
This paper reviews the impact of the global economic and financial crisis on two distinct emerging market regions: Central, Eastern and Southeastern Europe (CESEE) and Latin America. Similar to other emerging economies, both regions were initially surprisingly resilient as the crisis gathered...
Persistent link: https://www.econbiz.de/10008587080
Cover Image
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