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The Spanish economic crisis: key factors and growth challenges in the euro area

Ortega, Eloísa; Peñalosa, Juan - Banco de España - 2012

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 have made it deeper and longer in Spain than in previous...

Persistent link: https://www.econbiz.de/10010862292

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

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

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

Are Ex-Post Real Interest Rates a Good Proxy for Ex-Ante Real Rates? An International Comparison with a CCAPM Framework.

Ayuso, Juan; López-Salido, J. David - Banco de España - 1997

We use an integrated framework based on the CCAPM to jointly estimate ex-ante real interest rates, inflation risk premia and agents' inflation expectation errors in four countries - France, Spain, UK and US - under three different preference specifications.

Persistent link: https://www.econbiz.de/10005022298

Does Public Spending Crowd Out Private Investment? Evidence from a Panel of 14 OECD Countries.

Argimón, Isabel; González-Páramo, José M.; Alegre, … - Banco de España - 1995

Persistent link: https://www.econbiz.de/10005155205

A Model of the Open Market Operations of the European Central Bank

Ayuso, Juan; Repullo, Rafael - Banco de España - 2000

We construct a model to analyse the two types of tender procedures used by the European Central Bank in its open market operations. We assume that the ECB minimizes the expected value of a loss function that depends on the quadratic difference between the interbank rate and a target interest...

Persistent link: https://www.econbiz.de/10005155252

Indicators of Short-Term Interest Rate Expectations. The Information Contained in the Options Market.

Manzano, María C.; Sánchez, Isabel - Banco de España - 1998

This paper has estimated, using a non-parametric method, the distribution function of expected three-month interbank rates, using data on call options on the MIBOR-90 future. The evolution over time of this distribution function has enabled the effects of movements in the Banco de España...

Persistent link: https://www.econbiz.de/10005155264

What Does Consumption Tell Us about Inflation Expectations and Real Interest Rates?

Ayuso, Juan; López-Salido, J. David - Banco de España - 1996

We estimate real interest rates, bounds on inflation expectations and inflation risk premia in a CCAPM framework under four different preference specifications.

Persistent link: https://www.econbiz.de/10005155286

Is there a Trade-Off Between Exchange Rate Risk and Interest Rate Risk?

Huertas, Juan Ayuso - Banco de España - 1995

Persistent link: https://www.econbiz.de/10005590703