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Size and heterogeneity matter. A microstructure-based analysis of regulation of secondary markets for governments bonds

Martínez-Resano, José Ramón - Banco de España - 2005

This paper deals with the economics of secondary markets for government bonds. Ultimately, the analysis is shaped by a public policy goal: assessing the elements of a regulatory framework for these markets. In that regard, the decisive role of market structure leads to a critical review of...

Persistent link: https://www.econbiz.de/10004999273

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

Preconditions for a successful implementation of supervisors' Prompt Corrective Action: Is there a case for a banking standard in the EU?

Nieto, María J.; Wall, Larry D. - Banco de España - 2007

Over the past years, several countries around the world have adopted a system of prudential prompt corrective action (PCA). The European Union countries are being encouraged to adopt PCA by policy analysts who explicitly call for its adoption. To date, most of the discussion on PCA has focused...

Persistent link: https://www.econbiz.de/10005590668

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

Third-country relations in the directive establishing a framework for the recovery and resolution of credit institutions

Nieto, María J. - Banco de España - 2014

States and third-country resolution authorities in the context of the 2014 Bank Recovery and Resolution Directive. The …

Persistent link: https://www.econbiz.de/10010862258

EU framework for safeguarding financial stability: Towards an analytical benchmark for assessing its effectiveness

Nieto, María J.; Schinasi, Garry J. - Banco de España - 2008

the insolvency of a pan European bank. …

Persistent link: https://www.econbiz.de/10005022299

Value creation in European M&As

Campa, José Manuel; Hernando, Ignacio - Banco de España - 2002

This paper looks at the value generated to shareholders by the announcement of mergers and acquisitions involving firms in the European Union over the period 1998-2000. Target firm shareholders receive on average a statistically significant excess return of 9% in a onemonth window centered on...

Persistent link: https://www.econbiz.de/10004981004

Banking crises and sovereign defaults in emerging markets: exploring the links

Balteanu, Irina; Erce, Aitor - Banco de España - 2014

This paper provides a set of stylised facts on the mechanisms through which banking and sovereign distress feed into each other, using a large sample of emerging economies over three decades. We first define “twin crises” as events where banking crises and sovereign defaults combine, and...

Persistent link: https://www.econbiz.de/10010862247

Disentangling contagion among sovereign cds spreads during the european debt crisis

Broto, Carmen; Perez-Quiros, Gabriel - Banco de España - 2013

During the last crisis, developed economies’ sovereign Credit Default Swap (hereafter CDS) premia have gained in importance as a tool for approximating credit risk. In this paper, we fit a dynamic factor model to decompose the sovereign CDS spreads of ten OECD economies into three components:...

Persistent link: https://www.econbiz.de/10010862250

Short-sale constraints and financial stability: Evidence from the Spanish market

Arce, Óscar; Mayordomo, Sergio - Banco de España - 2014

We examine the effect of the short-selling ban in 2011 on Spanish stocks on the level of risk in the banking sector. Before the ban, short positions were found to be positive and significantly related to the creditworthiness of medium-sized banks, these being generally less internationally...

Persistent link: https://www.econbiz.de/10010862259