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Structured finance and the financial turmoil of 2007-2008: and introductory overview
Criado, Sarai; Rixtel, Adrian van - Banco de España - 2008
This paper provides an overview of the most important structured finance instruments in the context of the development of the financial turmoil that started in the third quarter of 2007 and continued into 2008. These financial market tensions were triggered by concerns about exposures of...
Persistent link: https://www.econbiz.de/10005022306
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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
dynamics nullify the strong local (bank-level) lending channel of securitization on credit quantity for firms with multiple … banking relationships. Credit terms however become softer, but there are no real effects. Securitization implies a credit … securitization collapse reverses the local lending channel. …
Persistent link: https://www.econbiz.de/10009319591
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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 more intense use of securitization by banks (i) with stronger growth …
Persistent link: https://www.econbiz.de/10011201724
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Housing bubbles
Arce, Óscar J.; López-Salido, J. David - Banco de España - 2008
In this paper we use the notion of a housing bubble as an equilibrium in which some investors hold houses only for resale purposes and not for the expectation of a dividend, either in the form of rents or utility. We provide a life-cycle model where households face collateral constraints that...
Persistent link: https://www.econbiz.de/10005022257
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House Prices, Rents, and Interest Rates under Collateral Constraints
Arce, Óscar J.; López-Salido, David - Banco de España - 2006
We develop an OLG model aimed at explaining the joint determination of housing prices, rents, and interest rates, in an environment featuring a positive home ownership bias and individual borrowing limits that generate a mismatch between desired and available funds to finance housing purchases....
Persistent link: https://www.econbiz.de/10005155214
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House prices and rents in Spain: does the discount factor matter?
Ayuso, Juan; Restoy, Fernando - Banco de España - 2006
We estimate alternative price to rent ratios in the Spanish housing market by considering different stochastic discount factors in present value models similar to those used in the financial literature but where the higher rigidity that characterises this market is taken into account. We...
Persistent link: https://www.econbiz.de/10005590687
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Analysis of house prices in Spain
Pagés, Jorge Martínez; Maza, Luis Ángel - Banco de España - 2003
House prices in Spain have shown one of the biggest cumulative growth rates among the OECD countries over the past five years and, indeed, over a more extensive period. This paper focuses on analysing this development and its possible determinants. The evidence provided suggests income and...
Persistent link: https://www.econbiz.de/10004965252
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Developments in retail trade regulation in Spain and their macroeconomic implications
Matea, M.ª de los Llanos; Mora, Juan S. - Banco de España - 2009
The literature points out that retail trade regulations may have a significant impact on prices, employment and productivity. In the case of Spain, the retail trade sector is subject to a rich set of regional regulations. This paper provides a database and a set of indicators on the main...
Persistent link: https://www.econbiz.de/10004969775
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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
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Multiple safety net regulators and agency problems in the EU: Is Prompt Corrective Action partly the solution?
Mayes, David G.; Nieto, María J.; Wall, Larry - Banco de España - 2008
This paper presents a stylized mechanism aimed at dealing with the cross border agency problems that arise in supervising and resolving cross border banking groups in the European Union (EU). The authors assume that PCA policies have been implemented by the national supervisors and explore the...
Persistent link: https://www.econbiz.de/10005590673