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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 … low creditor protection of the Spanish bankruptcy system relative to those of an alternative insolvency institution … through the latter. However, in order to use the mortgage system, some firms must overinvest in capital assets (real estate …
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 … note that these results are based on data that do not yet capture the impact of recent reforms of the Spanish insolvency …
Persistent link: https://www.econbiz.de/10010705525
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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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The interaction between house prices and loans for house purchase. The Spanish case
Gimeno, Ricardo; Martínez-Carrascal, Carmen - Banco de España - 2006
The aim of this paper is to analyse, using a vector error-correction model (VECM), the dynamic interaction between house prices and loans for house purchase in Spain. The results show that both variables are interdependent in the long run: loans for house purchase depend positively on house...
Persistent link: https://www.econbiz.de/10005590665
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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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Determinants of default ratios in the segment of loans to households in Spain
Blanco, Roberto; Gimeno, Ricardo - Banco de España - 2012
In this paper we present the estimation results of a dynamic panel data model that explains the dynamic behaviour of default ratios in Spain for loans extended to the household sector. We estimate the models for two alternative definitions of default and for two different loan categories. The...
Persistent link: https://www.econbiz.de/10010678682
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Is judicial inefficiency increasing the house property market weight in Spain? Evidence at the local level
Mora-Sanguinetti, Juan S. - Banco de España - 2010
Compared with the rest of the European countries the weight of the house property market in Spain is very high, which is consistent with the weakness of the tenancy market. In this context, it has often been argued that an inefficient judicial system, implying a cumbersome procedure to evict a...
Persistent link: https://www.econbiz.de/10008500483
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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