tensions were triggered by concerns about exposures of financial institutions to the most risky segment of the US mortgage … markets -the so-called subprime mortgage market- and related financial instruments, which predominantly were related to … instruments. The first one played an important role in the initiation and propagation of the turmoil and includes mortgage …

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. …

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 …

the Spanish bankruptcy system relative to that of an alternative insolvency institution, the mortgage system, and the …

, 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 …

main alternative procedure, the mortgage foreclosure; (ii) personal bankruptcy law is unattractive to the individual debtor …

investment and welfare. I propose a model where public debt has a liquidity purpose for the domestic private sector and is … domestic private sector demands the safe bonds. Safe bonds lower the cost of liquidity hoarding for the private sector which …

reduce loan granting, especially to firms or from banks with lower capital or liquidity ratios. Moreover, responding to …