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Speculative hyperinflations: when can we rule them out?

Arce, Óscar J. - Banco de España - 2006

provide a cash-and-credit model in which the use of money exhibits some persistence because individuals can establish long …

Persistent link: https://www.econbiz.de/10005155297

Cash holdings, firm size and access to external finance. Evidence for the euro area

Martínez-Carrascal, Carmen - Banco de España - 2010

This paper investigates the empirical determinants of corporate cash holdings in the euro area as a function of firm …. More specifically, liquid assets for smaller firms in the euro area are more strongly linked to firm cash flow and its … variability than cash holdings for larger firms, possibly as a result of their more restricted access to external funds and the …

Persistent link: https://www.econbiz.de/10008725821

Are there Economies of Scale in the Demand for Money by Firms? some Panel Data Estimates

Bover, Olympia; Watson, Nadine - Banco de España - 2000

The purpose of this paper is to estimate elasticities of scale in the demand for money by firms using firm level panel data. In common with the recent literature, we use disaggregate data to overcome the identification problems in aggregate time series approaches. Our main dataset is a sample of...

Persistent link: https://www.econbiz.de/10005590720

Explaining the demand for money by non-financial corporations in the euro area: A macro and a micro view

Martínez-Carrascal, Carmen; Landesberger, Julian von - Banco de España - 2010

and hence they stand in line with their long-run equilibrium level. The disaggregated analysis also shows that cash … variables such as the firm’ cash flow, its volatility or the size of the firm, which cannot be taken into account in the macro … analysis. Likewise, results indicate that the main drivers of the increase in NFCs cash holdings in the last years have been …

Persistent link: https://www.econbiz.de/10008690231

Los canales del desapalancamiento del sector privado: una comparación internacional

Garrote, Daniel; Llopis, Jimena; Vallés, Javier - Banco de España - 2013

Following the increase in private-sector indebtedness before the 2008 Great Recession, balance sheet adjustment by the most indebted agents will be a necessary condition for achieving balanced growth. This paper analyses the deleveraging of the non-financial private sector in four countries that...

Persistent link: https://www.econbiz.de/10010862297

Money and the natural rate of interest: structural estimates for the United States and the euro area

Andrés, Javier; López-Salido, David; Nelson, Edward - Banco de España - 2008

We examine the role of money in three environments: the New Keynesian model with separable utility and static money demand; a nonseparable utility variant with habit formation; and a version with adjustment costs for holding real balances. The last two variants imply forward-looking behavior of...

Persistent link: https://www.econbiz.de/10005022226

The Balance-Sheet Transmission Channel of Monetary Policy: The Cases of Germany and Spain

Mínguez, José M. González - Banco de España - 1997

In this paper, the role of the financial position of private agents in the transmission of monetary policy (the balance-sheet channel) is explored. To the extent that official interest rates are able to affect the market value and the income flows of certain categories of financial instruments...

Persistent link: https://www.econbiz.de/10005155269

Household borrowing and consumption in Spain

Martínez-Carrascal, Carmen; Río, Ana del - Banco de España - 2004

This paper aims at analysing the impact of household borrowing on consumption. These variables are modelled jointly in a Vector Error Correction Model (VECM) where labour income, wealth variables and nominal interest rates are also included. The main estimation result is that deviations of...

Persistent link: https://www.econbiz.de/10005155270

Weighted Monetary Aggregates: An Empirical Approach.

Alonso, Francisco; Pagés, Jorge Martínez; Jurado, … - Banco de España - 1996

This paper falls under the literature on weighted monetary aggregates that seeks to relax the assumption of perfect substitutability of assets implicit in the use of traditional monetary aggregates. Specifically, using the methodology recently proposed by Feldstein and Stock, an estimation is...

Persistent link: https://www.econbiz.de/10005155287

Credit Growth, Problem Loans and Credit Risk Provisioning in Spain

Lis, Santiago Fernández de; Pagés, Jorge Martínez; … - Banco de España - 2000

This paper analyses the cyclical behaviour of bank credit, loan losses and provisions for loan losses in Spain. These three variables are strongly cyclical in Spain -as in many other countries- and this poses some problems to bank supervisors and regulators. In a context of strong competitive...

Persistent link: https://www.econbiz.de/10005155309