This paper investigates whether the existence of knowledge spillovers, differences in the capacity of firms to … firms. In order to do this, we employ data from the “Central de Balances” database, which covers both manufacturing and … services firms during the period 2003-2007, and use an estimator proposed by Wooldridge (2005) for dynamic random effects …

The sharp decline in economic activity registered in Spain over 2008 and 2009 has no precedents in recent history …

control function approach, to overcome the endogeneity bias. Both for manufacturing and services firms, we have found that the … share of temporary employment tends to reduce productivity, the effect being stronger for services firms, which make a more …. Besides, those manufacturing firms who keep undertaking in-house production of services tend to be more productive. The lack …

a model of the probabilities of default (PDs) of Spanish firms during the period 1987 2008, and use the estimated PDs to …

all loans granted in Spain. We find that during the period analyzed both worse economic and tighter monetary conditions … reduce loan granting, especially to firms or from banks with lower capital or liquidity ratios. Moreover, responding to … applications for the same loan, weak banks are less likely to grant the loan. Our results suggest that firms cannot offset the …

sectors in Belgium, Denmark, Spain and Portugal. Our methodology follows the approach recently developed for the International … degree of decentralization within highly centralized countries allows firms to adjust wages downwards, when business …

The evolution of Regional and Local governments' spending in Spain is currently under close scrutiny by national and …

estate assets on credit supply for non real-estate firms in Spain over 2000-2010. We show that firm-level equilibrium …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 …

Despite a rapid decrease in unemployment and strong GDP and employment growth, real wages barely increased in Spain …