Artículo de revista ; The results of the Bank Lending Survey reflect, in general, a slightly less expansionary creditsupply, both in Spain and the euro area, in 2019 Q2. Thus, credit standards tightened in Spain in the two household segments, while in the euro area standards tightened for both...

Artículo de revista ; The latest results of the Bank Lending Survey are very much marked by the impact that the COVID 19 pandemic has had on economic activity and, in consequence, on the credit market. Thus, during 2020 Q2, the credit supply to enterprises eased in Spain, highly influenced by...

The worldwide availability of easy external financing has been an essential driver of recent M&A activity and a growing perception exists that such conditions may have resulted in a large number of non-value increasing transactions. This paper evaluates the interaction between credit conditions,...

It has been widely assumed that there was a bubble in the U.S. housing market after1999.This paper analyzes the extent to which that was true. We define a bubble as: (1) a regime shift that is characterized by a change in the properties of deviations from the fundamentals of house price growth,...

This paper provides a comprehensive review of the factors that can cause price levels to diverge and which are at the root of different inflation rates in Europe including the EU-27. Among others, we study the structural and cyclical factors influencing market and non-marketbased service, house...

Property is a dual good. It provides both a variety of housing services and, sometimes, investment returns. Premiums are paid for a complex bundle of relative advantages, risks, and opportunities within idiosyncratic, complex, and evolving metropolis. Factors beyond the urban footprint influence...

Many analysts believe that problems in the United States housing market initiated the 2007-2009global financial crisis. In this regard, the subprime mortgage crisis (SMC) shook the foundationsof the financial industry by causing the failure of many iconic Wall Street investment banks...

We estimate the long-run relationship between real housing prices of new dwellings and their fundamentals in a panel of the 50 Spanish provinces between 1985 and 2018. We fi nd acointegrating relationship between real house prices and per capita real income, unemployment rate and demographic...

Artículo de revista ; This article analyses changes in investment by foreigners in the residential real estate market in Spain between 2007 and 2019. Two indicators are used for this purpose: gross purchases by foreigners as a percentage of total transactions and net purchases (purchases less...