We study the spillovers from government intervention in the mortgage market on households’ consumption using the household survey data from the US. After an expansionary mortgage market operation, the increase in consumption of homeowners with mortgage debt is large and signifi cant, while the...

Incluye bibliografía y anexos ; 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...

A firm seeks to raise capital in credit markets to fund risky operating activities. The firm has private information about the future cash flows from such activities. Firm owners delegate operating decisions to a manager who privately learns further information about the distribution of those...

Credit markets are an essential economic institution. In developing countries, particularly in countries undergoing rapid social and economic transition, it is important to identify emerging credit demandand institute credit supply in a timely manner to facilitate economic transformation. This...

This thesis comprises of three essays. The first essay is titled 'Do Acquiring Firms Manage Earnings?' and is co-authored with Professor Anand M. Vijh. The second essay is titled 'Do Firms Have a Target Leverage? Evidence from Credit Markets' and is joint work with Professors Anand M. Vijh and...

Young adults leave their parents' home at a higher rate in Northern Europe and the United States than in Southern Europe, with broad implications on labor mobility, intergenerational sharing of resources and on fertility. This paper assesses if differences in household structure can be traced...

La agregación de información imperfecta en los mercados secundarios de crédito tiene consecuencias significativas para los ciclos económicos. A medida que los bancos dan más importancia a variaciones en el valor de mercado de sus carteras, concluyen que lo mejor es no revelar al mercado en...

Summary of Banco de España Working Paper no. 2214

Credit risk is influenced by interest rates and market liquidity. This paper examines the direct and indirect impacts of unexpected monetary policy shifts on the growth of corporate credit risk, with the aim of quantifying the size and direction of the response. The results surprisingly indicate...

This article reviews past and recent authorities that have addressed the definition and application of the solvency test in s 95A of the Corporations Act 2001 (Cth). The discussion highlights that, when faced with financial distress, company directors need to carefully consider the solvency...