SANFI Award to the best paper on Banking of the 26th Finance Forum, held in Santander on 5-6 July 2018 ; ¿Cuál es el impacto de los tipos de interés negativos en la oferta de crédito y en la asunción de riesgos por parte de los bancos? Para responder a esta pregunta estudiamos los cambios...

Artículo de revista

Artículo de revista ; Since June 2014 the European Central Bank (ECB) has placed its deposit facility interest rate (DFR) at negative levels. Against this background, the question arises as to whether maintaining negative interest rates over a prolonged period can adversely affect credit...

Artículo de revista ; This article assesses the impact of the targeted longer-term refinancing operations (TLTROs) of the European Central Bank (ECB) on the credit supply of the euro area banks. An empirical approach is used that permits distinction between the direct and indirect effects of...

El presente artículo desarrolla una taxonomía de empresas vulnerables y empresas zombis haciendo uso de una rica base de datos que combina información detallada a nivel de empresa y a nivel de banco-empresa en España. Una empresa vulnerable exhibe tanto insolvencia de flujo de caja como...

Este documento modeliza la probabilidad de impago a un año de las sociedades no financieras españolas utilizando información del período 1996-2019. Mientras que, en general, la literatura previa considera que una empresa está en situación de impago si solicita concurso de acreedores, aquí...

El presente documento estudia el acceso al crédito y la propensión a salir del mercado de las empresas sin deuda bancaria (la principal fuente de financiación de las empresas españolas no cotizadas) en torno a la crisis del COVID-19. La metodología implementada permite distinguir entre...

We assess the impact on the credit supply to non-financial corporations of the two verylong-term refinancing operations (VLTROs) conducted by the Eurosystem in December 2011 and February 2012 for the case of Spain. To do so we use bank-firm level information from a sample of more than one...

Entry of new firms, both in the form of entrepreneurs and corporations, fosters competition and productivity. The entry of firms and productivity have both been low in the Spanish economy over recent years. This paper analyses the determinants of entry focusing on the role of the design and...

Small businesses, the majority of Spanish firms, rarely file for formal bankruptcy when dealing with financial distress. This is why business bankruptcy rates in Spain are among the lowest in the world, even during the current economic crisis. To explain this fact we present the following...