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...

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...

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...

This paper analyses the levels of interdependence and risk that take place in the economic relations between Spain and a large number of countries. Bilateral data on commercial and financial links between Spain and the rest of the world are used in order to build, by means of a Principal...