Motivación El Banco de España realiza un ejercicio anual de identificación de terceros países de fuera del Espacio Económico Europeo con los que las entidades de crédito españolas mantienen exposiciones de relevancia. Por ello, es importante analizar la exposición de la economía...

Rationale Each year, the Banco de España identifies a list of third countries (i.e. those outside the European Economic Area) to which Spanish credit institutions have relevant exposures. To that end, it is important to analyse the Spanish economy’s exposure to these material third countries...

Summary of Banco de España Working Paper no. 2235

We examine how divestitures influence improvements in a firm's resource base, as indicated by new product development. Because improvements in firms' resource bases depend upon available managerial capacity, divestitures that release greater managerial capacity should drive greater improvements...

Firms pursue third-party certification to private standards to reduce firm-level information asymmetries of certain unobservable characteristics and thus obtain legitimacy. However, when the private standard’s legitimacy dilutes, those same firms have reasons to abandon certifications...