Showing 1 - 10 of 74
Persistent link: https://www.econbiz.de/10011882714
Using credit-registry data for Spain and Peru, we document that four main types of commercial credit-asset-based loans, cash-flow loans, trade finance and leasing-are easily identifiable and represent the bulk of corporate credit. We show that credit dynamics and bank lending channels vary...
Persistent link: https://www.econbiz.de/10012422071
What are the output responses to fiscal policy? Despite important advances reported in the literature, quantifying the size of the fiscal multiplier remains a challenge. Indeed, the quest to estimate a unique fiscal multiplier is probably an ill-posed one. The magnitude of the multiplier may...
Persistent link: https://www.econbiz.de/10014156595
The Spanish growth experience over the 1995-2007 period was characterized by the remarkable surge in employment and investment as well as the dismal evolution of productivity. These macroeconomic fluctuations were coupled with an unprecedented credit boom fueled by a housing bubble. This article...
Persistent link: https://www.econbiz.de/10014114005
This paper presents an estimate of the Spanish economy's potential growth. This estimate is based on a production function methodology that includes certain refinements on previous versions and generates less procyclical potential output growth estimates than those traditionally considered in...
Persistent link: https://www.econbiz.de/10012998649
What are the effects of a housing bubble on the rest of the economy? We show that if firms and banks face collateral constraints, a housing bubble initially raises credit demand by housing firms while leaving credit supply unaffected. It therefore crowds out credit to non-housing firms. If time...
Persistent link: https://www.econbiz.de/10012914512
The rise in non-tariff protectionist measures has been associated to the weakness in global trade over the last few years. We investigate the effect of non-tariff barriers (NTBs) on exports growth over the period 2009-2013 using administrative data at the firm-product-destination level in Spain....
Persistent link: https://www.econbiz.de/10012917704
Total factor productivity (TFP) is considered the key determinant of long-term and sustainable economic growth. The dismal evolution of TFP characterized the Spanish economy since the foundation of the Eurozone until the outbreak of the Global Financial Crisis [see García- Santana et al....
Persistent link: https://www.econbiz.de/10012908966
How do housing bubbles affect other economic sectors? We show that in the presence of collateral constraints, a bubble initially raises housing credit demand and crowds out credit to non-housing firms. If the bubble lasts, however, housing credit repayments raise banks' net worth and expand...
Persistent link: https://www.econbiz.de/10012891798
The COVID-19 health crisis had a highly uneven impact across sectors and regions in 2020. However, there is hitherto little evidence regarding the heterogeneous impact of the crisis on different firms within each sector and region. This article provides an initial description of the...
Persistent link: https://www.econbiz.de/10013234235