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Quarterly report on the Spanish economy

  • Banco de España
Artículo de revista
Project:


Indicadores económicos [septiembre 2010]. Series (CSV) en fichero comprimido

  • Banco de España
Series temporales correspondientes a los cuadros del Boletín Económico, Archivo comprimido Zip
Project:


La evolución del empleo y del paro en 2009, según la Encuesta de Población Activa

  • Cuadrado Salinas, Pilar
  • Hernández de Cos, Pablo
  • Izquierdo Peinado, Mario
Artículo de revista
Project:


Creditor discrimination during sovereign debt restructurings

  • Erce Domínguez, Aitor
  • Díaz Cassou, Javier
This paper explores patterns of discrimination between residents and foreign creditors during recents sovereign debt restructurings. We analyze 10 recent episodes distinguishing between neutral cases in which the sovereign treated creditors equitably irrespective of their nationality and instances of discrimination against residents and non-residents. We then present evidence in support of the hypothesis that these patterns of discrimination can be explained by the origin of liquidity pressures, the ex ante soundness of the banking system and the extent of the domestic corporate sector’s reliance on international financial markets. On the theoretical side, we present a simple model of a government’s strategic decision to diferentiate between the servicing of its domestic and its external debt. In our model, the basic trade-off facing the authorities is to default on external debt and in so doing restricting private access to international capital markets or to default on domestic debt, thereby curtailing the banking sector’s capacity to lend to domestic firms
Project:


Las nuevas medidas de Basilea III en materia de capital

  • Rodríguez de Codes Elorriaga, Elena
Artículo de revista
Project:


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