0000000000296435
AUTHOR
Salvador Climent-serrano
Valencia moneda de canvi de la resta d’Espanya i el “mesinfotisme” Valencià. L’últim episodi: el sistema financer valencià
Durant els ultims anys s'ha portat en Espanya la reestructuracio financera de les entitats de credit espanyoles. La major part d'esta reestructuracio s'ha centrat en les caixes. La major part d'elles han desaparegut. Centrant-mos es la Comunitat Valenciana que tenía la tercera i la quarta mes grans en tamany s'ha quedat sense ninguna. Ademes, l'unic banc que tenía s'ha adjudicat per un euro a La Caixa en una inyeccio de capital de 5.500 millons d'euros lo que li ha permes a la caixa catalana passar d'unes perdues de 3.000 millons en 2013, lo que haguera acarrejat l'intervencio pel Banc d'Espanya a uns guanys de 500 millons, salvant d'esta forma la Caixa i el sistema financer catala a costa …
A Study on Entrepreneurship at the University of Valencia
In the last few decades, there has been growing interest in the so-called third mission of universities, one of which, the question of entrepreneurship, will be highlighted in this paper. Hence, universities have been configured as institutions to proactively motivate there alumnae, and there, students will find an ideal environment in which to familiarize themselves with the skills and expertise that entrepreneurs require. Furthermore, universities provide advisory services as well as technical support, which are essential elements of sowing the seed of business start-ups. This chapter sets out, from a qualitative perspective, the policies, strategies and actions undertaken by the Universi…
Econometric Model to Estimate Defaults on Payment in the Spanish Financial Sector in Oliver Wyman's Stress Tests.
This work develops an econometric model based on the exogenous economic variables used in Oliver Wyman´s report. In this case the model is used in order to estimate late payments (NPLs) by Spanish credit entities. A model based on variables considered to be optimal to quantify impact on the NPLs is developed by studying the aforementioned variables, modifying them and eliminating any which are superfluous. Furthermore, whether or not the model is optimal for long periods of time is corroborated. This is due to the fact that the scenario in Oliver Wyman´s report from September 2012 (Wyman 2012) is based on 30 years of Spanish economical historical data, as stated in the report itself. The re…
Opportunities for a Sustainable European Financial System
The financial system has traditionally been considered a catalyst for economic growth. Yet the financial crisis of 2008 has shown that the financial system is also capable of triggering a process leading to profound economic instability. This article explores the opportunities for European banks to achieve financial sustainability. SWOT analysis shows that, despite numerous weaknesses and threats, the financial system has a Vast number of strengths and opportunities.
Beyond Subsidies: A Study of Sustainable Public Subordinated Debt in Spain
Evidence from business shows that small- and medium-sized enterprises (SMEs) are fragile. They suffer from a high mortality rate that primarily owes to difficulties in securing financing as a result of major information asymmetries. Despite these difficulties, SMEs provide the economic backbone of all economically developed countries. Aware of the key role of SMEs in national economic stability and of the financial problems that SMEs face, governments have designed a range of financial and tax measures to protect them. These financial measures include a highly specific form of public financing called subordinated debt. This concept refers to debt with the lowest credit seniority, just befor…
Importance of balance sheet composition in stress test estimates
The stress tests are based on macroeconomic variables for the estimations of the results. However, there are other factors that may influence them. This paper studies the influence of the balance sheet structure in the NPL and the loss caused by the NPL using econometric models. The objective is to research how they affect the aggregates in the balance sheet to the delay in payment and the the provision for impairment, distinguishing these effects according to the economic cycle, so that can be applied to the stress test. The results show that the Balance sheet structure is important in delinquency and losses caused by it, especially in respect of stockholders’ funds, ECB resources and …
Econometric model to estimate the Probability of Default and Loss Given Default in the EBA stress test in 2016
In this research, an econometric with panel data using Ordinary least squares OLS model is constructed following the guidelines recommended by the EBA stress test methodology for 2016. The findings indicate that macroeconomic factors affecting defaults are the expected ones in the Spanish credit institutions. However, loan impairments do not follow the patterns that a priori would be normal. Divergent is outcomes in defaults and impairments: the Non-Performing Loans (NPL) is pro-cyclical and impairment losses are counter-cyclical.
Differential Effect on the Determinants of the Late Payments According to the Economic Cycle
From 2004 to 2007, the Spanish financial system grew at a very rapid rate. However, from 2008 to 2012 impairment losses amounted equivalent to 25% of Spanish GDP.The objective of this paper is investigate how have affected the main problems that have suffered the Spanish economy on the late payments on Spanish credit institutions. And to check whether the effect of these problems is different on stages of growth with respect to the stages of crisis.The main results, according the test Chow, confirmed that there is a structural break in the model in 2007. Also the increase in unemployment increases the late payments and this increase is greater in the stages of growth compared to the stage…