Jesus Saurina Salas

Credit supply: identifying balance-sheet channels with loan applications and granted loans

To identify credit availability we analyze the extensive and intensive margins of lending with loan applications and all loans granted in Spain. We find that during the period analyzed both worse economic and tighter monetary conditions reduce loan granting, especially to firms or from banks with lower capital or liquidity ratios. Moreover, responding to applications for the same loan, weak banks are less likely to grant the loan. Our results suggest that firms cannot offset the resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account for unobserved time-varying firm heterogeneity in loan demand and quality.

Measurement of Capital Stock and Input Services of Spanish Banks

This paper contains estimates of physical and intangible (information technology, advertising and training) capital stock, together with capital, labor and externally provided input services, of Spanish commercial and saving banks in the period 1983 to 2003. Capital stocks are valued at replacement costs and assets’ services flows are computed using estimates of the risk-adjusted user cost of capital. Replacement costs of assets are substantially higher than book values and economic estimates of costs of input services allow for more accurate measures of efficiency and productivity of banks.

Macroprudential Policy: Objectives, Instruments and Indicators (Política macroprudencial: objetivos, instrumentos e indicadores)

English Abstract: This document presents the analytical framework recently developed by the Banco de Espana for the implementation of its macroprudential policy. The methodology described uses a broad set of indicators that enables macroprudential risks to be monitored through risk mapping. This framework will provide support for the Banco de Espana’s broad macroprudential policy stance.Spanish Abstract: Este documento presenta el marco analitico desarrollado recientemente por el Banco de Espana para la puesta en marcha de su politica macroprudencial. La metodologia descrita incorpora un amplio conjunto de indicadores que permiten realizar un seguimiento de los riesgos macroprudenciales a traves de un mapa de riesgos. El marco servira de soporte para definir la orientacion general de la politica macroprudencial del Banco de Espana.