Executive Summary of Work Package 3 on Availability and Choice of Care of the ANCIEN Project. ENEPRI Research Report No. 101, February 2012

Work Package 3 on the Availability and Choice of Care of the ANCIEN project aims to document the forces driving the choice of formal and informal care across European countries and to characterise the linkages between the type of care used by dependent people and a country's institutional setting, which determines the supply of formal and informal care. Different issues related to formal and informal care choices and the LTC (long-term care) institutional setting in the EU have been analysed by the WP3 contributors. This research report summarises each partner’s contribution

Three essays on the relative outcomes of minority groups in the Spanish labour market

Esta tesis se compone de tres capítulos donde se analiza el comportamiento de tres grupos de trabajadores, generalmente calificados como grupos minoritarios, pertenecientes al mercado laboral en España. Se trata de los inmigrantes, las mujeres y los trabajadores con edades próximas a la jubilación. Nos centramos en analizar temas relacionados con el flujo de rentas que reciben dichos trabajadores así como en sus trayectorias laborales. Para ello, se utilizan diferentes enfoques empíricos aplicados a datos procedentes de las únicas fuentes de datos en España que proporcionan información concerniente a los ingresos de los trabajadores: Muestra Continua de Vidas Laborales (MCVL), en el primer y tercer capítulo, y la Encuesta de Estructura Salarial (EES) en el segundo capítuloThis dissertation consists of three chapters which examine relevant issues related to the outcomes of three minority groups (immigrants, women and elderly workers) in the Spanish labor market. Throughout the dissertation, several features related to wage profiles and individuals' labor careers are analyzed from different economic perspectives. To do so, I use the only available sources in Spain of wage micro data, namely, the Continuous Sample of Working Histories (MCVL), in the first and third chapter, and the Earnings Structure Survey (EES) in the second chapterIzquierdo, Mario ; Lacuesta, Aitor ; Vegas, Raquel. Asimilación salarial de los inmigrantes en España : un análisis longitudinal = Assimilation of immigrants in Spain : a lomgitudinal analysis / Rica, Sara de la ; Dolado, Juan José ; Vegas Sánchez, Raquel. Remuneración variable por rendimiento y diferencial salarial de género en España = Performance pay and the gender wage gap in Spain / Vegas Sánchez, Raquel. Evaluando los incentivos para la jubilación anticipada en España = Evaluating the incentives to early retirement in Spai

Performance pay and the gender wage gap : evidence from Spain.

This paper uses detailed information from a large wage survey in 2006 to analyze the gender wage gap in the performance-pay (PP) component of total hourly wages and its contribution to the overall gender gap in Spain. Under the assumption that PP is determined in a more competitive fashion than the other wage components, one would expect, in principle, to find a low gender gap in PP. However, this is not what we find. After controlling for observable differences in individual and job characteristics as well as for non random selection, the adjusted gender gap in PP reaches 26 log points, displaying a "glass ceiling" pattern. After examining several alternative theories that could rationalize these findings, we conjecture that monopsonistic features, possibly related to women’s lower labour mobility due to housework, fit better with our results than other theories related to occupational segregationGender gaps; Performance pay; Quantile regressions; Selection bias;

Bank lending standards over the cycle : the role of firms’ productivity and credit risk

En este trabajo mostramos que los estándares de concesión de préstamos por parte de los bancos se ven afectados por las condiciones macroeconómicas. Utilizamos datos mensuales entre 2002 y 2015 de la Central de Información de Riesgos del Banco de España (CIRBE), que nos permiten monitorear todas las solicitudes de préstamos realizadas por empresas no financieras a bancos con los que no tienen relación crediticia previa. Con el objetivo de analizar la prociclicalidad del apetito por el riesgo de los bancos, investigamos cómo la probabilidad de otorgar un préstamo cambia en función de dos características de las empresas (riesgo de crédito ex ante y productividad) y cómo esta relación varía a lo largo del ciclo económico, que medimos mediante el crecimiento del PIB y los cambios en tipos de interés. Nuestra estrategia de identificación se basa en la inclusión de efectos fijos de empresa y banco-mes en nuestras regresiones, de modo que explotamos diferencias en la concesión de préstamos del mismo banco en el mismo mes a empresas que son diferentes en términos de productividad y riesgo de crédito. Nuestros resultados indican que los bancos relajan sus estándares de crédito en momentos de expansión económica y/o de caídas de tipos de interés, y los endurecen durante la fase recesiva y/o cuando aumentan los tipos de interés. Este patrón es especialmente relevante en el caso de la productividad de las empresas, lo que podría explicar en parte la caída de la productividad agregada en España durante el período expansivo previo a la crisis. Finalmente, también encontramos que estos patrones cíclicos son más pronunciados entre los bancos menos capitalizados, menos líquidos y más rentablesWe show that bank lending standards are influenced by macroeconomic conditions. We use monthly data from the Banco de España Central Credit Register, which allow us to monitor all loan applications made by non-financial firms to non-current banks from 2002 to 2015. To test the pro-cyclicality of banks’ appetite for risk, we investigate how two firm characteristics (ex-ante credit risk and productivity) interacting with two macroeconomic indicators (business cycle and the monetary policy stance) affect the probability of granting a loan. In order to enhance identification we account for unobserved heterogeneity by means of firm and banktime fixed effects. Our findings indicate that banks soften their credit standards during booms or when monetary policy is loose to harden them during busts or when short-term interest rates increase. This pattern is especially relevant in the case of firms’ productivity, which might partly explain the dismal evolution of aggregate productivity in Spain during the pre-crisis period. Finally, we also find that these results are more pronounced among less capitalized, less liquid and more profitable bank

Performance pay and the gender wage gap : evidence from Spain

This paper uses detailed information from a large wage survey in 2006 to analyze the gender wage gap in the performance-pay (PP) component of total hourly wages and its contribution to the overall gender gap in Spain. Under the assumption that PP is determined in a more competitive fashion than the other wage components, one would expect, in principle, to find a low gender gap in PP. However, this is not what we find. After controlling for observable differences in individual and job characteristics as well as for non random selection, the adjusted gender gap in PP reaches 26 log points, displaying a "glass ceiling" pattern. After examining several alternative theories that could rationalize these findings, we conjecture that monopsonistic features, possibly related to women’s lower labour mobility due to housework, fit better with our results than other theories related to occupational segregatio

Roots and recourse mortgages: handing back the keys

Summary of Banco de España Working Paper no. 220

Roots and recourse mortgages: handing back the keys

En este estudio identificamos diferencias en las condiciones de las hipotecas asociadas al arraigo de los prestatarios tras separar este efecto de otros factores que explican dichas condiciones. Para esto usamos datos de préstamos hipotecarios en España de la Central de Información de Riesgos, complementados con datos de hipotecas titulizadas para un ciclo financiero completo. Identificamos que los prestatarios extranjeros con poco arraigo pagan tipos de interés más altos que aquellos con mayores vínculos en el país. También encontramos que un bajo nivel de arraigo está asociado con tasas más altas de impago y con mayores incentivos a no continuar pagando la deuda hipotecaria ante situaciones de patrimonio neto negativo. En general, identificamos que el arraigo es un factor muy relevante que explica las diferencias en las condiciones de las hipotecas en el momento de su concesión, así como las decisiones de impago. Desde el punto de vista de la política, nuestros resultados tienen importantes implicaciones para el entendimiento de las consecuencias de transitar hacia un régimen de dación en pago, y para la efectividad de la política macroprudencial.In this study we disentangle the effect of roots from other confounding factors to explain differences in immigrants’ outcomes in the mortgage market. Using loan-level data from the Spanish Credit Register complemented with data on securitized mortgages over a complete financial cycle, we identify that foreign-born borrowers with shallow roots to the host country pay higher mortgage rates at origination than similar debtors that are better-settled. We also find that weak roots are associated with higher default rates and with greater incentives to go into default in negative equity situations. Overall, we show that rootedness explains differential loan conditions at origination and default behavior in mortgages. From a policy perspective, our results have important implications for understanding the potential consequences of moving away from recourse mortgage regimes, and for the effectiveness of macroprudential policy

Las reformas de la Ley concursal durante la Gran Recesión

Tradicionalmente, los concursos de acreedores en España han sido procedimientos largos y costosos, que casi siempre terminaban en la liquidación de la empresa concursada (95 %). Estas disfuncionalidades quedaron en evidencia con el fuerte aumento de los concursos de acreedores durante la crisis iniciada en 2008 y la consiguiente congestión de los juzgados por esta causa. Con el objetivo de resolver estos y otros problemas, la Ley Concursal ha sido reformada en diversas ocasiones. El objetivo de esta investigación es analizar el impacto de algunas de estas reformas en dos dimensiones: por un lado, la duración de los concursos y, por otro, la probabilidad de alcanzar un convenio y, por tanto, evitar la liquidación de la empresa. Los resultados muestran que dos de las cuatro reformas analizadas habrían incrementado el porcentaje de convenios, y reducido la duración de concursos, a través de la mejora de la calidad de los administradores concursales y del fomento de los acuerdos preconcursales para grandes empresasTraditionally, bankruptcy procedures in Spain have been lengthy and costly processes that have nearly always (95%) resulted in the liquidation of the insolvent firm. These dysfunctions became apparent with the large increase in bankruptcy filings during the crisis that started in 2008 and the ensuing congestion of the courts. In order to resolve these and other problems, the Bankruptcy Law has been reformed several times. The goal of this research is to analyse the impact of these reforms on two facets: the length of bankruptcy procedures and the probability of achieving a successful reorganisation, hence avoiding the firm’s liquidation. Our findings show that two of the four reforms analysed increased the percentage of reorganisations and decreased bankruptcy duration through improving the quality of insolvency administrators and by fostering out-of-court workouts for large corporation

Impact of the COVID-19 pandemic on the Spanish commercial real estate market

Artículo de revistaThe COVID-19 pandemic has had a major impact on the recent performance of the Spanish commercial real estate market. In particular, the crisis has led to a sharp decrease in non-residential investment and has triggered a correction in sale prices, transaction numbers and new financing operations. It has also affected Spanish real estate investment trusts specialising in this market, both in terms of the number of vehicles created and of their stock prices and the value of their real estate assets. By contrast, to date there has been no significant deterioration in credit quality linked to the commercial real estate market