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Dilatoriness of the banking enterprise debt in Spain, 1992-2003

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  • Sonia Ruano-Pardo

    ()
    (Banco de España)

  • Vicente Salas-Fumás

    ()
    (Banco de España
    Universidad de Zaragoza)

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    Abstract

    This paper analyses the determinants of the default ratio associated to banking debt in Spanish non financial firms over the period 1992-2003. It studies the factors influencing firms' entering and exit processes in and out from the default status. Additionally, it explores the factors explaining the relative amount of non performing banking debt in defaulted firms. The database combines firm-level data for non-financial companies drawn from two sources: SABI-INFORMA and Credit Register of Banco de Espana. The methodological approach is an application of Heckman's selection model. Results indicate that the decreasing trend in the evolution of the aggregate default ratio over the studied period is mainly attributable to the moderation in the level of the default ratios in those firms in which the default status is persistent over time. The contribution to the evolution of the aggregate default ratio of firms' turnover in a out from the default status has been fairly stable over time.

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    File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/06/Fic/dt0622.pdf
    File Function: First Spanish-language version, September 2006
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    Bibliographic Info

    Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 0622.

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    Length: 54 pages
    Date of creation: Sep 2006
    Date of revision:
    Handle: RePEc:bde:wpaper:0622

    Note: Downloadable document is in Spanish.
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    Web page: http://www.bde.es/
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    Related research

    Keywords: default of bank debt; non financial firms; heckman’s selection model; financial stability; financial distress;

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