Raquel Vegas - Academia.edu (original) (raw)

Drafts by Raquel Vegas

We show that loan origination time is crucial for bank lending standards over the credit cycle, a... more We show that loan origination time is crucial for bank lending standards over the credit cycle, as well as for ex-post loan-level defaults and bank-level failures. We use the credit register in Spain for the business loans over the 2002-15 period focusing on the time of a loan application and its granting. First, when VIX is low (proxying for good times) banks shorten the time to originate a loan, particularly to less-capitalized (riskier) firms. Results suggest that bank moral hazard incentives are a key mechanism. Shorter loan origination time to ex-ante riskier firms in good times is especially stronger for: (i) banks with less capital (proxying for moral hazard problems between bank owners and taxpayers/debtholders); (ii) non-listed banks (proxying for moral hazard problems between bank management and shareholders); (iii) loans to firms in geographical areas which do not form the bank’s main market and experience a real estate bubble (proxying for moral hazard problems between local loan officers and the bank headquarter), mainly if those areas have more bank competition; or, relatedly, stronger effects on loans granted to firms operating in industries which the bank is not most specialized at (proxying for moral hazard problems between
different parts within the bank). Second, shorter loan origination time is associated with higher ex-post defaults at the loan-level, and aggregated at the bank-level, with higher likelihood of bank failure or other strong bank distress events, overall consistent with lower screening (time).

Papers by Raquel Vegas

Estabilidad financiera, 2021

This paper uses detailed information from a large wage survey in 2006 to analyze the gender wage ... more 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 segregation.

We are grateful to the following institutions for their financial and organizational support: Eur... more We are grateful to the following institutions for their financial and organizational support: European Central Bank The views expressed in this paper are those of the author(s) and not those of the funding organization(s) or of CEPR, which takes no

This paper uses detailed information from a large wage survey in 2006 to analyze the gender wage ... more 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 segregation.

IZA Institute of Labor Economics Discussion Paper Series, 2010

espanolEste trabajo se propone estudiar algunos factores que parecen incidir sobre la entrada en ... more espanolEste trabajo se propone estudiar algunos factores que parecen incidir sobre la entrada en la jubilacion a cada una de las edades comprendidas entre los 60 y los 65 anos, a partir de una explotacion de la Muestra Continua de Vidas Laborales (2004). El analisis se restringe a la submuestra de individuos nacidos entre 1934 y 1944. Se construyen variables que permiten aproximar las principales caracteristicas personales, de su historial laboral y de su situacion laboral en cada una de las edades consideradas y se analiza su relevancia en la entrada a la jubilacion a traves de un modelo de eleccion discreta. Se concluye que, entre otros factores, la situacion laboral en la que se encuentran los individuos en estas edades da lugar a distintos patrones de acceso a la jubilacion. EnglishThis article studies the influence of different factors on early retirement between the ages of 60 and 65. We use labour records and other relevant information contained in the Muestra Continua de Vid...

espanolEn este trabajo se describen los principales rasgos de la evolucion del mercado de la vivi... more espanolEn este trabajo se describen los principales rasgos de la evolucion del mercado de la vivienda en Espana durante el ultimo periodo de expansion (2014-2019) y se discuten dos aspectos relacionados con su situacion reciente. Por una parte, se analiza la evidencia acerca de las posibles dificultades de acceso de los hogares a la vivienda, encontrando que estas se habrian agravado durante los ultimos anos, especialmente para determinados colectivos, como los jovenes y las familias con rentas bajas, sobre todo en algunas zonas, como las grandes areas metropolitanas. Seguidamente se revisan las implicaciones que de ello se derivan desde el punto de vista de la eficiencia economica y de los retos sociales y se analizan medidas publicas que podrian considerarse para aliviar estas dificultades. La ultima seccion ofrece una valoracion de los posibles riesgos sistemicos asociados al mercado inmobiliario residencial, y se concluye que estos eran, a finales de 2019, mas limitados que los ...

Economic Reports, 2010

El crecimiento sin precedentes del numero de inmigrante en nuestro pais ha generado un fuerte int... more El crecimiento sin precedentes del numero de inmigrante en nuestro pais ha generado un fuerte interes tanto politico como social acerca del coste-beneficio que esto supone en terminos de cotizaciones a la Seguridad Social y del uso de servicios publicos en Espana. Este interes se ha visto acrecentado con el aumento del deficit publico resultante de la crisis economica. En este contexto, el objetivo de este trabajo es analizar cual es el impacto de los procesos de reagrupacion familiar tanto sobre el incremento de los gastos en proteccion social como en las contribuciones a la Seguridad Social, utilizando la informacion contenida en la Encuesta Nacional de Inmigrantes y en la Muestra Continua de Vidas Laborales 2007. Se observa que los procesos de reagrupacion familiar ejercen una influencia positiva sobre los inmigrantes beneficiarios: un inmigrante que ha ejercido el derecho a reagrupar a su familia tiene una probabilidad de estar trabajando en lugar de estar inactivo en torno al 3...

La situación laboral en las edades próximas a la jubilación. Una explotación

This report presents results of projections of use and supply of long-term care for older persons... more This report presents results of projections of use and supply of long-term care for older persons in four countries representative of different long-term care systems: Germany, the Netherlands, Spain and Poland. Using a standardised methodology, the projections show that between 2010 and 2060, the numbers of users of residential care, formal home care and informal care are projected to increase in all countries, but at different rates. The results also indicate that if current patterns of care use and supply prevail, supply of informal and formal care is likely to fall behind demand. Measures to increase LTC capacity will be needed in all countries; the key policy implications of these findings are discussed in Policy Brief No. 12 in this series.

This paper uses detailed information from a large wage survey in 2006 to analyze the gender wage ... more This paper uses detailed information from a large wage survey in 2006 to analyze the gender wage gap in the performance–pay component of total hourly wages and its contribution to the overall gender in Spain. Under the assumption that performance-pay compensation is determined in a more competitive fashion than the other components of the wage, one would expect, in principle, to find a low gender gap in the first component. 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 estimate of the adjusted gender gap in performance pay is around 26 log points, and that it displays a “glass ceiling” pattern. After examining alternative theories that could rationalize these findings, we conjecture that monopsonistic features, possibly related to women ́s lower mobility due to housework, may be more consistent with our results than other theories related to occupational segregation. JEL ...

The current slump is having a heterogeneous impact on the EU economies regarding their GDP and em... more The current slump is having a heterogeneous impact on the EU economies regarding their GDP and employment growth responses. The impact of immigrants’ unemployment on public finances of EU countries depends on three factors: (i) the sensitiveness of the economy to the business cycle, (ii) the share that migrants represent over total labour force population and (iii) the benefits structure of their unemployment benefits programs. Our results confirm that the impact of the rise in immigrants’ unemployment on the unemployment benefit burden during the next few years is likely to be sizeable. Unemployment benefit burden is expected to peak in 2009 after an increase in 2008, and to slow down slightly in 2010. We find that Latvia, Estonia and France are the ones more likely to suffer a higher public finance burden from the rise in immigrants´ unemployment. Other economies such as Germany, Finland, Spain, Ireland, Italy or Austria would also register a noticeable increase in their public bu...

We quantify the role of global production linkages in explaining spillovers of U.S. monetary poli... more We quantify the role of global production linkages in explaining spillovers of U.S. monetary policy shocks to stock returns of 54 sectors in 26 countries. We first present a conceptual framework based on a standard open-economy production network model that delivers a spillover pattern consistent with a spatial autoregression (SAR) process. We then use the SAR model to decompose the overall impact of U.S. monetary policy on stock returns into a direct and a network effect. We find that up to 80% of the total impact of U.S. monetary policy shocks on average country-sector stock returns are due to the network effect of global production linkages. We further show that U.S. monetary policy shocks have a direct impact predominantly on U.S. sectors and then propagate to the rest of the world through the global production network. Our results are robust to controlling for correlates of the global financial cycle, foreign monetary policy shocks, and to changes in variable definitions and em...

This paper uses detailed information from a large wage survey to analyze the gender gap in the pe... more This paper uses detailed information from a large wage survey to analyze the gender gap in the performance–pay (PP) component of total hourly wages of Spanish workers. Under the assumption that PP compensation is determined in a more competitive fashion than the remaining wage components, in principle, one would expect to find a low gender gap in the first component. 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 estimated adjusted gender gap in performance pay is around 32 log points in favour of males. Further, there seems to be evidence of a “glass ceiling” pattern throughout the PP distribution. After examining alternative theories that could rationalize these findings, we conclude that monopsonistic features, possibly related to women ́s lower mobility due to housework duties, may be more consistent with our results than other theories related to occupational segregat...

Presupuesto Y Gasto Publico, 2007

Estabilidad financiera, 2021

This paper uses detailed information from a large wage survey in 2006 to analyze the gender wage ... more 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 segregation.

IZA Institute of Labor Economics Discussion Paper Series, 2010

Economic Reports, 2010

La situación laboral en las edades próximas a la jubilación. Una explotación

This paper uses detailed information from a large wage survey in 2006 to analyze the gender wage ... more This paper uses detailed information from a large wage survey in 2006 to analyze the gender wage gap in the performance–pay component of total hourly wages and its contribution to the overall gender in Spain. Under the assumption that performance-pay compensation is determined in a more competitive fashion than the other components of the wage, one would expect, in principle, to find a low gender gap in the first component. 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 estimate of the adjusted gender gap in performance pay is around 26 log points, and that it displays a “glass ceiling” pattern. After examining alternative theories that could rationalize these findings, we conjecture that monopsonistic features, possibly related to women ́s lower mobility due to housework, may be more consistent with our results than other theories related to occupational segregation. JEL ...

Presupuesto Y Gasto Publico, 2007

Iza Discussion Papers, 2010