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Spanish savings banks in the credit crunch: could distress have been predicted before the crisis? A multivariate statistical analysis

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  • Marti Sagarra
  • Cecilio Mar-Molinero
  • Miguel García-Cestona

Abstract

Spanish savings banks ( Cajas de Ahorro ) have had a long and distinguished history over more than 100 years of existence. They have served well the community and small businesses. However, they have been heavily affected by the 2007 banking crisis and they are on the verge of disappearing. Some of them had to merge with other institutions or had to be rescued, while others became banks. We show that there was statistical evidence to identify, before the crisis, structural differences between successful Cajas and those that had to be rescued. The technical approach is based on multidimensional scaling (MDS) analysis. MDS has the advantage that the main characteristics of the study can be presented in a visual form, and thus facilitate communication of the results with regulators, politicians, and the community at large. We complete the study with the time path of four institutions: two that survived and two that had to be rescued.

Suggested Citation

  • Marti Sagarra & Cecilio Mar-Molinero & Miguel García-Cestona, 2015. "Spanish savings banks in the credit crunch: could distress have been predicted before the crisis? A multivariate statistical analysis," The European Journal of Finance, Taylor & Francis Journals, vol. 21(3), pages 195-214, February.
    • Handle: RePEc:taf:eurjfi:v:21:y:2015:i:3:p:195-214
    DOI: 10.1080/1351847X.2013.784208
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    Cited by:

    1. Martín-Oliver, Alfredo & Ruano, Sonia & Salas-Fumás, Vicente, 2017. "The fall of Spanish cajas: Lessons of ownership and governance for banks," Journal of Financial Stability, Elsevier, vol. 33(C), pages 244-260.
    2. Sagarra, Marti & Mar-Molinero, Cecilio & Agasisti, Tommaso, 2017. "Exploring the efficiency of Mexican universities: Integrating Data Envelopment Analysis and Multidimensional Scaling," Omega, Elsevier, vol. 67(C), pages 123-133.
    3. Josep Patau & Antonio Somoza & Salvador Torra, 2020. "Diagnosis of the Domino Effect in Bankruptcy Situations Through Positioning Maps and Their Evolution 10 Years Later," SAGE Open, , vol. 10(4), pages 21582440209, December.
    4. Blanco-Oliver, Antonio, 2021. "Banking reforms and bank efficiency: Evidence for the collapse of Spanish savings banks," International Review of Economics & Finance, Elsevier, vol. 74(C), pages 334-347.
    5. Xuan Shi & Lingfei Cai & Hongfang Song, 2019. "Discovering Potential Technology Opportunities for Fuel Cell Vehicle Firms: A Multi-Level Patent Portfolio-Based Approach," Sustainability, MDPI, vol. 11(22), pages 1-22, November.
    6. Hei Chia Wang & Yung Chang Chi & Ping Lun Hsin, 2018. "Constructing Patent Maps Using Text Mining to Sustainably Detect Potential Technological Opportunities," Sustainability, MDPI, vol. 10(10), pages 1-18, October.
    7. Marti Sagarra & Frank M. T. A. Busing & Cecilio Mar-Molinero & Josep Rialp, 2018. "Assessing the asymmetric effects on branch rivalry of Spanish financial sector restructuring," Advances in Data Analysis and Classification, Springer;German Classification Society - Gesellschaft für Klassifikation (GfKl);Japanese Classification Society (JCS);Classification and Data Analysis Group of the Italian Statistical Society (CLADAG);International Federation of Classification Societies (IFCS), vol. 12(1), pages 131-153, March.

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