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The Housing Boom and Bust in Spain: Impact of the Securitisation Model and Dynamic Provisioning

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  • Alicia Garcia-Herrero
  • Santiago Fernandez de Lis

Abstract

In this paper we explore some lessons from the Spanish housing boom and the incipient bust from the point of view of the usefulness of the regulatory approach, with particular regard to dynamic provisions and the regulatory treatment of securitisation. First, we describe the main features of the recent housing cycle. Secund, we summarize the Spanish securitisation model. Third, we deal with dynamic provisions and in the last section, we present some conclusions.

Suggested Citation

  • Alicia Garcia-Herrero & Santiago Fernandez de Lis, 2008. "The Housing Boom and Bust in Spain: Impact of the Securitisation Model and Dynamic Provisioning," Working Papers 0806, BBVA Bank, Economic Research Department.
    • Handle: RePEc:bbv:wpaper:0806
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    Cited by:

    1. Emanuel Kohlscheen & Aaron Mehrotra & Dubravko Mihaljek, 2020. "Residential Investment and Economic Activity: Evidence from the Past Five Decades," International Journal of Central Banking, International Journal of Central Banking, vol. 16(6), pages 287-329, December.
    2. Álvarez-Román, Laura & García-Posada, Miguel, 2021. "Are house prices overvalued in Spain? A regional approach," Economic Modelling, Elsevier, vol. 99(C).
    3. José Fillat & Judit Montoriol-Garriga, 2010. "Addressing the pro-cyclicality of capital requirements with a dynamic loan loss provision system," Supervisory Research and Analysis Working Papers QAU10-4, Federal Reserve Bank of Boston.
    4. Illueca, Manuel & Norden, Lars & Pacelli, Joseph & Udell, Gregory F., 2022. "Countercyclical prudential buffers and bank risk-taking," Journal of Financial Intermediation, Elsevier, vol. 51(C).
    5. de la Torre, Augusto, 2013. "Comment," LSE Research Online Documents on Economics 123229, London School of Economics and Political Science, LSE Library.
    6. Torój, Andrzej & Bednarek, Elżbieta & Bęza-Bojanowska, Joanna & Osińska, Joanna & Waćko, Katarzyna & Witkowski, Dariusz, 2012. "EMU: the (post-)crisis perspective. Literature survey and implications for the euro-candidates," MF Working Papers 12, Ministry of Finance in Poland, revised 06 Mar 2012.
    7. de Lis, Santiago Fernández & García-Herrero, Alicia, 2013. "Dynamic provisioning: a buffer rather than a countercyclical tool?," LSE Research Online Documents on Economics 123220, London School of Economics and Political Science, LSE Library.
    8. Michelle Norris & Michael Byrne, 2015. "Asset Price Keynesianism, Regional Imbalances and the Irish and Spanish Housing Booms and Busts," Working Papers 201514, Geary Institute, University College Dublin.
    9. Martins, Bruno & Lundberg, Eduardo & Takeda, Tony, 2011. "Housing Finance in Brazil: Institutional Improvements and Recent Developments," IDB Publications (Working Papers) 3742, Inter-American Development Bank.
    10. Balaguer-Coll, Maria Teresa & Brun-Martos, María Isabel & Forte, Anabel & Tortosa-Ausina, Emili, 2015. "Local governments' re-election and its determinants: New evidence based on a Bayesian approach," European Journal of Political Economy, Elsevier, vol. 39(C), pages 94-108.
    11. Santiago Fernández de Lis & Alicia Garcia-Herrero, 2010. "Dynamic Provisioning : Some Lessons from Existing Experiences," Finance Working Papers 21882, East Asian Bureau of Economic Research.
    12. Viral V. Acharya & Stephen G. Ryan, 2016. "Banks’ Financial Reporting and Financial System Stability," Journal of Accounting Research, Wiley Blackwell, vol. 54(2), pages 277-340, May.

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