Evaluating the Macro-Representativeness of a Firm-Level Database: An Application for the Spanish Economy

Almunia, Miguel; Rodriguez, David Lopez; Moral‐Benito, Enrique

doi:10.2139/ssrn.3132982

Cited by 41 publications

(30 citation statements)

References 33 publications

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“…In particular, we use the so‐called BdE Micro Dataset constructed by Almunia et al. (), which combines two different samples taken from the Spanish Commercial Registry. First, the Commercial Registry regularly transfers to the Bank of Spain digitalized raw data on the financial statements submitted by firms, which after being processed results in a data set denominated Central de Balances Integrada (CBI).…”

Section: Analysis With Firm‐level Datamentioning

confidence: 99%

“…We exploit administrative microlevel firm data built from the financial statements that all firms in Spain are legally required to submit to the Commercial Registry (Registro Mercantil) every year. In particular, we use the so-called BdE Micro Dataset constructed by Almunia et al (2018), which combines two different samples taken from the Spanish Commercial Registry. First, the Commercial Registry regularly transfers to the Bank of Spain digitalized raw data on the financial statements submitted by firms, which after being processed results in a data set denominated Central de Balances Integrada (CBI).…”

Section: Analysis With Firm-level Datamentioning

confidence: 99%

“…In 2007, the share of services had increased to 60%, manufacturing had fallen to 15%, construction and real estate had increased to 21%, and the primary sector had fallen to 3%.7 The BdE Micro Dataset starts in 2000 because the coverage and quality of firms' information is significantly inferior before that year, since firms were not required to report their information electronically. SeeAlmunia et al (2018) for details.…”

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confidence: 99%

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Growing Like Spain: 1995–2007

García-Santana

Moral‐Benito

Pijoan-Mas

et al. 2020

Int Economic Review

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Measured total factor productivity (TFP) fell in Spain during the boom years of 1995–2007. Using administrative data from the quasi‐universe of firms, we show that there was an increase in misallocation, which was more severe in sectors where connections with public officials are more important for business success. We write and estimate a simple model of cronyism in which heterogeneous firms invest in political connections. Our quantitative exercise concludes that the institutional decline over this period costed 1.9% growth in TFP per year and a 0.8% annual increase in the resources spent by firms in establishing political connections.

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Section: Analysis With Firm‐level Datamentioning

confidence: 99%

Section: Analysis With Firm-level Datamentioning

confidence: 99%

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confidence: 99%

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Growing Like Spain: 1995–2007

García-Santana

Moral‐Benito

Pijoan-Mas

et al. 2020

Int Economic Review

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“…See Section 3.3 for a description of our data limitations.23 We obtain information on the Commercial Registry from two different sources: (i) the Central de Balances dataset, compiled by the Bank of Spain, and (ii) the Sabi dataset, compiled by Informa (a private company). For details on how we combine these two datasets, seeAlmunia, Lopez-Rodriguez and Moral-Benito (2018).24 NACE (Nomenclature générale des activitéséconomiques dans les Communautés Européennes) is the European statistical classification of economic activities. It classifies manufacturing firms into 24 different sectors.…”

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confidence: 99%

Venting Out: Exports During a Domestic Slump

Almunia¹,

Antràs²,

López-Rodríguez³

et al. 2018

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, and LSE for useful comments. Finally, we particularly thank Oscar Arce for his continuous support throughout this project. All errors are our own. Any views expressed in this paper are only those of the authors and should not be attributed to the Banco de España, the Eurosystem, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

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“…Furthermore, it can be matched to the credit registry. Almunia et al (2018) describe the dataset in greater detail, and show that it closely matches the movements of aggregate variables such as employment over the period 2003-2013. Our final sample contains 1,801,955 firms with an average of 993,876 firms per year. This corresponds to around 85-90% of the firms in the non-financial market economy, for all size categories.…”

Section: Datamentioning

confidence: 90%

The Financial Transmission of Housing Booms: Evidence from Spain

Martín

Moral‐Benito

Schmitz

2021

American Economic Review

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How does a housing boom affect credit to non-housing firms? Using bank, firm, and loan-level microdata, we show that the Spanish housing boom reduced non-housing credit growth during its first years, but stimulated it later on. These patterns can be rationalized by financial constraints for banks. Constrained banks initially accommodated higher housing credit demand by reducing non-housing credit. Eventually, however, the housing boom increased bank net worth and expanded credit supply. A quantitative model, disciplined by our cross-sectional estimates, indicates that the crowding-out effect was substantial but temporary, and had been fully absorbed by the end of the boom. (JEL E32, E44, G21, R21, R31)

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Evaluating the Macro-Representativeness of a Firm-Level Database: An Application for the Spanish Economy

Cited by 41 publications

References 33 publications

Growing Like Spain: 1995–2007

Growing Like Spain: 1995–2007

Venting Out: Exports During a Domestic Slump

The Financial Transmission of Housing Booms: Evidence from Spain

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