Ana Iglesias

Ana Iglesias
University of Santiago de Compostela | USC · Departamento de Economía Cuantitativa

About

54
Publications
9,563
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121
Citations
Citations since 2016
19 Research Items
73 Citations
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20162017201820192020202120220102030
20162017201820192020202120220102030
20162017201820192020202120220102030

Publications

Publications (54)
Article
Full-text available
This paper analyses the impact of corporate social performance (CSP) on bank efficiency in a sample of 108 European listed banks across 21 countries over the period 2011–2019. Simar and Wilson’s two-stage approach (Simar and Wilson in J Econom 136:31–64, 2007) has been applied, specifically using data envelopment analysis (DEA) at the first stage t...
Article
Depopulation is a major challenge for many rural inland areas, as is the case in a considerable number of rural municipalities in Galicia (north-western Spain). The pandemic had a considerable impact on internal migration in 2020, but it was far from being anywhere near high enough to reverse the ongoing trend of population decline, highlighting th...
Article
Full-text available
This paper analyses the effect of a negative interest rate policy (NIRP) on profitability and risk taking in the European banking sector and whether this effect is differentiated according to the bank business model. Using a dataset of 2,596 banks from 29 European countries over the period 2011–2019 and applying a static modelling approach, we conc...
Chapter
Rural depopulation is a serious problem that many economies face. This chapter focuses on the proposal for an Indicator of Sustainable Rural Development for 114 Galician rural municipalities. Through the Benefit of the Doubt (BoD) methodology we construct a composite index, steaming from a set of variables belonging to three areas -economic, social...
Article
Full-text available
The analysis of the relationship between bank competition and financial stability remains a controversial issue and widely discussed in the academic and political community. Using a sample of 117 listed banks in 16 European countries for the years 2011 to 2018, the article explores the impact of market power, measured by the Lerner index, on the ba...
Article
Full-text available
The analysis of the relationship between bank competition and financial stability remains a controversial issue and widely discussed in the academic and political community. Using a sample of 117 listed banks in 16 European countries for the years 2011 to 2018, the article explores the impact of market power, measured by the Lerner index, on the ba...
Article
Full-text available
Sheltered workshops (SW), as social enterprises, need to be efficient and maintain a balance between social aspects and economic prosperity. An important part of research on the subject has been focused on measuring the economic value created by these entities. In this study, we analyzed performance of SWs in Galicia (Spain), from the point of view...
Conference Paper
Aging and its consequence, depopulation are widespread in rural areas. This is one of the most important socio-economic problems of some Spanish regions such as Asturias or Galicia. The analysis of the true dimension of the problem is complicated due to the territorial configuration of two regions. In this paper we analyze the depopulation in rural...
Article
Full-text available
This paper examines the financial stability of banks that issued securitizations in the European market from 2000 to 2017. We use novel event study methodology and find that securitization has a positive impact on European banks’ systematic risk during the 2000 to 2007 period and that subsequent securitizations have not any impact on systematic ris...
Article
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This study contributes to the literature on socially responsible investing by examining the diversification potential of commodities, specifically oil, gold and clean energy together with the Brazilian Corporate Sustainability Index (ISE). Multivariate GARCH models are used to model volatility spillovers and conditional correlation in pairs of stoc...
Article
This paper analyses the effect of securitization issues on the solvency of Portuguese financial institutions. For this purpose, we use an unbalanced panel model estimated using GMM methods and find that securitization has a slightly positive impact on the soundness of the issuing entity. We study 35 financial entities and 60 traditional securitizat...
Article
Full-text available
En este trabajo compartimos las experiencias de la utilización de la coevaluación como metodología docente aplicada en clases interactivas de dos asignaturas -Econometría II y Política Económica I- del Grado en Economía de la Universidade de Santiago de Compostela, en el curso 2011-12. En ambos casos, se confirma la contribución de esta estrategia...
Article
RESUMEN Los beneficios de la diversificación internacional se han visto modificados por el cambio continuo de las correlaciones entre los mercados. La inversión inmobiliaria presenta un elevado potencial como activo diversificador en un portafolio. El objetivo del presente trabajo es analizar la diversificación combinando la inversión en REIT con r...
Article
Full-text available
The benefits of international diversification have been modified by the continuous change in the correlations between markets. Real estate investment has a high potential as a diversifying asset in a portfolio. The aim of this paper is to analyze the diversification by investing in REITs and equities for an investor from Brazil. We build optimal po...
Article
We address the macroeconomic effects of an oil price shock in Spain. We apply a vector autoregression model (VAR) analysis to quarterly data for the Spanish economy since 1986, to elucidate the effects of variations in the oil price on the economy, considering the three main causes of disruptions in the oil markets: oil supply shocks, oil demand sh...
Article
Full-text available
This paper examines the systematic risk in those banks that participated as issuers of securitization transactions in the Spanish market from 1993 to 2010. Using event study methodology and allowing systematic risk to change gradually within the event window, this paper provides empirical evidence that securitization has a positive impact on Spanis...
Article
Full-text available
The purpose of the present paper is to study the performance and persistence of the returns of the spanish real estate mutual funds universe from the beginning of their activity, late 1994 until august 2012. We adopt the Jensen's alpha model, Sharpe's ratio and Carhart's (1997) methodology. In terms of efficiency, Sharpe's ratio shows negative valu...
Article
Full-text available
On analysing a sample of Spanish banks, we find that securitization has a slightly negative impact on the soundness of the issuing entity. An unbalanced dynamic panel model was estimated using the forward orthogonal deviations GMM method and used to analyse 537 traditional securitizations issued by 61 banks between 1998 and 2012. The analysis revea...
Article
Full-text available
Resumen: El presente trabajo tiene como objeto el estudio de la eficiencia y persistencia de los rendimientos del total de fondos de inversión inmobiliaria españoles, desde el inicio de su actividad a finales de 1994 a agosto de 2012. Para este propósito se ha utilizado el alfa de Jensen, la ratio de Sharpe, y la aproximación propuesta por Car-hart...
Article
Full-text available
In this paper we study the factors that determine the sustainability of current account deficits in the euro area (EMU-12) and its relationship to the crisis. First, we estimate the foreign trade equations, corroborating the determinant role of the income-elasticity. After, we estimate economic growth restricted by the balance of payments (Thirlwal...
Article
Full-text available
This paper examines the systematic risk in those banks that participate as issuers in securitization transactions in the Spanish market from 1993 to 2010. Using an event study methodology and allowing systematic risk to change gradually within the event window, this paper provides empirical evidence that securitization has a positive impact on the...
Article
Full-text available
Neste traballo estudamos os factores que determinan a sostibilidade dos déficits co-rrentes na área euro e a súa vinculación coa crise, centrándonos en especial en España. A estimación das ecuacións de comercio exterior españolas mostran unha situación sostible dos déficits que poderían terse alcanzado diminuíndo o diferencial de crecemento entre E...
Article
Full-text available
This paper studies the level of integration within the European Monetary Union mortgage markets between 2003 and 2010, using cointegration analysis with panel data tecniques of national mortgage rates and their average. There are few cointegration relationships, therefore, in general, we found no significant level of integration in the mortgage mar...
Article
In this paper we study the factors that explain the sustainability of current account imbalances in the Euro area and its relation with the economic crisis, addressing specifically the case of Spain. Estimation of foreign trade equations for Spain shows that a sustainable situation for trade imbalances could have been reached in two ways. Firstly,...
Article
Full-text available
This paper examines the systemic risk reaction of banks' stocks negotiated in the Spanish stock market to Mortgage Backed Securities. We use an event study methodology for securitization registration and issue dates from 1993 to 2010. The paper provides empirical evi-dence that securitization has a positive impact on the increase of Spanish bank's...
Article
Full-text available
This paper studies the level of integration within the European Monetary Union mortgage markets between 2003 and 2010, using cointegration analysis with panel data tecniques of national mortgage rates and their average. There are few cointegration relationships, therefore, in general, we found no significant level of integration in the mortgage mar...
Article
Full-text available
En este trabajo llevamos a cabo un análisis de la evolución de la inversión extranjera directa en los países de la ampliación y en los del sur de Europa en los últimos años. Estudiamos también las diferencias de IDE entre los países de la ampliación a nivel sectorial. Por último construimos sendos índices para determinar las potencialidades y la ac...
Article
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In this paper we intended to analyse the effects that the incorporation of ten candidate states to the EU- in May 2004- will have over their economies. We studied the role that foreign direct investment (FDI) has played in these countries. We also showed how a country attracts FDI, taking into account size and other factors to which foreign investo...
Article
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In the present paper we analyse the role of foreign direct investment in the new acceding economies. The question to be answered is whether the new countries in EU may improve their positions in order to capture FDI flows from their comparative advantages and the southern European countries can worse their positions in the new internal market creat...
Article
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In this paper we intended to analyse the effects that the incorporation of the candidate states to the EU will have over their economies. As far as the EU has evolved towards a single market, we studied their foreign trade with the EU member states (intra and inter industrial trade…). We also studied the role that foreign direct investment (FDI) ha...
Article
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En el presente artículo estudiamos los efectos de la incorporación española a la UE y de la construcción de un mercado interno en Europa en 1992. La cuestión a dilucidar se refiere a si algunos estados europeos han mejorado su posición en el mercado interno como consecuencia de una mayor capacidad para explotar sus ventajas comparativas (productivi...
Article
In the present paper we will study the effects of the incorporation of Spain to the EU and of the construction of an internal market in Europe in 1992. The question to be answered is whether some countries in Europe have improved their positions in the internal EU trade from a better exploitation of their comparative advantages (productivity, facto...
Article
Full-text available
En este trabajo se analiza la importancia del sector de industrias derivadas de la madera en España y su saldo exportador. Ademas se presenta la evolucion del valor añadido de estas industrias y del consumo de muebles. Para modelizar ambas variables se desarrollan diversos modelos econometricos con los que se obtienen resultados satisfactorios. A t...
Article
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En este trabajo se analiza la concentracion de la produccion en las regiones españolas a lo largo de los ultimos años. Para ello diferenciamos entre aquellos sectores que muestran una tendencia a la concentracion por encima de la media, de los que se comportan siguiendo una pauta intermedia y de los que tienden a la dispersion geografica. La conver...
Article
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En este trabajo analizamos el nivel del gasto publico en Sanidad y Educacion de España comparandolo con otros paises europeos y de la OCDE. El analisis incluye un modelo econometrico que estima la elasticidad del gasto con respecto al PIB y al numero de estudiantes. La principal conclusion es que España tiene un nivel bajo de gasto total, publico y...
Article
Full-text available
In the present paper we will study the effects of the construction of an internal market in Europe in 1992. The question to be answered is whether some regions in Europe have improved their positions in the internal EU trade from a better exploitation of their comparative advantages (productivity, factors endowment,...) and scale economies, as far...
Article
Full-text available
One of the main problems of the European countries is their small capacity to generate employment. This is an important point because of the social and human problems that it produces, which are more serious in the case of the peripheral regions. In this paper, we make a comparative analysis of employment and economic growth among the EU and the ma...
Article
Full-text available
One of the main problems of the European countries is their small capacity to generate employment. This is an important point because of the social and human problems that it produces, which are more serious in the case of peripheral regions. In this paper, we make a comparative analysis of employment and economic growth among the main EU countries...
Article
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El objetivo de este articulo es detectar las principales regularidades del comportamiento ciclico de las macromagnitudes basicas de la economia espa�ola en los a�os posteriores a la reforma politica, sin la imposicion de restricciones de indole teorica. La metodologia utilizada sigue el trabajo de Kydland y Prescott (1990), y consiste en la concepc...
Article
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Employment policy in the Maastrich Treaty is specially focused at educational and mobility measures but lacks of an enough developed perspective of a balanced regional development. This issue is important because the harmonized regional growth is necessary to avoid interregional tensions and to go on the European Integration Process. In this paper...
Article
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El objetivo de este trabajo es analizar la influencia de la educacion y la investigacion sobre el desarrollo economico de los paises europeos y de sus regiones. Para ello estudiamos las relaciones existentes entre la inversion en I+D, que constituye uno de los motores mas importantes del crecimiento, con el nivel educativo, que representa a su vez...
Article
Full-text available
En este trabajo analizamos la evolucion del gasto en educacion en 9 paises de la OCDE en el periodo 1985-92. Se estudia la trayectoria del gasto en educacion en %PIB y en funcion del numero de alumnos, relacionado ambos con la capacidad economica de cada pais expresada a traves del PIB per capita. Mediante de un modelo econometrico analizamos la el...
Article
Full-text available
En este trabajo se pretende analizar si la demanda de madera aserrada de coniferas afecta a su precio en el periodo actual y posteriores, o si ese precio se puede considerar como exogeno, mediante el test de causalidad de Granger. Este estudio se realiza en el mercado de madera aserrada en Europa, considerando cinco regiones: Sur, Este, Nordica, EC...
Article
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En este estudio se analiza con detalle la evolución de la población de Galicia y sus perspectivas hasta el año 2011. Para eludir los escenarios más pesimistas y acercarnos a los más optimistas se precisa aumentar la tasa de natalidad en torno a un 20% y la tasa de empleo en torno a un 25%. Se consideran tres escenarios posibles y se analizan las di...
Article
Full-text available
En este trabajo trataremos de analizar el nivel del gasto publico en Espa�a comparandolo con otros paises europeos y de la OCDE, para ello nos centraremos en dos partidas fundamentales del gasto como son la sanidad y la educacion, ya que estos dos tipos de gasto son fundamentales para el bienestar ciudadano y asi mismo son indicativos del nivel asi...
Article
Full-text available
In the present paper we will study the effects of the incorporation of Spain to the EU and of the construction of an internal market in Europe in 1992. The question to be answered is whether some countries in Europe have improved their positions in the internal EU trade from a better exploitation of their comparative advantages (productivity, facto...

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Projects (2)
Project
Portfolio diversification, REITs, Real estate investment