Análisis del impacto de la titulización hipotecaria en la estabilidad financiera del sistema bancario español
DOI:
https://doi.org/10.51302/rcyt.2012.6673Palabras clave:
titulización, estabilidad financiera, Z-scoreResumen
Este trabajo tiene por objeto analizar el impacto de la titulización hipotecaria sobre la estabilidad financiera y el riesgo de crédito de las entidades financieras españolas. Para ello, se ha elaborado una base de datos que combina información financiera de 87 entidades de crédito españolas durante el periodo 2004-2009 obtenida de Bankscope, así como todas las emisiones de bonos de titulización hipotecaria realizadas en dicho periodo. El resultado de nuestro trabajo muestra como la titulización ha tenido un impacto negativo en la estabilidad financiera. Además, el efecto positivo a corto plazo sobre los activos ponderados por riesgo y negativo sobre el Z-score y la tasa de morosidad nos lleva a concluir que dicho impacto responde a un efecto indirecto provocado por una política crediticia más arriesgada.
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