Paper finds flimsy productivity base for banks in Spain

Madrid city council

A working paper published by the Bank of Spain on December 12 suggests the high rate of banking sector productivity growth in the run up to the global financial crisis was built on unstable foundations.

The paper's authors, Alfredo Martín-Oliver, Sonia Ruano and Vicente Salas-Fumás, use estimates of total-factor productivity among Spanish banks from 1992–2007, finding that the rate of growth more than doubled after the adoption of the euro. During the same period, banks increased their mortgage

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