Publication: Equívocos y singularidades en el sistema financiero español
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1994
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Facultad de Ciencias Económicas y Empresariales. Instituto Complutense de Análisis Económico (ICAE)
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Abstract
En este trabajo se reúnen un conjunto de análisis y opiniones, fruto de la experiencia del autor, que giran en tomo a las peculiaridades del sector financiero en España, tanto en lo que hace referencia a los análisis más frecuentes del mismo, como a situaciones institucionales singulares que en él tienen lugar, El trabajo se estructura, por tanto, desde una doble vertiente, cuantitativa y cualitativa. Con respecto a la primera, se analiza la posible existencia de disparidades detectables entre la actividad de cajas y bancos a partir de sus estados financieros y se discute si tiene algún sentido el uso de los ratios y agregaciones habituales en este tipo de análisis, resaltando los equívocos a que pueden dar lugar. En cuanto a la segunda, se realizan algunas consideraciones sobre la peculiar personalidad jurídica de las cajas, orientadas a descubrir en ella aspectos que puedan suponer limitaciones a su actividad o distorsiones en el mecanismo de incentivos de su gestión.
This paper, a cambination of analyses and opinions derived from the autor's experience, deals with sorne peculiarities in the Spanish financial sector: with its more frequently analyzed variables and its unique and singular financial institutions. The document contains both quantitative and qualitative work. Through the quantitative perspective, the document contemplates the possible existence of tangible differences between the activities of Commercial Banks and Savings Banks in Spain. This part of the work is based on financial statement analysis (FSA) practices, and puts forth doubts as to the usefulness, and possible misleading results, derived from the typical ratios and aggregations which are used in FSA, Based on the qualitative approach, the paper describes the peculiar and unique legal status of the Spanish Savings Banks, with additional insight in terms of how this legal status could limit business activity or distort management incentives.
This paper, a cambination of analyses and opinions derived from the autor's experience, deals with sorne peculiarities in the Spanish financial sector: with its more frequently analyzed variables and its unique and singular financial institutions. The document contains both quantitative and qualitative work. Through the quantitative perspective, the document contemplates the possible existence of tangible differences between the activities of Commercial Banks and Savings Banks in Spain. This part of the work is based on financial statement analysis (FSA) practices, and puts forth doubts as to the usefulness, and possible misleading results, derived from the typical ratios and aggregations which are used in FSA, Based on the qualitative approach, the paper describes the peculiar and unique legal status of the Spanish Savings Banks, with additional insight in terms of how this legal status could limit business activity or distort management incentives.