IMF Staff Country Reports

Spain: Financial Sector Assessment Program-Technical Note-Interconnectedness and Spillover Analysis in Spain’s Financial System

November 13, 2017

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Spain: Financial Sector Assessment Program-Technical Note-Interconnectedness and Spillover Analysis in Spain’s Financial System, (USA: International Monetary Fund, 2017) accessed July 12, 2025

Summary

This Technical Note discusses the findings of the Financial Sector Assessment Program about interconnectedness and spillover in Spain’s financial system. Financial intermediaries in Spain are interconnected through conglomerate ownership, common exposures, and inter-sectoral claims. The main source of cross-sectoral connectedness appears to be insurance companies’ exposures to banks, while exposures of banks to insurers or to mutual funds appear limited at present. Empirical analysis using both exposure and market data suggest strong cross-border interconnectedness. Contagion within the domestic interbank market appears to be limited at present. There are also strong cross-sectoral linkages between banks and other parts of the financial system in Spain, but systemic risks from those linkages appear to be limited.

Subject: Banking, Commercial banks, Credit, Financial crises, Financial institutions, Financial statistics, Insurance companies, Money, Mutual funds, Nonbank financial institutions

Keywords: Banco de España, Bank, Bank claim, Banking sector, Banking system, Banks ownership, Commercial banks, CR, Credit, Credit shock, Fixed income, Global, Insurance companies, ISCR, Market, Mortgage portfolio, Mutual fund, Nonbank financial institutions, North America, Other financial institutions, Parent bank, Private sector, Spain

Publication Details

  • Pages:

    67

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2017/344

  • Stock No:

    1ESPEA2017014

  • ISBN:

    9781484327227

  • ISSN:

    1934-7685

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