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Beyond Subsidies: A Study of Sustainable Public Subordinated Debt in Spain

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Beyond Subsidies: A Study of Sustainable Public Subordinated Debt in Spain

dc.contributor.author	Bustos Contell, Elisabeth
dc.contributor.author	Labatut Serer, Gregorio
dc.contributor.author	Ribeiro-Navarrete, Samuel
dc.contributor.author	Climent Serrano, Salvador
dc.date.accessioned	2019-03-11T09:49:51Z
dc.date.available	2019-03-11T09:49:51Z
dc.date.issued	2019
dc.identifier.citation	Bustos Contell, Elisabeth Labatut Serer, Gregorio Ribeiro-Navarrete, Samuel Climent Serrano, Salvador 2019 Beyond Subsidies: A Study of Sustainable Public Subordinated Debt in Spain Sustainability 11 4 1 7
dc.identifier.uri	http://hdl.handle.net/10550/69481
dc.description.abstract	Evidence from business shows that small- and medium-sized enterprises (SMEs) are fragile. They suffer from a high mortality rate that primarily owes to difficulties in securing financing as a result of major information asymmetries. Despite these difficulties, SMEs provide the economic backbone of all economically developed countries. Aware of the key role of SMEs in national economic stability and of the financial problems that SMEs face, governments have designed a range of financial and tax measures to protect them. These financial measures include a highly specific form of public financing called subordinated debt. This concept refers to debt with the lowest credit seniority, just before equity. Subordination makes sense when companies go into liquidation because subordinated debt creditors are the last creditors to receive repayment, making recovery of this debt virtually impossible. Therefore, the risk borne by lenders of subordinated debt is similar to that of shareholders of the borrowing firm. This paper presents an ordinary least squares regression model to estimate the cash flows of SMEs financed by public subordinated debt. This provides public authorities with a tool to estimate the ability of SMEs to repay their debt and to thereby ensure that public subordinated debt financing is sustainable.
dc.language.iso	eng
dc.relation.ispartof	Sustainability, 2019, vol. 11, num. 4, p. 1-7
dc.subject	Deute
dc.subject	Finances públiques
dc.title	Beyond Subsidies: A Study of Sustainable Public Subordinated Debt in Spain
dc.type	journal article	es_ES
dc.date.updated	2019-03-11T09:49:52Z
dc.identifier.doi	10.3390/su11041049
dc.identifier.idgrec	130292
dc.rights.accessRights	open access	es_ES