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Bagus, PCorresponding AuthorNeira, MaaAuthor

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Bail-in or Bail-out: The Case of Spain

Publicated to:Cesifo Economic Studies. 60 (1): 89-106 - 2014-03-01 60(1), DOI: 10.1093/cesifo/ifu009

Authors: Bagus, Philipp; Rallo Julian, Juan R; Alonso Neira, Miguel A

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Abstract

In this article we analyse the feasibility of a bail-in for Spain. After a detailed analysis of the origins of the Spanish banking crisis and the government's response in the form of a bail-out by taxpayers in 2012, we investigate whether a bail-in would have been feasible instead. The bail-in procedure recently announced by the Council of the European Union provides for a bail-in, although important liabilities are excluded. We criticize these exclusions and the discretionary power given to governments under the Council's plan because it could lead to the use of (foreign) taxpayers' money. However, following the path and rules set out by the Council we can show that a bail-in would have been feasible in the case of the Spanish banks. Finally, we set out the advantages of such a bail-in over a bail-out in the Spanish case. (JEL codes: E30, G21, G32, G33, H63).

Keywords

BankingBankruptcyBusiness cycleDebt managementEuropean unionFinancial institutionsFinancial servicesGovernance approachPublic financeSpain

Quality index

Bibliometric impact. Analysis of the contribution and dissemination channel

The work has been published in the journal Cesifo Economic Studies due to its progression and the good impact it has achieved in recent years, according to the agency Scopus (SJR), it has become a reference in its field. In the year of publication of the work, 2014, it was in position , thus managing to position itself as a Q1 (Primer Cuartil), in the category Geography, Planning and Development.

From a relative perspective, and based on the normalized impact indicator calculated from the Field Citation Ratio (FCR) of the Dimensions source, it yields a value of: 1.51, which indicates that, compared to works in the same discipline and in the same year of publication, it ranks as a work cited above average. (source consulted: Dimensions Jun 2025)

Specifically, and according to different indexing agencies, this work has accumulated citations as of 2025-06-07, the following number of citations:

  • WoS: 2
  • Scopus: 3

Impact and social visibility

From the perspective of influence or social adoption, and based on metrics associated with mentions and interactions provided by agencies specializing in calculating the so-called "Alternative or Social Metrics," we can highlight as of 2025-06-07:

  • The use, from an academic perspective evidenced by the Altmetric agency indicator referring to aggregations made by the personal bibliographic manager Mendeley, gives us a total of: 18.
  • The use of this contribution in bookmarks, code forks, additions to favorite lists for recurrent reading, as well as general views, indicates that someone is using the publication as a basis for their current work. This may be a notable indicator of future more formal and academic citations. This claim is supported by the result of the "Capture" indicator, which yields a total of: 18 (PlumX).

With a more dissemination-oriented intent and targeting more general audiences, we can observe other more global scores such as:

  • The Total Score from Altmetric: 15.
  • The number of mentions on the social network X (formerly Twitter): 5 (Altmetric).

Leadership analysis of institutional authors

This work has been carried out with international collaboration, specifically with researchers from: Canada.

There is a significant leadership presence as some of the institution’s authors appear as the first or last signer, detailed as follows: First Author (Bagus, Philipp) and Last Author (Alonso Neira, Miguel Ángel).

the author responsible for correspondence tasks has been Bagus, Philipp.