Benito Arruñada is Professor of Business Organization at Pompeu Fabra University in Barcelona. His research is at the borders of Organization, Economics and Law. He has published a large number of books and scientific articles, and his most recent … →
Over recent years, governments and international organizations have been doing their best to “simplify” business formalities but with little success. They have often been satisfied with reducing the number of procedures and the most notorious costs involved. However, they should have considered all costs – irrespective of their public notoriety – to ensure the reliability and, in general, the value … →
Arruñada, Benito (2011), “Limiting Mortgage Liability Would Be an Error”, La Vanguardia, March 20, Dinero, 13.
There have been plenty of proposals for limiting debtors’ liability in mortgages. Doing so for existing mortgages would be unfair and rash because it would go against the rule of law. But even for future mortgages it would be a costly mistake. In … →
Arruñada, Benito (2011), “Compulsory No-recourse in Mortgage Lending: A Bad Idea,” Expansión, February 23, 46.
In spite of certain court decisions and statements to the contrary, most judges and observers in Spain consider that, in cases of insolvency, mortgage loans should be foreclosed, applying the debtor’s unlimited liability clause that is typical of mortgages in this country. This means … →
Arruñada, Benito (2010), “Let Us Learn from the US Mortgage Chaos” Expansión, October 26.
The mortgage foreclosure crisis in the US offers several lessons for Spain. It warns us of the risk involved if the debtor responds only with the property, and it shows the value of our institutions. First, US mortgages are a primitive form of setting a … →
Arruñada, Benito (2010), “A Country of Unemployment and Self-service,” Cinco Días, April 1, p. 14.
It has always surprised me that in countries richer than Spain, gas stations have staff to fill our tanks, a job that in Spain we have to do for ourselves. Now I know why. It is for the same reason that AENA, the Spanish … →
Arruñada, Benito (2010), “Retiring before We Work”, Expansión, February 22, p. 46.
The Spanish public has recently received two items of news: we shall live longer, but retire later. The two announcements are connected because we shall have to work longer to finance, amongst other things, the health care expenditure that will help us live longer.
Because of this … →
Arruñada, Benito (2009), “The Three Spanish Crises,” La Razón, December 16, p. 26.
Spain was in crisis well before 2008. The problems are longstanding ones and may well last for many decades more. That is why the gap that separates us, in terms of convergence, from the more developed European countries is becoming wider. Over recent years, Spain has … →
Spain has the most restrictive labour law of all developed countries. As a result, it also has the highest unemployment.
The rules that weigh down industrial relations today stem from those laid down formulated under Franco. Why are they still alive 34 years after the death of the dictator?
Some people may think that the … →