While the pre-1914 mass migrations have been widely studied, the related pattern of emigrants' remittances is still largely untouched. This paper aims at filling this gap by analyzing the contribution of remittances to financial stability. In the optimum currency area theory labor mobility can...

The balance of payments can act as a constraint to the rate of growth of output, on putting a limit to the growth in the level of demand to which supply can adapt. This effect might be even stronger for regional economies, presumably more integrated among them. In this paper, we examine this...

In 2020, the Spanish economy recorded net lending of 1.1% of GDP, significantly below the previous year’s level of 2.5%. This decline essentially reflects the impact of the health crisis on travel credits, which contracted sharply, owing to the restrictions on international mobility and on...

According to the balance of payments statistics, Spain's net lending stood at 2.3% as a percentage of GDP in 2019, slightly down on the prior year, against a backdrop of continued, albeit slowing, economic growth. Developments in net lending are explained by the reduction in the capital account...

The scant literature that addresses issues related to the Technology Balance of Payments (TBP) often refers that a surplus balance may correspond to a high degree of technological autonomy, a low level of technology imports, or an inability to assimilate foreign technologies. It is not clear,...

Extensive prior research on the economics of European monetary union highlighted some potential risks (the known unknowns) but overlooked others (the unknown unknowns). Asymmetries among participating countries, the potentially destabilising character of a one-size-fits all monetary policy, the...

In recent years, Bolivia has accumulated a significant level of international reserves due to favorable external environment and the exchange rate regimen (crawling peg). In this context arises the question of: Which one is the optimal level of international reserves? According to the...