La crisis financiera internacional se ha reflejado en un aumento de los tipos de interes del nuevo credito a las empresas, en particular en los paises perifericos y en el caso de las pymes. En este documento se analiza la formacion de los precios del credito en dos paises de la periferia,...

This paper analyzes empirically the determinants behind the choice of countries signing an RMB-denominated Bilateral Swap Agreement (BSA) with China. The gravity motif is predominant (both in terms of country s size and distance from China) but also the trade one, both in terms of exports into...

Banking union is the most ambitious European project undertaken since the introduction of the single currency. It was launched in the summer of 2012, in order to send the markets a strong signal of unity against a looming financial fragmentation problem that was putting the euro on the ropes....

La crisis ha supuesto un incremento de la fragmentacion financiera y la constatacion de un vinculo entre los riesgos soberano y bancario nacionales, cuya persistencia en el tiempo seria incompatible con el euro. La solucion a estos problemas debe ser la union bancaria, que debe construirse a la...

Along with the steady pace of RMB internationalization, this paper proposes Taiwan as a potential lcandidate to become the next RMB offshore center. We review the main drivers behind Hong Kong s success and set the reasons why Taiwan could follow such steps. First, Taiwan s economic ties with...

The crisis has led to increased financial fragmentation and revealed the link between sovereign and national banking risks, whose persistence over time would be incompatible with the euro. The solution to these problems must be the banking union, which should be constructed at the same time as...

This paper measures fragmentation in four European financial markets (interbank, sovereign debt, equity, and the CDS market for financial institutions) and develops a new measure of global fragmentation using these markets as inputs. We find that, during the recent crisis, fragmentation in the...

En este documento de trabajo se explica el proceso de construccion de la union bancaria, el proyecto europeo mas ambicioso desde la moneda unica, lanzado en 2012 para enviar a los mercados una senal fuerte de unidad frente a la fragmentacion financiera y al riesgo de ruptura del euro.

This paper seeks to understand why Asian foreign investment is concentrated in financial markets outside of the region instead of in Asian markets. We analyse empirically the geographical composition of the cross-border portfolio holdings of more than 40 source countries. We compare these...

This paper analyzes the determinants and implications for financial stability of the mix of international banks’ claims countries receive. In articular, we distinguish between local claims, extended by international banks through their affiliates in a host (or claim recipient)...