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Vilarrubia, Josep M. - Banco de España - 2006

One of the most striking features of the world economy is that wealthy countries are clustered together. This paper theoretically and empirically explains a mechanism for this clustering by extending the Acemoglu and Ventura model so that it takes real geography into account. Countries close to...

Persistent link: https://www.econbiz.de/10005155256

The Role of the Financial System in the Growth-Inflation Link: the OECD Experience.

Andrés, Javier; Hernando, Ignacio; López-Salido, J. David - Banco de España - 1999

The main contribution of this paper is to jointly estimate the effects of financial development and inflation on growth. We aim to exploit both the cross-section and the time-series dimension of the data on inflation, growth and some banking and stock market indicators over the period 1961-1993...

Persistent link: https://www.econbiz.de/10005590692

China’s economic growth and rebalancing

Dorrucci, Ettore; Pula, Gabor; Santabárbara, Daniel - Banco de España - 2013

In this paper we provide an overview of the growth model in China and its prospects, taking a medium-run to long-run perspective. Our main conclusions are as follows. First, the still prevailing producer-biased model of managed capitalism in China tends to engender, as an inherent byproduct,...

Persistent link: https://www.econbiz.de/10010687528

Sovereign debt markets in turbulent times: creditor discrimination and crowding-out effects

Broner, Fernando; Martin, Alberto; Ventura, Jaume; … - Banco de España - 2014

In 2007, countries in the euro periphery were enjoying stable growth, low deficits and low spreads. Then the financial crisis erupted and pushed them into deep recession, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and, surprisingly,...

Persistent link: https://www.econbiz.de/10010764909

Accounting for Spanish productivity growth using sectoral data: New Evidence

Estrada, Ángel; López-Salido, David - Banco de España - 2001

In this paper we measure, at sectoral level, the sources of Spanish productivity growth, distinguishing among the roles played by labor productivity, the degree of factor substitution and total factor productivity (Solow residual). In terms of value added, total factor productivity growth in the...

Persistent link: https://www.econbiz.de/10005088310

The effect of foreign service on trade volumes and trade partners

Segura-Cayuela, Rubén; Vilarrubia, Josep M. - Banco de España - 2008

, consulates and export promotion agencies help foster trade when there are search costs and/or uncertainty. In this paper we try …

Persistent link: https://www.econbiz.de/10005022275

Cost effectiveness of R&D and strategic trade policy

Kujal, Praveen; Ruiz, Juan - Banco de España - 2007

This paper analyzes the incentives for governments to impose export subsidies when firms invest in a cost saving … technology before market competition. Governments first impose an export subsidy or a tax. After observing export policy, firms …. Under Bertrand competition, export subsidies are positive whenever R&D is sufficiently cost-effective at reducing marginal …

Persistent link: https://www.econbiz.de/10005155302

International Trade Policy towards Monopoly and Oligopoly

Kujal, Praveen; Ruiz, Juan - Banco de España - 2009

-country export market. R&D is always taxed in oligopolies for high degrees of product differentiation. For lower degrees of product …

Persistent link: https://www.econbiz.de/10004969767

Finite sample performance of small versus large scale dynamic factor models

Alvarez, Rocio; Camacho, Maximo; Perez-Quiros, Gabriel - Banco de España - 2012

We examine the finite-sample performance of small versus large scale dynamic factor models. Our Monte Carlo analysis reveals that small scale factor models out-perform large scale models in factor estimation and forecasting for high levels of cross-correlation across the idiosyncratic errors of...

Persistent link: https://www.econbiz.de/10010862254

Meeting our D€STINY. A Disaggregated €uro area Short Term INdicator model to forecast GDP (Y) growth

Burriel, Pablo; García-Belmonte, María Isabel - Banco de España - 2013

In this paper we propose a new real-time forecasting model for euro area GDP growth, D€STINY, which attempts to bridge …

Persistent link: https://www.econbiz.de/10010862260