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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

The impact of financial (de)regulation on current account balances

Moral-Benito, Enrique; Roehn, Oliver - Banco de España - 2014

Global imbalances and financial market (de)regulation both feature prominently among the potential causes of the global financial crisis, but they have been generally discussed separately. In this paper, we take a different angle and investigate the relationship between financial market...

Persistent link: https://www.econbiz.de/10010894465

Trade patterns, trade balances and idiosyncratic shocks

Canals, Claudia; Gabaix, Xavier; Vilarrubia, Josep M.; … - Banco de España - 2007

International Macroeconomics has long sought an explanation for current account fluctuations that matches the data. The … explaining these fluctuations, standard macroeconomic models generally assume that firms are small and that their microeconomic … have a significant impact on aggregate economic fluctuations. We theoretically develop a descomposition components. Taking …

Persistent link: https://www.econbiz.de/10005155242

An Empirical Examination of a Multilateral Target Zone.

Schulstad, Paul; Serrat, Ángel - Banco de España - 1995

Persistent link: https://www.econbiz.de/10005022238

Internal and External Exchange Rate Equilibrium in a Cointegration Framework. An Application to the Spanish Peseta.

Alberola, Enrique; López, Humberto - Banco de España - 1999

A simple method to estimate multilateral equilibrium real exchange rates in a cointegration framework is used to … have been considered to be the fundamentals for the real exchange rate. After testing for cointegration among the three …

Persistent link: https://www.econbiz.de/10005590662

The Joint Dynamics of Spot and Forward Exchange Rates

Castro, Francisco de; Novales, Alfonso - Banco de España - 1997

One and three-month forward exchange rates for the deustche mark, french franc, sterling pound, yen and peseta, relative to the US dollar, seem to be cointegrated with future spot rates, but not with current exchange rates. We confirm the unbiasedness hypothesis for this data set, as a robust...

Persistent link: https://www.econbiz.de/10005155231

Gross capital flows: dynamics and crises

Broner, Fernando; Didier, Tatiana; Erce, Aitor; … - Banco de España - 2011

This paper analyzes the joint behavior of international capital flows by foreigners and domestic agents over the business cycle and during financial crises. We show that gross capital flows by foreigners and domestic agents are very large and volatile relative to net capital flows. Namely, when...

Persistent link: https://www.econbiz.de/10009002721

Shifts in portfolio preferences of international investors: an application to sovereign wealth funds

Sá, Filipa; Viani, Francesca - Banco de España - 2011

Reversals in capital inflows can have severe economic consequences. This paper develops a dynamic general equilibrium model to analyse the effect on interest rates, asset prices, investment, consumption, output, the exchange rate and the current account of a shift in portfolio preferences of...

Persistent link: https://www.econbiz.de/10009024144

Countries’ safety and competitiveness, and the estimation of current account misalignments

Sastre, Teresa; Viani, Francesca - Banco de España - 2014

Current account imbalances and their sustainability are among the most debated international policy issues. Through the recently designed External Balance Assessment methodology (EBA), the IMF estimates the impact of several countries’ fundamentals and policies on their current account...

Persistent link: https://www.econbiz.de/10010736705

International reserves and gross capital flows. Dynamics during financial stress

Alberola, Enrique; Erce, Aitor; Serena, José María - Banco de España - 2012

This paper explores the role of international reserves as a stabilizer of international capital flows during periods of global financial stress. In contrast with previous contributions, aimed at explaining net capital flows, we focus on the behavior of gross capital flows. We analyze an...

Persistent link: https://www.econbiz.de/10010862256