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Some Thoughts On The Spanish Economy After Five Years Of Crisis

Ortega, Eloísa; Peñalosa, Juan - Banco de España - 2013

crisis, in terms of the magnitude of unemployment and of the still high levels of indebtedness, makes for a complex outlook …

Persistent link: https://www.econbiz.de/10010862296

Banking crises and sovereign defaults in emerging markets: exploring the links

Balteanu, Irina; Erce, Aitor - Banco de España - 2014

This paper provides a set of stylised facts on the mechanisms through which banking and sovereign distress feed into each other, using a large sample of emerging economies over three decades. We first define “twin crises” as events where banking crises and sovereign defaults combine, and...

Persistent link: https://www.econbiz.de/10010862247

Contagion and portfolio shift in emerging countries' sovereign bonds

Ríos, Antonio Díez de los; Herrero, Alicia García - Banco de España - 2003

The paper tests whether there were events of contagion, and portfolio shift, in the sovereign bond markets of eleven emerging countries' between January 1995 and November 2001. From existing definitions, we narrow down the concept of contagion by focusing on pricing errors, after general market...

Persistent link: https://www.econbiz.de/10004965259

Measuring and explaining the volatility of capital flows towards emerging countries

Broto, Carmen; Díaz-Cassou, Javier; Erce-Domínguez, Aitor - Banco de España - 2008

This paper analyzes the determinants of the volatility of different types of capital inflows to emerging countries …. After calculating a variable that proxies capital flows volatility, we study its possible causality relations with a set of …, various factors exhibit a non-robust effect on the volatility of the three different categories of capital flows, which poses …

Persistent link: https://www.econbiz.de/10005022258

Boom-bust cycles, imbalances and discipline in Europe

Alberola, Enrique; Molina, Luis; Río, Pedro del - Banco de España - 2012

The fallout from the 2008 financial crisis has been particularly acute in the euro area Member States of the south-western rim and in the new EU Member States, due to their previously accumulated macroeconomic and financial imbalances. The perception that the euro environment provided a solid...

Persistent link: https://www.econbiz.de/10010678679

The Impact of the Global Economic and Financial Crisis on Central Eastern and SouthEastern Europe (CESEE) and Latin America

Gallego, Sonsoles; Gardó, Sándor; Martin, Reiner; … - Banco de España - 2010

This paper reviews the impact of the global economic and financial crisis on two distinct emerging market regions: Central, Eastern and Southeastern Europe (CESEE) and Latin America. Similar to other emerging economies, both regions were initially surprisingly resilient as the crisis gathered...

Persistent link: https://www.econbiz.de/10008587080

Devaluations and Depreciation Expectations in the E.M.S.

Ayuso, Juan; Jurado, María Pérez - Banco de España - 1995

Persistent link: https://www.econbiz.de/10005590659

Do Exchange Rate Move to Address International Macroeconomic Imbalances?

Canzoneri, Matthew B.; Vallés, Javier; Viñals, José - Banco de España - 1996

This paper provides empirical evidence on the effectiveness of movements in nominal exchange rates in smooting cyclical imbalances between countries, as explained by the literature on optimal currency areas.

Persistent link: https://www.econbiz.de/10005590669

Is there a Trade-Off Between Exchange Rate Risk and Interest Rate Risk?

Huertas, Juan Ayuso - Banco de España - 1995

Persistent link: https://www.econbiz.de/10005590703

Speculation, Hedging and Intermediation in the Foreign Exchange Market.

Krüger, Malte - Banco de España - 1996

In this study it is attempted to estimate the amount of speculation in foreign exchange market.

Persistent link: https://www.econbiz.de/10005155219