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Local debt expansion... vulnerability reduction? An assessment for six crises-prone countries

Acevedo, Paloma; Alberola, Enrique; Broto, Carmen - Banco de España - 2007

In recent years, for most emerging markets, public debt has decreased and its composition has evolved toward domestic … financing conditions and related deepening of local debt markets. In this paper, we assess the vulnerability reduction —conveyed … in the ratio of total debt to GDP— achieved for six selected emerging economies, focusing on the importance of exchange …

Persistent link: https://www.econbiz.de/10005022264

Debt sustainability and procyclical fical policies in Latin America

Alberola, Enrique; Montero, José M. - Banco de España - 2006

vulnerability position of the economies and in particular to the perception on the sustainability of debt. The current threshold … balance, defined as the primary balance which would render the debt stable under the existing economic and financial … conditions, is used as our gauge for measuring debt sustainability at each point in time. The empirical analysis reveals that the …

Persistent link: https://www.econbiz.de/10005155272

Análisis de las desviaciones presupuestarias aplicado al caso del presupuesto del Estado

Leal, Teresa; Pérez, Javier J. - Banco de España - 2009

En este trabajo estudiamos las características y los determinantes de las desviaciones entre las cifras iniciales y finales de los ingresos y gastos públicos incluidos en los presupuestos generales del Estado en el período 1985-2006. Nuestro objetivo es evaluar el grado de cumplimiento del...

Persistent link: https://www.econbiz.de/10008603021

Short-term monitoring of the Spanish Government balance with mixed-frequencies models

Leal, Teresa; Pedregal, Diego J.; Pérez, Javier J. - Banco de España - 2009

We construct multivariate, state-space mixed-frequencies models for the main componentsof the Spanish General Government sector made up of blocks for each one of its subsectors: Central Government, Social Security and aggregate of Regional and Local government sectors. Each block is modelled...

Persistent link: https://www.econbiz.de/10008486937

A quarterly fiscal database for the euro area based on intra-annual fiscal information

Paredes, Joan; Pedregal, Diego J.; Pérez, Javier J. - Banco de España - 2009

The analysis of the macroeconomic impact of fiscal policies in the euro area has been traditionally limited by the absence of quarterly fiscal data. To overcome this problem, we provide two new databases in this paper. Firstly, we construct a quarterly database of euro area fiscal variables for...

Persistent link: https://www.econbiz.de/10008486940

House purchase versus rental in Spain

Ortega, Eva; Rubio, Margarita; Thomas, Carlos - Banco de España - 2011

One of the most salient feature of the Spanish housing market, compared to other European economies, is its relatively low rental share. This may be partly attributed to the existence of fiscal distortions in Spain favoring ownership. In this paper, we simulate the potential efects of different...

Persistent link: https://www.econbiz.de/10009001396

Exchange rate pass through to import prices in the euro area

Campa, José M.; Goldberg, Linda S.; … - Banco de España - 2005

This paper presents an empirical analysis of transmission rates from exchange rate movements to import prices, across countries and product categories, in the euro area over the last fifteen years. Our results show that the transmission of exchange rate changes to import prices in the short run...

Persistent link: https://www.econbiz.de/10005022288

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 financial flows, real exchange rates and cross-border insurance

Viani, Francesca - Banco de España - 2011

Whether cross-border financial market integration has raised global insurance, is still a controversial issue in the literature. If this is so, what should we observe in the data? The insurance literature emphasizes that efficient risk-sharing requires financial markets to channel resources to...

Persistent link: https://www.econbiz.de/10008799959

Los canales del desapalancamiento del sector privado: una comparación internacional

Garrote, Daniel; Llopis, Jimena; Vallés, Javier - Banco de España - 2013

restructuring and defaults; in the United Kingdom inflation has dominated, eroding the value of debt; and in Ireland and Spain the … only in the intensity of debt reduction but also in the distribution between agents and productive sectors, and in the form … international environments. In the United States the drivers reducing debt are the improvement in activity and household debt …

Persistent link: https://www.econbiz.de/10010862297