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The effects of fiscal shocks on the exchange rate in the EMU and differences with the US

Castro, Francisco de; Garrote, Daniel - Banco de España - 2012

We analyse the impact of government spending shocks on the real effective exchange rate and net exports in the Euro Area within a standard structural VAR framework. We employ a new database that contains quarterly fiscal variables for the Euro Area as a whole. We show that higher government...

Persistent link: https://www.econbiz.de/10010862264

The effects of fiscal shocks on the exchange rate in Spain

Castro, Francisco de; Fernández-Caballero, Laura - Banco de España - 2011

We analyse the impact of fiscal shocks on the Spanish effective exchange rate over the period 1981-2008 using a standard structural VAR framework. We show that government spending brings about positive output responses, jointly with real appreciation. Such real appreciation is explained by...

Persistent link: https://www.econbiz.de/10009291992

Real exchange rates, dollarization and industrial employment in Latin America

Galindo, Arturo; Izquierdo, Alejandro; Montero, José M. - Banco de España - 2006

We use a panel dataset on industrial employment and trade for 9 Latin American countries for which liability dollarization data at the industrial level is available. We test whether real exchange rate fluctuations have a significant impact on employment, and analyze whether the impact varies...

Persistent link: https://www.econbiz.de/10005155245

Exchange rate pass-through in new Member States and candidate countries of the EU

María-Dolores, Ramón - Banco de España - 2008

This paper studies the pass-through of exchange rate changes into the prices of imports that originated inside the euro area made by some New Member States (NMSs) of the European Union and one candidate country (Turkey). I use data on import unit values for nine different product categories and...

Persistent link: https://www.econbiz.de/10005155237

Is Exchange Rate Risk Higher in the E.R.M. after the Widening of Fluctuation Bands?

Ayuso, Juan; Jurado, M.P.; Restoy, Fernando - Banco de España - 1994

Persistent link: https://www.econbiz.de/10005088305

Sovereign external assets and the resilience of global imbalances

Alberola, Gabriel Enrique; Serena, José María - Banco de España - 2009

Sovereign external assets (SEAs) comprise foreign exchange reserves and sovereign wealth funds (SWFs). The global stock of reserves reached 7 $trn in the second quarter of 2008, but data on SWF are rather elusive. Our estimation puts the SWFs at around 2,5 $trn dollars by 2007 and in the last...

Persistent link: https://www.econbiz.de/10005590696

What makes balance sheet effects detrimental for the country risk premium?

Berganza, Juan Carlos; García-Herrero, Alicia - Banco de España - 2004

This paper builds upon the empirical literature on the macroeconomic impact of real exchange rate depreciations for a sample of 27 emerging economies. We find that real exchange rate depreciations tend to increase a country's risk premium. This effect is neither linear nor symmetric: large real...

Persistent link: https://www.econbiz.de/10005155273

BEMOD: a DSGE model for the Spanish economy and the rest of the Euro area

Andrés, Javier; Burriel, Pablo; Estrada, Ángel - Banco de España - 2006

In this paper we present the theoretical foundations and the simulation results obtained with a new dynamic general equilibrium model developed at the Banco de España for the Spanish economy and the rest of Euro area. The model is designed to help in simulating the effect of alternative shocks...

Persistent link: https://www.econbiz.de/10005088313

Understanding the spanish business innovation gap: the role of spillovers and firms’ absorptive capacity

López-García, Paloma; Montero, José Manuel - Banco de España - 2010

This paper investigates whether the existence of knowledge spillovers, differences in the capacity of f rms to … discrete choice models. The empirical exercise provides evidence on the positive link between spillovers and the innovative … spillovers. This ability not only works through f rms’ R&D capabilities, but also through such factors as the quality of the …

Persistent link: https://www.econbiz.de/10008495178

Regional integration in Europe and Latin America : monetary and financial aspects

Haegen, Pierre van der (contributor); … - 2003

Persistent link: https://www.econbiz.de/10001788067