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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

Fiscal policies in Spain: Main stylises facts revisited

Castro, Francisco de; Martí, Francisco; Montesinos, Antonio - Banco de España - 2014

We provide key stylised facts on fiscal policy developments in Spain over the past three decades using quarterly data (1986Q1-2012Q2). First, we compute stylised facts on the cyclical properties of fiscal policies over that period. Next, we report updated evidence on the macroeconomic effects of...

Persistent link: https://www.econbiz.de/10010862281

A toolkit to strengthen government budget surveillance

Pedregal, Diego J.; Pérez, Javier J.; … - Banco de España - 2014

In this paper we develop a comprehensive short-term fiscal forecasting system of use for the real-time monitoring of the Spanish government’s borrowing requirement. Spain has been at the centre of the recent European sovereign debt crisis, not least because of sizeable failures in meeting...

Persistent link: https://www.econbiz.de/10010800843

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 approaches have typically focused on better models and new macroeconomic variables. We demonstrate the limitations of this approach by showing that idiosyncratic shocks are an...

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

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

Smoothing shocks and balancing budgets in a currency union

Costain, James; Blas, Beatriz de - Banco de España - 2012

We study simple fiscal rules for stabilizing the government debt level in response to asymmetric demand shocks in a country that belongs to a currency union. We compare debt stabilization through tax rate adjustments with debt stabilization through expenditure changes. While rapid and flexible...

Persistent link: https://www.econbiz.de/10010862268

Fiscal delegation in a monetary union with decentralized public spending

Basso, Henrique S.; Costain, James - Banco de España - 2013

This paper studies the effects of delegating control of sovereign debt issuance to an independent authority in a monetary union where public spending decisions are decentralized. The model assumes that no policy makers are capable of commitment to a rule. However, consistent with Rogoff (1985)...

Persistent link: https://www.econbiz.de/10010862269

Equilibrium exchange rates in the new EU members: external imbalances vs. real convergence

Alberola, Enrique; Navia, Daniel - Banco de España - 2007

central in boosting potential output and productivity convergence in these economies. In this paper, we aim at achieving some … productivity and competitiveness. After testing that foreign direct investment is cointegrated with productivity trends, we show … that a extended empirical model comprising relative productivity and net foreign assets is well-suited in general to …

Persistent link: https://www.econbiz.de/10005088304

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

Traded and nontraded goods prices, and international risk sharing: an empirical investigation

Corsetti, Giancarlo; Dedola, Luca; Viani, Francesca - Banco de España - 2012

. One features strong Balassa-Samuelson effects on nontradable prices due to productivity gains in the tradable sector, with …

Persistent link: https://www.econbiz.de/10010862271