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Vilarrubia, Josep M. - Banco de España - 2006

One of the most striking features of the world economy is that wealthy countries are clustered together. This paper …

Persistent link: https://www.econbiz.de/10005155256

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

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 Role of the Financial System in the Growth-Inflation Link: the OECD Experience.

Andrés, Javier; Hernando, Ignacio; López-Salido, J. David - Banco de España - 1999

The main contribution of this paper is to jointly estimate the effects of financial development and inflation on growth. We aim to exploit both the cross-section and the time-series dimension of the data on inflation, growth and some banking and stock market indicators over the period 1961-1993...

Persistent link: https://www.econbiz.de/10005590692

China’s economic growth and rebalancing

Dorrucci, Ettore; Pula, Gabor; Santabárbara, Daniel - Banco de España - 2013

In this paper we provide an overview of the growth model in China and its prospects, taking a medium-run to long-run perspective. Our main conclusions are as follows. First, the still prevailing producer-biased model of managed capitalism in China tends to engender, as an inherent byproduct,...

Persistent link: https://www.econbiz.de/10010687528

Job changes and individual-job specific wage dynamics

Hospido, Laura - Banco de España - 2009

This paper develops an error components model that is used to examine the impact of job changes on the dynamics and variance of individual log earnings. I use data on work histories drawn from the Panel Study of Income Dynamics (PSID), that makes possible to do the distinction between voluntary...

Persistent link: https://www.econbiz.de/10004969779

The public sector wage premium in Spain: evidence from longitudinal administrative data

Hospido, Laura; Moral-Benito, Enrique - Banco de España - 2014

This paper studies the public sector wage gap in Spain by gender, skill level and type of contract, using recent administrative data from tax records. We estimate wage distributions in the presence of covariates separately for men and women in the public and in the private sectors, and we take...

Persistent link: https://www.econbiz.de/10010886087

Testing weak exogeneity in cointegrated panels

Moral-Benito, Enrique; Serven, Luis - Banco de España - 2013

For reasons of empirical tractability, analysis of cointegrated economic time series is often developed in a partial setting, in which a subset of variables is explictly modeled conditional on the rest. This approach yields valid inference only if the conditioning variables are weakly exogenous...

Persistent link: https://www.econbiz.de/10010862255

Price-cost mark-ups in the Spanish economy: a microeconomic perspective

Montero, José Manuel; Urtasun, Alberto - Banco de España - 2014

This paper explores the dynamics of price-cost mark-ups using firm-level data, paying particular attention to the crisis period 2008-2011. To this end, we apply the econometric framework developed by Klette (1999) to a comprehensive sample of Spanish non-financial corporations in order to...

Persistent link: https://www.econbiz.de/10010862280

Financial Pressure and Balance Sheet Adjustment by UK Firms

Benito, Andrew; Young, Garry - Banco de España - 2002

This paper examines the financial policies and balance sheet adjustment of companies. Using a large panel of quoted UK firms, we estimate models for dividends, new equity issuance and investment, relating them to debt adjustment. The results suggest that while dividends are sticky in the short...

Persistent link: https://www.econbiz.de/10004980998