the Poverty Reduction and Growth Trust (PRGT or Trust), has entered into a new borrowing agreement with the Bank of Spain (Spain), amendments to the 2010 NPA with the Government of Japan (Japan), and a new note purchase agreement (NPA) with the People's Bank of China (China). The new borrowing...

The paper analyzes the macroeconomic implications of different systems of industrial relations. After reviewing the relevant literature, and analyzing cross-country evidence, the paper focuses on the experience of centralized bargaining characterizing Spain in the period 1979-86. The paper...

This 2004 Article IV Consultation highlights that with growth proceeding at a steady pace of 2.6 percent during 2004, the Spanish economy has weathered the slowdown in the European Union relatively well. The external current account is estimated to have widened to some 41⁄4 percent of GDP in...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

This assessment focuses on the National Securities Market Commission (CNMV) but takes into account the activities of other institutions insofar as they oversee investment service providers, markets, and clearing and settlement systems, and thus affect implementation of the IOSCO Objectives and...

An evaluation of observance of good transparency practices relating to banking supervisory and regulatory policy was carried out as part of the Financial Sector Assessment Program (FSAP) against the IMF Code of Good Practices on Transparency in Monetary and Financial Policies. It also provides...

This report examines the Observance of Standards and Codes on Fiscal Transparency for Spain. The assessment reveals that over the last several years, Spain has made major progress not only in macroeconomic and fiscal adjustment, but also in modernizing and strengthening its fiscal institutions...

This report presents a description of the stress test exercises for Spain’s banking and insurance systems. The exercises were carried out in the context of the Financial Sector Assessment Program with the aim of assessing the resilience of the financial system to key risks. It describes the...

This Selected Issues paper quantifies the macroeconomic effects of fiscal policy in Spain, focusing on the external sector. It describes the stylized facts of the Spanish economy and presents an econometric analysis. It examines Spain’s growth and productivity performance in relation to a...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country