This paper analyzes the relationship between human capital and convergence with a model that takes into account the different effects of human capital accumulation on regional convergence. As an input, human capital produces convergence due to both decreasing returns and public intervention on...

The expansion and intensification of banking competition, which has occurred inSpain during the last ten years, has allowed banks and savings banks to define theircompetitive strategies with more freedom. This paper analyzes the similarities andthe differences in their product mix along with its...

In this paper a Blanchard (1985) type model has been applied to a small open economy to analyse the long-term behaviour of current account balance. It shows, under the assumptions of the model that the current account balance, net-of-government-debt wealth of households, the difference between...

This paper ana1yzes the behavior of productive efficiency in the Spanish Regions for the period 1964-1989. From a growth accounting approach, it describes the regional evolution of total factor productivity (TFPs), based on a private input production function. A more strict efficiency measure is...

The development of the Spanish mortgage market during the last decade has increased the concern about its integration with capital markets. In this context, this paper examines from an empirical perspective the hypothesis of integration between the primary mortgage market and the capital market...

This paper provides an empirical test of the Fisher effect and of the real interest parity. The objetive is to determinate the behavior of the ex-ante real interest that condicionate the intertemporal savings and investment decisions. The method used is the time series properties of the data,...

We consider a continuous spatial economy consisting of pure exchange local economies. Agents are allowed to change their location over time as a response to spatial utility differentials. These spatial adjustments toward higher utility neighborhoods lead the spatial economy to converge to a...

In this paper we compare the results of applying two different approaches to the determination of real exchange rates. The first approach is based on relative fiscal impulses, as defined by the IMF, that account for demand shocks and was implicitly proposed by Obsfeld (1985). For the second...

The purpose of this paper is to estimate a stochastic-intertemporal model of effective consumption. Our main emphasis is on assessing whether there is a significant relationship (substitutability or complementarity) between government expenditure (consumption and investment) and private...

Within a global frame leading to the elaboration of an interest rate risk pricing model applicable to financial institutions which takes the basis risk into account, the current paper analyses the long-term impact of the most representative Spanish monetary market interest rates variations over...