La regulación macroprudencial en moneda extranjera puede reducir el riesgo sistémico; sin embargo, se sabe poco acerca de sus consecuencias no deseadas. Propongo un mecanismo teórico en el que el descalce de monedas actúa como un medio para relajar las restricciones crediticias de las...

Summary of Banco de España Working Paper no. 2326

We develop an overlapping generations model with retradeable paper assets and capital accumulation to analyze the interaction between the real economy and an international asset market. The world consists of two homogeneous countries, which differ only in their initial levels of capital. Two...

The aim of this paper is to investigate the spillover effects through an endogenous world interest rate on the inequality of nations. The model of K. Matsuyama (Econometrica 72 (2004)) is explored under the alternative assumption that the world economy consists of two countries, instead of a...

The main aim of the paper is to examine the short- and medium-term empirical link between current account balances and a broad set of (economic) variables proposed by theoretical and empirical literature. The paper focuses on the Middle East and North Africa (MENA), an economically diverse...

Two of the most discussed issues triggered by the so called Feldstein-Horioka puzzle in international macroeconomics are: What does the saving-investment (SI) relation really measure and how should the SI relation be measured? The first contribution of this study is to develop a new variant of...

Una década después del comienzo de la Gran Recesión, los desequilibrios externos, medidos por la cuenta corriente [current Account (CA)], se han reducido notablemente. Sin embargo, los desequilibrios externos medidos a través de variables de stock, es decir, la posición de inversión...

Artículo de revista ; According to the balance of payments statistics, Spain’s net lending stood at 2.3% as a percentage of GDP in 2019, slightly down on the prior year, against a backdrop of continued, albeit slowing, economic growth. Developments in net lending are explained by the...