Rationale The balance of payments and international investment position (IIP) are important because of the information they provide on economic relations with the rest of the world, which affect the national economy. Their analysis is of even greater interest in the light of recent events, such...

Rationale The balance of payments and international investment position provide insight into Spain’s economic relations with the rest of the world, which have important implications for the domestic economy. Analysis of these statistics takes on added significance against a backdrop of global...

Artículo de revista ; On balance of payments statistics, in 2021 Spain’s net lending amounted to 1.8% of GDP (1.2% in 2020). This increase mainly reflected the partial recovery in the travel surplus, thanks to the improvement in the epidemiological situation prompted by the headway in...

In recent years, for most emerging markets, public debt has decreased and its composition has evolved toward domestic currency. This progress is remarkable in terms of reduced financial vulnerability, which has been underpinned by favourable financing conditions and related deepening of local...

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...

Después de la crisis reciente, se ha observado una reducción en los desequilibrios globales de los saldos por cuenta corriente («desequilibrios en términos de flujo»). Sin embargo, los desequilibrios globales medidos en términos de los activos externos netos de los países...

Artículo de revista ; In 2020, the Spanish economy recorded net lending of 1.1% of GDP, significantly below the previous year’s level of 2.5%. This decline essentially reflects the impact of the health crisis on travel credits, which contracted sharply, owing to the restrictions on...

This paper uses an intertemporal model of the current account to evaluate the fluctuations in current account balances experienced by Euro area countries over the last three decades. In the model current account balances are used to smooth consumption and they are driven by expectations about...

This chapter, from the forthcoming Research Handbook on the Economics of Corporate Law (Claire Hill & Brett McDonnell, eds.), provides an introduction to the law and economic theory relating to creditors and debt governance.The chapter begins with a look at the traditional role of debt, focusing...

This paper analyzes the equilibrium level of private credit to GDP in 11 Central and Eastern European countries in order to see whether the high credit growth recently observed in some of these countries led to above equilibrium private credit to- GDP levels. We use estimation results obtained...