ESMA provides further details on trade reporting in updated EMIR Q&AThe European Securities and Markets Authority (ESMA) has issued today updated Question & Answers (Q&As) on the implementation of the European Markets Infrastructure Regulation (EMIR). These updated Q&As clarify, among others,...

En este documento se presenta una herramienta, disponible en el Banco de España, para la previsión de los pagos por intereses de las Administraciones Públicas (AAPP) en nuestro país. Frente a modelos más detallados, que tienen en cuenta las características específicas y las fechas...

Rationale The last year has seen growing demand for healthcare services, but the causes of this increase, and how persistent it will be, are as yet uncertain. Should these dynamics prove to be long-lasting and associated with a prolonged deterioration in the general health of the Spanish...

The idea of a flat tax, a tax levied at a single rate, has become an increasingly discussed and implemented fiscal strategy across Europe and the rest of the world. Estonia, Latvia, and Lithuania adopted flat tax systems in 1994 and 1995, making them the first modern countries to adopt flat...

Developing country fiscal policy outcomes documented in data point to stark differences compared with developed ones. Most prominent difference is the excessive volatility of government consumption and transfer payments and their positive correlation relative to output. This seemingly...

Since the abolition of its Apartheid regime in 1994, South Africa has launched a massive program of education, which has been financed through resources representing on average 21% of the national budget or 7% of GDP. Today, the GDP share of public spending on education is 1.3 times the average...

This dissertation empirically investigates macroeconomic fluctuations.In the first chapter, I study nontechnology shocks. It is popular to identify technology shocks as shocks permanently affecting labor productivity in SVAR. However it potentially misidentifies nontechnology shocks permanently...

This dissertation focuses on issues related to economic globalization and its implications for the domestic economy. The first two chapters pertain to international financial integration, while the last chapter studies the impact of interprovincial migration in China as a result of...