Artículo de revista ; The past three years have seen a radical change in the structure of the oil market, as a result of the deep-seated transformation the US oil industry has undergone and of OPEC’s strategic reaction. This has translated into a substantial reduction in the price of oil....

Artículo de revista

Las iniciativas de fijación de precios del carbono, diseñadas para incrementar los precios relativos de los bienes y servicios intensivos en gases de efecto invernadero, no solo podrían incidir en la inflación del IPC, sino también en su volatilidad. La literatura empírica ha encontrado,...

Artículo de revista ; This early-release box was published on 16 September

Artículo de revista ; Este recuadro fue publicado anticipadamente el 16 de septiembre

Motivación Desde 2021, la inflación aumentó de forma intensa en la economía mundial a raíz de una sucesión de shocks, entre los que destaca el encarecimiento de la energía. Sin embargo, en un gran número de países la inflación habría alcanzado su pico en los últimos meses e iniciado...

Rationale Inflation surged in the world economy from 2021 owing to a succession of shocks, including most notably the rise in energy prices. However, it appears to have peaked in many countries over the past few months, marking the start of a declining phase. This article analyses, for a group...

This paper empirically models China’s stock prices using conventional fundamentals: corporate earnings, risk-free interest rate, and a proxy for equity risk premium. It uses the estimated longrun stock price misalignments to date booms and busts, and analyses equity market reforms and excess...

There is an ongoing debate in the literature about the quality content of Chinese exports and to what extent China imposes a threat to the market positions of advanced economies. While China’s export structure is very similar to that of the advanced world, its export unit values are well below...

We construct, on the basis of an original methodology and database, composite indices to measure domestic financial development in 26 emerging economies, using mature economies as a benchmark. Twenty-two variables are used and grouped according to three broad dimensions: (i) institutions and...