Matching defined contribution schemes are gaining popularity in both rich and poor countries as a promising means to reduce gaps in the participation in formal pension systems.

We estimate a system of equations to analyze whether bilateral trade and financial linkages influence business cycle synchronization directly and/or indirectly. Our paper builds upon the existing literature by using bilateral trade and financial flows for a small, open economy (Spain) as...

In this paper we suggest a set of indicators about the future performance of the Spanish public pension system and a suitable method of representing their uncertainty, in order to improve the communication to the public opinion about its main future challenges. Spain seems a particularly...

In this paper we empirically examine the extent and properties of production sharing in Latin and North America as well as that in East Asia. In 2006, exports of parts and components from Latin and North America constituted 29.7% of the region’s exports of manufactured goods to...

En este documento analizamos los costes fiscales a corto y medio plazo derivados de la reforma estructural del sistema de pensiones, tomando a Chile como ejemplo. El sistema de pensiones chileno, basado en cuentas de capitalizacion individual gestionadas por el sector privado esta funcionando...

En este articulo se describe el BBVA-ARIES, un modelo macroeconomico VAR Bayesiano construido para la economia de la Union Economica y Monetaria (UEM). El modelo, ademas de ofrecer previsiones de crecimiento e inflacion para el conjunto de la UEM, se utiliza para hacer ejercicios de simulacion...

La imposicion indirecta desempena un papel determinante en el proceso de formacion de precios. La armonizacion de la fiscalidad indirecta en Europa, en las dos ultimas decadas, ha debido compatibilizarse con los procesos de desinflacion y de consolidacionfiscal emprendidos en todos los paises...

This paper analyses the effects of introducing typical Keynesian features, namely rule-of-thumb consumers and consumption habits, into a standard labour market search model. It is a well-known fact that labour market matching with Nash-wage bargaining improves the ability of the standard real...

The financial crisis of 2007 and 2008 has drawn the attention of regulators and market participants to the severe consequences of procyclicality in the financial system. While this had already been a concern during preparations for the introduction of Basel II, it seems that much still needs to...

En este documento pretendemos inferir cual sera el comportamiento de la creacion de empleo en el ano 2008 a partir de los flujos que la determinan (transicion desde el empleo, desde el desempleo y desde la inactividad). Para ello, estimamos los determinantes de la probabilidad de transitar de...