English abstract: In discussing the first Draft State Budget to address the economic and social impact of the COVID-19 pandemic, the Governor begins with an analysis of the economy’s recent behaviour and how it may evolve in the coming quarters, drawing on the Banco de España’s projections....

Spanish Abstract: El gobernador interviene en la discusión del Proyecto de Presupuestos Generales del Estado para 2022, que da soporte a las consideraciones de la política fiscal ante la recuperación gradual de la economía española y mundial tras la profunda crisis económica provocada por...

A crisis or depression, one significant unfortunate event, often happens without warning or preparation and cannot be ignored. Likewise, the threat of a financial crisis is a risk that concerns dangers in a state's economic and political stability. A financial crisis may cause a market and...

The paper presents the main features of the new macroeconomic imbalances procedure (MIP) as well as the MIP scoreboard for the surveillance of macroeconomic imbalances. The main issues under review are the relevance to use the MIP scoreboard as a tool to assess the vulnerabilities and imbalances...

The paper presents the main features of the new macroeconomic imbalances procedure (MIP) as well as the MIP scoreboard for the surveillance of macroeconomic imbalances. The main issues under review are the relevance to use the MIP scoreboard as a tool to assess the vulnerabilities and imbalances...

Over the last couple of decades, it has become a commonplace to claim that institutions matter" for economic development. Yet, institutions are not exogenous but the result of hu-man action. It is argued here that the values and norms held by substantial parts of society’s members are an...

Over the last couple of decades, it has become a commonplace to claim that institutions matterʺ for economic development. Yet, institutions are not exogenous but the result of hu-man action. It is argued here that the values and norms held by substantial parts of society’s members are an...

The volatility that has hit many middle-income countries (MICs) after liberalizimg their financial markets has prompted critics to call for new policies to stabilize these boom-bust cycles. But, as Aaron Tornell and Frank Westermann point out in this book, over the last two decades most of the...

Over the last couple of decades, it has become a commonplace to claim that institutions matter for economic development. Yet, institutions are not exogenous but the result of human action. It is argued here that the values and norms held by substantial parts of society's members are an important...

Over the last couple of decades, it has become a commonplace to claim that “institutions matter” for economic development. Yet, institutions are not exogenous but the result of hu-man action. It is argued here that the values and norms held by substantial parts of society’s members are an...