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Pensions, employment and contributivity

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Distributive pension systems such as Spain’s are based on an implied inter-generational contract between workers and pensioners. A contract which in addition to being sustainable in the long term and providing adequate pensions, must also be balanced and efficient. Without sustainability, adequacy cannot be assured.

Geographies:Spain
Topics:Pension

Available in Spanish, English

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A note of optimism for economic prospects

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Policy recipe offered by Xi at import expo will help to solve trade disputes and rebalance China's economy. The China International Import Expo started in Shanghai on Nov 5, and the inaugural event, announced more than a year ago, stands in stark contrast to the escalated trade tension between China and the United States.

Available in Spanish, English

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Mexico | Trouble brewing on the fiscal front

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The people working on the fiscal budget for next year - which has to be approved before 15 December - are presumably redoing the calculations using new assumptions for the main macroeconomic variables, the outlook for which has changed with the decision to cancel the Texcoco airport project.

Units:
Geographies:Mexico

Available in Spanish, English

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SMEs and market financing: Myth or reality?

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Small and medium-sized enterprises (SMEs) form a fundamental part of the business fabric, in Spain and throughout the EU. They account for more than 90% of the total number of businesses in the EU, provide 70% of its jobs and contribute nearly 50% of its added value. For this reason any setback suffered can end up having consequences for economic growth and employment.

Geographies:Spain Europe

Available in Spanish, English

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The different Latin Americas

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The recovery of growth in Latin America continues to be very uneven. We are witnessing at the same time the impact of the currency crisis in Argentina and uncertainty over how far-reaching the new Brazilian government’s tax and pension reforms will be. On the other hand the Andean countries continue to accelerate, driven by the recovery in domestic demand.

Geographies:Latin America

Available in Spanish, English

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"Closing the tap" on plastics

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The pollution of the oceans by plastic is one of the most severe environmental problems facing humanity. This phenomenon has recently come to the fore in public opinion thanks to the distribution of distressing images on the internet and social media. Photographs of marine animals killed by ingestion, suffocation or entanglement have gone viral.

Available in Spanish, English

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Bolsonaro's Brazil, putting the discourse into practice

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The conservative Jair Bolsonaro has beaten the left-winger Fernando Haddad in the second round of the presidential elections held last Sunday 28 October. He will therefore be the Brazilian president during the period from 1 January 2019 to 31 December 2022.

Available in Spanish, English

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Some keys to the Italian crisis

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The fact that investors and the European Commission have turned the spotlight on the Italian economy as a result of Italy's presenting a budget with a public deficit target of a seemingly moderate 2.4% of GDP may seem paradoxical if certain differentiating factors that have accompanied this crisis are not properly understood.

Available in Spanish, English

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Banco de México: the right decision

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Last week saw the publication of the minutes of the Banxico Governing Board's latest monetary policy meeting. As we already knew, it was decided to leave the monetary policy rate unchanged at 7.75%, in a split vote in which four members voted in favour of no change and one voted to increase the rate by 25 bp. In my view, the majority decision seems to be the right one.

Units:
Geographies:Mexico

Available in Spanish, English

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Slowdown: Temporary or permanent?

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Spain’s GDP growth remains strong, although we have seen moderation relative to previous years. While it is always tempting to seek a single culprit, this seems to be rather the combined result of various factors. Some of these are temporary, but others are here to stay.

Available in Spanish, English

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Prospects, risks and challenges

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The annual and spring meetings of the IMF and the World Bank have taken the pulse of the global economy and assessed its prospects, risks and challenges. There were no surprises in the forecasts. The IMF revised its world growth rate forecast downwards to 3.7% for 2018 and 2019, with rather more disparity than previously among the main regions.

Available in Spanish, English

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European banks and the challenge of MREL

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Who will pay for the next banking crisis in Europe, and how? One of the lessons learnt from the last global financial crisis is that there must be an end to public bail-outs of banks. To achieve this, it is necessary to define which creditors and which liabilities absorb losses in the event of an institution’s resolution.

Available in Spanish, English

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Mexico | USMCA: uncertainty reduced, but not removed

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We now know the content of the new North American free trade agreement, to be known as the United States-Mexico-Canada Agreement, or USMCA. The three countries’ negotiating teams announced details on Sunday, just minutes before the deadline for the Trump administration to submit it to Congress.

Available in Spanish, English

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Winter is coming

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In economics, as in other sciences, history helps us anticipate the shocks that might derail expansion phases such as the current one. Some of the biggest crises have originated with US Federal Reserve rate hikes. This time around, normalisation is being carried out gradually and steadily, with communication geared to avoiding unnecessary scares.

Available in Spanish, English

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More taxes on banks: no free lunch

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It is always best to be very careful with changes in taxes. Increases can be dangerous if they hamper growth and job creation, just as reductions can be if they affect the sustainability of the welfare state and equity. So, What is the extent of the effects of an additional tax on banks?

Available in Spanish, English

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