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An Index of Regulatory Practices for Financial Inclusion in Latin America

Document Number 17/15

By ,

The index assesses and compares the quality of regulations that influence financial inclusion in 8 Latin American countries. It defines three categories of regulatory practices: the enablers, which determine the overall quality of the financial environment; the promoters, which deal with specific market frictions; and the preventers which create distortions and barriers.

Available in English

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Tracking chinese vulnerability in real time using Big Data

Document Number 17/13

By , , , ,

We develop an indicator to track vulnerability sentiment in China. In order to ensure robustness and depth, we use a combination of traditional macroeconomic and financial time series with textual analysis using Big Data techniques.The index is composed by the following dimensions: state owned enterprises; shadow banking; housing market bubble and exchange rate market.

Available in English

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Budgetary stability and structural reforms in Spain

Document Number 17/11

By ,

We analyse the fiscal policy lessons from the recent recession in the Spanish economy and the options for the future. Our results indicate that budget balance and public debt trends showed clear signs of unsustainability between 2009 and 2011, with few alternatives available other than reducing the fiscal deficit.

Geographies:Spain

Available in English

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The impact of European banking consolidation on credit prices

Document Number 17/09

By , , , ,

The crisis has made obvious the fragility of some aspects of EMU, like financial fragmentation and the need of banking consolidation. Banks have merged due to the vulnerability of some players or in order to improve the profitability/efficiency of the sector.

Geographies:Europe
Topics:Banks

Available in English

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Infrastructure & economic growth from a meta-analysis approach: do all roads lead to Rome?

Document Number 17/07

By , , ,

In a context of extended global economic fragility, multilateral institutions and governments have been recommending to increase infrastructure investment to spur economic growth. However, the impact of this policy can widely differ depending on many aspects

Geographies:Global

Available in Spanish, English

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Central Bank Digital Currencies: assessing implementation possibilities and impacts

Document Number 17/04

By , , , ,

Following advances in the distributed ledger technology, central banks are assessing the issuance of digital currency. There's a range of possible schemes to adopt depending on which features of cash to hold: universality, anonymity and non-yield bearing. We analyze opportunities and challenges of 4 key schemes, that support a strategy of gradual testing and implementation

Available in Spanish, English

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DiGiX: The Digitization Index

Document Number 17/03

By ,

The Digitization Index (DiGiX) assesses the factors, agents’ behavior and institutions that enable a country to fully leverage Information and Communication Technologies (ICTs) for increased competitiveness and well-being. It is a composite index that summarizes relevant indicators on 100 countries’ digital performance.

Available in English

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The Network View: applications to international trade and bank exposures

Document Number 17/02

By ,

Systems of interconnected elements are increasingly important in economic applications. This paper elaborates on some ideas of network analysis and its application to the study of systems of economic interest. It focuses on the Identification of influential and vulnerable elements, from both a global and a local perspective.

Available in English

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Impact of capital regulation on SMEs credit

Document Number 17/01

By , , ,

The Supporting Factor was introduced in Basel III with the aim of avoiding a reduction in the flow of new credit to SMEs, and the CRR revision published in November 2016 even proposes enlarging its scope to exposures above €1.5bn (but with a lower parameter).

Available in English

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Forecasting travelers in Spain with Google queries

Document Number 16/21

By ,

We examine whether web search queries help economic agents with predictions about the checking in and overnight stays of travelers in Spain in real time. We show that the models including queries outperform models that exclude these leading indicators. In this way, we aim to contribute to the literature on the link between the Internet and the tourism market.

Geographies:Spain

Available in English

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Blockchain in financial services: Regulatory landscape and future challenges

Document Number 16/20

By

Distributed ledger technologies (DLTs), including blockchains, are increasingly getting a massive interest from established industries. The interest is especially strong among financial services firms, which are starting to see DLTs as a potential driver of huge savings in infrastructure and back-office processes.

Geographies:Global

Available in English

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Pension fund investments in infrastructure and the global financial regulation

Document Number 16/19

By , ,

One common denominator observed in global financial regulation is the tendency to allow pension funds to invest more in infrastructure. Considering this, our study analyses what regulatory changes are currently taking place from a global perspective and what are the relevant factors that impacts on pension fund’s decisions to invest in infrastructure.

Available in English

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The effects of wage flexibility on activity and employment in the Spanish economy

Document Number 16/17

By , ,

In this paper we estimate the macroeconomic effects of the greater wage and firms’ internal flexibility promoted by various changes in Spanish labour regulations approved since 2012. To do so, we propose a structural VAR that allows us to break down the changes in the main macroeconomic variables into different structural shocks.

Available in English

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Analyzing the impact of monetary policy on financial markets in Chile

Document Number 16/14

By , ,

During the past few years, monetary policy communication has become a hot topic in as far as it seems to have become a very relevant way for central banks to guide markets, beyond actual monetary policy decisions.

Available in English

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Trends & Cycles in Small Open Economies:Making the Case for a General Equilibrium Approach

Document Number 16/12

By ,

This approach is characterized by two key assumptions. The first is that the world interest rate is unaffected by economic developments in the small open economy, an exogeneity assumption. The second assumption is that this exogenous interest rate combined with domestic productivity is sufficient to describe equilibrium choices

Available in English

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