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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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Long and short-run components in explanatory variables and different panel-data estimates

Document Number 16/10

By

We investigate the idea that when we separate an explanatory variable into its “between” and “within” variations we could be roughly decomposing it into a structural (long-term) and a cyclical component respectively, and this could translate into different Between and Within estimates in panel data.

Geographies:Global
Topics:

Available in English

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Africa’s rising commodity export dependency on China

Document Number 16/09

By ,

In this paper, we look at China-Africa trade links in more detail and evaluate some of the implications of Africa’s growing commodity export dependency on China going forward, particularly in the context of a slowdown in China.

Available in English

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Regional Financing in Germany and Spain: Comparative Reform Perspectives

Document Number 16/04

By , ,

Reforms of regional financing are due soon or even overdue in Spain and in Germany. This research paper compares the systems of regional financing in both countries, describes their financial outcomes, benchmarks them against criteria taken from the modern theory of fiscal federalism and extracts some lessons for reform from this endeavour.

Geographies:Spain Europe
Topics:

Available in English

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The evasive predictive ability of core inflation

Document Number 15/34

By , ,

We explore the ability of traditional core inflation –consumer prices excluding food and energy–to predict headline CPI annual inflation. We analyze a sample of OECD and non-OECD economies using monthly data from January 1994 to March 2015. Our results indicate that sizable predictability emerges for a small subset of countries.

Units:
Geographies:Chile

Available in English

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Digitization and Productivity: Measuring Cycles of Technological Progress

Document Number 15/33

By

This paper investigates the dynamics of technological progress as the underlying trend in productivity growth. We employ a multi-factor approach to measuring the long-term productivity trend, where this trend encompasses everything that permanently raises output per hour

Available in English

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Explaining the Gender Gap in Financial Literacy: the Role of Non-Cognitive Skills

Document Number 15/32

By , ,

Economic literature identifies a gender gap in financial literacy. This paper tests to what extent the gender gap is due to a misspecification problem or whether it exists because boys and girls do indeed have differing ways of acquiring financial literacy.

Available in English

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China’s shadow banking sector: Arbitrage, window-dressing and wealth management products

Document Number 15/30

By , ,

We examine wealth management products (WMP) issued by Chinese commercial banks, which are an important part of China’s fast growing shadow banking sector. We document that the WMPs’ maturity dates cluster toward the end of a month and then decrease significantly at the beginning of the following month.

Units:
Geographies:China
Topics:Banks

Available in English

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Heterogeneity and diffusion in the digital economy: Spain’s case

Document Number 15/29

By ,

The traditional Bass model (Bass, 1969) for the adoption and diffusion of new products has customarily been used to gauge the speed at which new products were adopted in a market by estimating innovation (p) and imitation (q) parameters.

Available in Spanish, English

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Measuring Latin America’s export dependency on China

Document Number 15/26

By , ,

In this paper we deploy an export dependency index to identify the sectors and countries in Latin America which are most exposed to fluctuations in Chinese demand.

Units:
Geographies:Asia Latin America

Available in English

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Technology, Opportunity & Access: Understanding Financial Inclusion in the U.S.

Document Number 15/25

By ,

Although the U.S. is regarded as having a well-developed and deep financial system, financial inclusion continues to be a challenge for many communities and households. Using four databases with over 4 million data points and a PCA methodology, we developed the FIMI for 251 Metropolitan Statistical Areas, to help us identify the main determinants behind financial inclusion

Available in English

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