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    April 24, 2019

    Autonomous community finances in 2018 and between 2003 and 2018

    The analysis starts from the 2003 financial year because this is the first year in which all autonomous communities were responsible for managing healthcare for the full financial year.

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    March 15, 2019

    Macroeconomic Effects of Taxes on Banking

    This paper evaluates the macroeconomic effects of taxes on banking in a small open economy in a currency union for three tax alternatives: an additional tax on profits, on deposits, and on loans. We propose a DSGE model with a rich detail of taxes and a banking sector and show that these three taxes are equivalent in their …

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    March 7, 2019

    Central Bank digital currencies: features, options, pros and cons

    The emergence of cryptocurrencies is opening the way to Central Bank Digital Currencies (CBDCs). This paper highlights the pros and cons of issuing CBDCs under four different variants: from the more modest proposals to the most ambitious ones where there could be a serious disruption in financial intermediation.

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    January 3, 2019

    Digital transformation and competition in the financial sector

    Digital transformation has opened the financial services market to new kinds of providers with great disruptive potential, including big technology companies. This article explores how the scope of that integration is conditioned by regulation, data access rules and competition policy.

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    December 27, 2018

    Patterns of domestic and cross-border e-commerce in Spain: A gravitational model approach

    This paper presents econometric evidence on the determinants of domestic and cross-border e-commerce in Spain based on BBVA anonymised data. The paper applies the gravity model of trade to explain online credit card payment flows, using all private customer transactions of BBVA for Spain.

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    December 19, 2018

    Sovereign risk in the euro zone and its treatment in banking regulation

    The crisis has brought with it a notable increase in public debt in the countries affected, especially intense in the peripheral countries of the euro zone. The Greek crisis has fuelled a debate on the treatment of debt holdings in banking regulation and its consideration as a risk-free asset.

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    December 5, 2018

    Policy priorities to promote financial development in the context of Middle Income Trap

    This paper analyses the development of financial markets in Argentina, Colombia, Mexico and Peru in the context of the middle-income trap. This is particularly relevant for these economies, since well-developed and properly-functioning financial markets are fundamental to achieve high income status on a sustainable basis.

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    November 12, 2018

    Long series of certain regional economic and demographic aggregates

    This note briefly describes the latest update of RegData, a database that collects the main economic and demographic aggregates of the Spanish regions over the last six decades. For the most part, the series begin in 1950 or 1955 and run until 2017.

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