Working Papers

Working Papers latest publications

September 2, 2020

Spain | Long series of certain regional aggregates: RegData updated up to 2019

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 2019.

August 28, 2020

Spain | The 2018 payment under the common system for the financing of regions

This note analyzes the payment under the common system for the financing of autonomous communities for 2018, which was recently made public by the Ministry of Finance.

June 1, 2020

Global | From FinTech to BigTech: an evolving regulatory response

The digital transformation of financial services has opened up the market to new providers: FinTech start-ups and BigTechs. In this article, we explain how policymakers’ mindset should evolve towards a comprehensive response to ensure the financial sector remains safe, stable and open to competition.

May 14, 2020

Argentina | Network Topology of the Argentine Interbank Money Market

This paper provides an empirical network analysis of the Argentine interbank money market (known as call market). Based on 314,188 unsecured overnight loans settled between 2003 and 2017, its main topological features are examined, applying graph theory methods.

May 12, 2020

Regional finances in 2019 and between 2003 and 2019

This report analyzes the evolution of regional income and expenditure, the budget balance of the sector and its debt stock from 2003 to the present, with attention to per capita expenditure at constant prices. The accounts for recent years are also analysed, highlighting the effect of some non-standard factors.

April 16, 2020

Tracking the COVID-19 Crisis with High-Resolution Transaction Data

We exploit high-frequency/high-resolution transaction data from BBVA to analyse the dynamics of expenditure in Spain during the ongoing COVID-19 pandemic. We find little shift in expenditure prior to the national lockdown, but then immediate, very large, and sustained expenditure reductions thereafter.

March 18, 2020

China | Forecasting modeling for China's inflation

We are trying to assess a large group of forecasting models’ performance in predicting China’s inflation. Both linear and structural forecasting models are discussed, estimated and evaluated based on some typical criteria such as RMSE, MAE and Theil-U.

March 4, 2020

Lessons from China’s past banking bailouts

China’s banking sector, particularly small and medium-sized banks, today face a headwind of asset quality deterioration. Revisiting Chinese bank rescues from the early 2000s, we examine how the authorities tackled a severe rise in non-performing loans (NPLs).