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Competitiveness improved during the pandemic due to lower margins, and again during the recovery due to lower relative wage growth. In practice, this has meant an implicit ‘income pact.’ In addition to reaching an agreement on how this cost-sharing will continue, it would be useful to think about a ‘productivity pact'.
2022 has been a year of transition for banking. It started off with a lot of dynamism, as the economic recovery was expected to consolidate, leaving the pandemic behind us. But the war initiated by Russia in Ukraine radically changed the course of events.
Previously, I presented some arguments why it seems to me that tax revenues next year could be lower than estimated, which would present the government with the dilemma of having to cut spending or increase indebtedness.
Private debt among Spanish companies and households, according to the Bank of Spain’s Financial Accounts for the Spanish Economy, currently stands at 135% of GDP, in line with the eurozone (137%). While both economies now find themselves at a s…
Chinese authorities’ 2016-2018 corporate deleveraging campaign seems to have given way to the escalating China-US tensions and the COVID-19, however, it restarts now in a more "passive" way.
In 2018, the main source of growth in bank credit granted to the private sector was that allocated to companies. Traditional deposits reverse their downward trend, albeit at a moderate pace. Consumer Credit: recent developments and analysis of the slowdown in its growth rate. Mexican corporations’ foreign debt: the scenario…
The Spanish banking industry made profits of 3.106 billion euros in the first quarter of 2018 compared to the losses posted in 2017, which were prompted by the sale of Banco Popular. Cleaning of bank balance sheets is gathering pace, while deleveraging of the private sector is ongoing. The efficiency and profitability of th…
In a scenario of soft economic growth with gradual correction of the fiscal deficit such as the one currently underway and with FDI growing to levels similar to those of countries in the region, the external deficit could be financed in the med…
