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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 similar juncture, they have followed very different paths.

With the economic recovery becoming entrenched in the aftermath of the Covid-19 pandemic, China’s authorities shifted their focus to containing the overall leverage. This report focuses on the latest development of firms’ default to understand the logics behind the authorities’ decision to selectively extend their support.

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.

Las previsiones de BBVA Research apuntan a que la tendencia del nuevo crédito ya ha entrado en terreno positivo.

This paper shows stylized facts, based on aggregate and sector specific data, on the rather large retrenchment of cross-border lending by Euro-area banks into emerging markets.

El desapalancamiento interno y externo es fundamental para lograr una recuperación fuerte y sostenida de la economía

El crecimiento en España se explica por una acumulación de factores de producción, cuyas principales características difícilmente se repetirán