financial crisis

financial crisis latest publications

December 2, 2021

Country Risk Annual Report 2021

Agencies’ Ratings have remained relative stable since the start of the COVID pandemic and through 2021. Changes have been mainly concentrated in Emerging Economies. Sovereign spreads have been clearly influenced by the strong and coordinated reaction of Central Banks in both Advanced Economies and Emerging Economies

November 18, 2020

Country Risk Annual Report 2020

Agencies' sovereign ratings and sovereign spreads in the CDS markets have remained relatively stable over the past year despite the current pandemic crisis and the large fiscal and economic activity deterioration, mainly due to the unprecedented support from fiscal and monetary policies

September 1, 2020

Effects of the 2020 and 2008 crises on the Spanish labour market

The 2020 lockdown resulting from the COVID-19 pandemic cost nearly one million jobs between February and May, a figure similar to what was lost between Aug-08 and Mar-09. In contrast, the measures adopted in 2020 have allowed for a smaller impact on employment than that observed in the GDP.

August 24, 2020

Spain | Credit: necessary condition but it is not sufficient

Nowadays, unlike in the 2008 global financial crisis, there is no credit crunch which would make the economic recovery more difficult. This time, what's happening to credit?

March 30, 2020

The Uncertain Economic Impact of the Pandemic

The enormous human cost of the coronavirus crisis is in addition to a considerable global economic impact, which will almost certainly lead to negative growth rates in most of the advanced economies.

December 13, 2019

Country Risk Quarterly Report. Fourth Quarter 2019

Further improvement of sovereign risk measures across the board, driven by a protracted search for yield, against the background of supportive central bank policies, together with better incoming cyclical data, muted inflation and some de-escalation of global uncertainties (trade war)

April 8, 2019

Risk of economic anemia

The risk that the main developed economies are moving towards a regime of reduced economic growth in the medium term has once again gained relevance in recent months. It has been driven by the increase in the probability of recession in the United States and the eurozone, and the relapse of inflation expectations and long-t…

October 15, 2018

European banks and the challenge of MREL

Who will pay for the next banking crisis in Europe, and how? One of the lessons learnt from the last global financial crisis is that there must be an end to public bail-outs of banks. To achieve this, it is necessary to define which creditors and which liabilities absorb losses in the event of an institution’s resolution.