Publications

Here are all of our publications listed chronologically. You can also find the publications relating to single geography under “Publications by geography” or narrow down your search using the “Advanced filter”.

Latest publications on Fiscal impact

Europe | EU Priorities: Defence Spending & Multipliers

September 16, 2025

The document summarizes the presentation delivered at the European Investment Bank (EIB) on European defense spending, analyzed from a geopolitical perspective and from an economic standpoint, presenting the estimated fiscal multipliers of defense expenditure for Europe (García-Serrador, Sarasa-Flores, and Ulloa, 2025).

Argentina Economic Outlook. June 2024

June 19, 2024

After 6 months in office, the government has made significant progress in improving the fiscal balance, which in turn resulted in a reduction of monetary issuance and a deceleration of inflation. The challenge now is to consolidate the fiscal surplus and dismantle FX-market restrictions to foster sustainable growth.

China's Arsenal in the Face of Global Recession

May 11, 2020

COVID-19 is pushing the world economy toward a deep recession that could endure in the long-term. To support the economy, the Chinese authorities have approved various fiscal and monetary policy tools that are suited to the current circumstances.

What’s in China’s policy arsenal to counter global recession?

April 16, 2020

This report analyzes the possible monetary and fiscal policy tools in front of the global economic recession led by COVID-19. We believe that fiscal policy should play a leading role. Regarding monetary easing, the interest rate cut progress should be more conservative while liquidity management should be enhanced.

China Economic Outlook. Fourth Quarter 2019

October 22, 2019

The Q3 GDP growth slowed to 6% y/y, the lowest growth rate for the past three decades. The prospect of China’s economy hinges on the development of trade talks with the US at the current stage. The two sides recently tried to pursue a partial agreement first and leave the thorny part of negotiation to the next phases.

Venezuelan Immigration to Peru: characteristics and macroeconomic impacts

October 10, 2019

Venezuelan immigrants to Peru over the last three years (more than 800,000, equivalent to 2.4% of the Peruvian population) have had non-negligible impacts on aggregate demand and potential GDP.

Individual publications may only be downloaded for technical reasons to allow a more complete, rigorous and individual reading of the publications. In this regard, only a brief summary, mention or reference to the publications is permitted and only when all the following conditions are met: (i) it is not for commercial purposes (not even indirect commercial use, e.g. to attract advertising to your website); (ii) a statement is included that BBVA Research is the author and owner; and (iii) a precise and complete link to the URL where the publication is available is included on this website. More information