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December 27, 2018

Patterns of domestic and cross-border e-commerce in Spain: A gravitational model approach

This paper presents econometric evidence on the determinants of domestic and cross-border e-commerce in Spain based on BBVA anonymised data. The paper applies the gravity model of trade to explain online credit card payment flows, using all private customer transactions of BBVA for Spain.

April 9, 2009

Why don't Asians invest in Asia: The determinants of cross-border portfolio holdings

This paper seeks to understand why Asian foreign investment is concentrated in financial markets outside of the region instead of in Asian markets.