Publications

The new National Housing Plan 2026-2030 seeks to increase the scarce public housing supply in Spain. Despite tripling resources and safeguarding public ownership, its budget allocation is insufficient given the high rate of household creation.

The article contrasts the Peruvian institutional instability with the solidity of the Central Reserve Bank under Julio Velarde. Given his possible succession, the urgency of preserving monetary autonomy and the technical training of its staff to avoid future crises is emphasized.

This Working Paper proposes a set of quantitative indicators of territorial equity to assess reforms to the regional financing system, comparing the current model with the Government’s recent proposal and several variations aimed at reducing arbitrariness.

The surprise at the end of 2023 introduced a positive bias in deficit forecasts for 2024. Improved activity and the withdrawal of measures to mitigate rising prices could bring the public deficit below 3% of GDP. Fiscal improvement in 2025 will depend on new fiscal rules.

Sound budget execution data lead to an improvement in the public deficit forecast to 4.2% of GDP in 2022 and 4.4% in 2023. The reduction of the imbalance will be limited by announced or prolonged measures, by the impact of inflation on spending and by the effect that the slowdown may have

Sound budget execution data introduce positive biases on the deficit forecast in 2022, while the slowdown in activity in 2023 will dampen the cyclical recovery of the government balance. Deficit projections are revised to 5.5% of GDP in 2022 and 5.4% in 2023.

2021 closed with a deficit of 6.8% of GDP, the same as estimated three months ago. The invasion of Ukraine and measures to mitigate the rise in energy prices slow down the adjustment, and the deficit is expected to fall to 6.0% in 2022. In 2023, the deficit would fall to 4.6% of GDP.