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December 18, 2018

Mexico | 2019 fiscal budget: the government approves its first big test

The fiscal package is sound in macroeconomic terms but introduces some microeconomic distortions. It is built on reasonable and market-aligned economic assumptions. Revenue and spending projections are conservative. As we expected, market reaction was slightly positive.

July 6, 2018

Mexico | The fiscal challenges facing the new administration

The next government will be faced with major challenges on the fiscal front. First it has to be said that the fact that the future prime minister and his chosen finance minister made it clear in their first messages that they are going to propose fiscal years resulting in primary fiscal surpluses.

July 2, 2018

Convergence

Generally speaking, a region’s well-being is determined by the percentage of available inputs available and how productive they are. In the first case, some measures include the unemployment rate (what percentage of people who are willing to work do not have a job) or activity (how many of those of working age want to parti…

June 26, 2018

The labor share in the service economy

Much research has documented a decline in the aggregate labor share in the United States and other countries. Yet, this is not a general phenomenon across industries. In fact, there has been a divergence between services and non-services industries in the United States since 1980.

April 17, 2018

Autonomous Region finances in 2015 and between 2003 and 2015

This report analyses the evolution of regional income and expenditure and the budgetary balance of the sector from 2003 to the present. The analysis suggests that the current budgetary situation of the Autonomous Regions is less comfortable than it appears at first sight because the fall in the deficit observed in recent ye…

April 5, 2018

The Pension System in 2017 and the Revaluation Index in 2018

Last week, the budget balance of Spanish public administrations and the situation of the Social Security accounts at 2017 year-end were released. This very useful information can be used to update the change in various components of the theoretical Pension Revaluation Index (IRP from its Spanish initials) for 2018.