September 7, 2021
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This Working Paper contains homogenized series of regional governments funding constructed on the basis of homogeneous competences at equal fiscal effort from 2002 to 2019.
Those sectors of the Spanish economy most dependent on the movement of people have been among the most severely hit by the COVID-19 crisis — in particular domestic and foreign tourism.
Household savings increased significantly during the second quarter of 2020, reaching 24.4% of gross disposable income. That is more than double the previous high seen in 2009. There are several reasons for this.
The origins of the country's recession lie not in the accumulation of imbalances in a certain market and the usual subsequent shift in demand, but rather in a pandemic and the restrictions enforced on the supply of goods and services to limit its spread.
August 28, 2019
Mexico | GDP measured by the demand side and the supply side tells a different story
The matching of GDP growth rates measured by expenditure components and that measured by production value has deteriorated consistently, and recently more sharply.
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.
The country has made great advances in the last twenty or so years in designing an institutional framework that contributes towards having well-ordered public finances. In 2006 the Federal Budget and Fiscal Responsibility Act was passed.
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.