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Global Financial Markets
Sonsoles Castillo
Lead Economist
Global financial markets, led by Sonsoles Castillo, in coordination with the other research units, both global and national, is dedicated to: monitoring the stresses in the financial markets and identifying their drivers from a cross-country, cross-assets medium-term perspective; analysing capital flows, with a particular focus on emerging markets and risk assets. Coordinating financial forecasts (interest and exchange rates) in an integrated framework with macroeconomic forecasts, the view of central banks and trends in capital flows.

Latest Publications

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Global Funds Outlook. Third quarter 2017

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Capital continued to flows toward Global Investment Funds (GIF), albeit at a slower pace, driven by common factors (high global liquidity, subdued US interest rates among others). Over the coming quarters, inflows to GIF shall cool down as the unwinding of central bank balance sheets starts draining liquidity. Our baseline scenario assumes a smooth normalization process.

Available in Spanish, English

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In October economists Olivier Blanchard and Larry Summers coordinated a conference on “Rethinking macroeconomic policy”, a debating forum on the challenges posed for economic policy by the new environment of low levels of inflation and interest rates combined with slow growth in productivity and increasing inequality.

Available in Spanish, English