El trabajo pretende profundizar en la evolución de los determinantes de la demanda de las exportaciones de manufacturas en los países de la UEM así como en la distinta respuesta de estas ante cambios en sus variables explicativas. Para ello se han estimado para cada uno de los países de la...

En este trabajo se pretende comprobar la posible existencia de histéresis en la oferta de exportaciones de manufacturas en algunos países de la zona del euro, es decir, se analiza si los movimientos transitorios del tipo de cambio tienen un impacto permanente sobre las exportaciones. La...

Cuando se efectúa el análisis de los factores explicativos de la evolución de las exportaciones, a menudo se consideran únicamente como variables determinantes aquellas que afectan a la demanda de exportaciones, en particular, la competitividad y la demanda exterior, suponiendo así, que la...

This paper analyses the cyclical behaviour of bank credit, loan losses and provisions for loan losses in Spain. These three variables are strongly cyclical in Spain -as in many other countries- and this poses some problems to bank supervisors and regulators. In a context of strong competitive...

This paper explores the role of international reserves as a stabilizer of international capital flows during periods of global financial stress. In contrast with previous contributions, aimed at explaining net capital flows, we focus on the behavior of gross capital flows. We analyze an...

Exchange rates in Latin America display a large volatility, constitute a central element of the policy strategies and their evolution have an important impact on financial stability due to the dollarization of liabilities which most countries exhibit. However, assessments on equilibrium exchange...

New EU members share two very marked features which have conflicting implications for the evolution of their real exchange rates in the long run: accelerated growth and systematic current account imbalances, which would anticipate, respectively an appreciation and a depreciation of their...

Between 1990 and 2001 the Argentine peso appreciated by 80 percent in real terms, and its overvaluation has been singled out as one of the main suspects in the debate on the causes of the Argentina collapse of late 2001. This paper assesses the degree of real misalignment in Argentina over the...

We test the Barro-Gordon model extended to allow for persistence in unemployment. First, we build an index of central bank independence and measures of persistence, and then we compare them with inflation performance in OECD countries. Our results show, as theory predicts, a robust negative...

In recent years, for most emerging markets, public debt has decreased and its composition has evolved toward domestic currency. This progress is remarkable in terms of reduced financial vulnerability, which has been underpinned by favourable financing conditions and related deepening of local...