After the financial and economic crisis in Europe, a broad consensus has emerged that a stronger fiscal dimension may be needed to complete the architecture of Economic and Monetary Union (EMU). This paper analyses the performance of interregional transfers in existing fiscal-federal systems,...

The Spanish growth experience over the 1995-2007 period was characterized by the remarkable surge in employment and investment as well as the dismal evolution of productivity. These macroeconomic fluctuations were coupled with an unprecedented credit boom fueled by a housing bubble. This article...

The COVID-19 shock impacted firms severely all over the world. Governments were swift to implement policy measures to aid these firms, but these are coming to an end in the midst of a highly uncertain macroeconomic environment as a result of the war in Ukraine and the surge in energy prices. In...

English abstract: This paper explores the differences in accessibility to services between rural and urban areas in EU countries. According to our analysis, rural areas in Spain have worse accessibility to services than their European counterparts, while the differences are not significant in...

Historical experience and the economic literature show that the process of structural change of economies towards more advanced stages of development is associated with a particular pattern of change in the sectoral composition of economic activity. In a first stage, the manufacturing share...

Spanish abstract:Las Corporaciones Locales han registrado desde 2012 un superávit fiscal, que contrasta con el déficit registrado en el resto de las Administraciones Públicas. A pesar de la heterogeneidad en la composición del sector, esta mejora en las finanzas públicas se extiende a una...

For central banks, it is crucial to develop and maintain risk identification frameworks that allow them to detect in good time and address potential threats to financial stability with the most appropriate policy tools. This paper reviews the main indicators developed for this purpose by the...

English Abstract: The main proposals for the reform of the European Union’s fiscal policy framework affect three blocks of issues: (i) simplifying the rules to make them more transparent and flexible; (ii) incorporating new supranational risk-sharing instruments into the Economic and Monetary...

Spanish Abstract: El año 2020 se caracterizó por unas dinámicas de migración neta en España que desembocaron en un aumento de la población rural en detrimento de la población urbana, rompiendo la tendencia secular hacia una mayor urbanización vigente desde mediados del siglo pasado. De...

This paper presents an estimate of the Spanish economy's potential growth. This estimate is based on a production function methodology that includes certain refinements on previous versions and generates less procyclical potential output growth estimates than those traditionally considered in...