In this paper we explore some lessons from the Spanish housing boom and the incipient bust from the point of view of the usefulness of the regulatory approach, with particular regard to dynamic provisions and the regulatory treatment of securitisation. First, we describe the main features of the...

The financial crisis of 2007–08 has drawn the attention of regulators and market participants to the severe consequences of pro-cyclicality in the financial system. While this had already been a concern during preparations for the introduction of Basel II, it seems that much still needs to be...

This article summarizes recent literature about advanced indicators of crisis in emerging countries, as well as problems concerning their elaboration and potential utility for the Authorities and main players in financial markets. The first part describes the main characteristics of recent...

This research study has various objectives. First, to highlight the importance of investment in infrastructure on economic growth. Second, to underscore the need for a competitive and transparent process to implement these investments, which must be aimed at efficiency and obtaining a proper...

This study is a theoretical exercise for Colombia that aims to simulate a variety of scenarios under a hypothetical scheme similar to the multi-funds currently in operation in Chile, Mexico and Peru. This has been done by modeling the future movement of asset prices that are considered to be...

In this paper we analyze the short and medium term fiscal costs stemming from structural pension reform, taking Chile as workhorse. The Chilean pension system, based on individual capital accounts managed by the private sector, has been in operation for almost 30 years, providing a rich evidence...