We use a real options approach to evaluate the performance of several proxy variables for a firm’s investment opportunity set. The results show that, on a relative scale, the market-to-book assets ratio has the highest information content with respect to investment opportunities. Although both...

El proceso de internacionalización que muchos bancos españoles han emprendido en años recientes ha resultado en la necesidad de un seguimiento más cercano de las economías en las que están presentes, especialmente para un organismo supervisor como el Banco de España. En este trabajo se...

Intra-trade among ASEAN countries have remained around 20% over the period 1993 until 2001 (ASEAN Secretariat). With this significant amount of trade being conducted between members of ASEAN countries, businesses were faced with exchange rate exposure due to the volatility of the exchange rate...

We analyse the impact of fiscal policy shocks in the euro area as a whole, using a newly available quarterly dataset of fiscal variables for the period 1981-2007. To allow for comparability with previous results on euro area countries and the US, we use a standard structural VAR framework, and...

En este trabajo analizamos los efectos de perturbaciones fiscales sobre el tipo de cambio efectivo de España durante el período 1981-2008 mediante un marco estándar de modelos VAR estructurales. Aquí se muestra que el gasto público conlleva respuestas positivas de la producción,...

We analyse the impact of government spending shocks on the real effective exchange rate and net exports in the Euro Area within a standard structural VAR framework. We employ a new database that contains quarterly fiscal variables for the Euro Area as a whole. We show that higher government...