This paper analyzes the international transmission of the fiscal policy when the public expenditure presents a positive externality on the private factors of production, capital and labor. We propose a general equilibrium model with N symmetric countries where there exists perfect mobility in...

The expansion of Spanish banks in Latin America is one of the most important elements of bank internationalisation in recent years. Spanish banks now head the ranking of foreign banks in the region. At first glance, it is paradoxical that at a time of notable progress in the process of European...

Presenta una serie histórica para la economía española del gasto anual en bienes de consumo duradero ; Índice de hojas - Índice de series - Serie de gasto en bienes de consumo duradero - Gastos en bienes de consumo duradero y otras magnitudes - Gastos en bienes de consumo duradero en otros...

Europe has been the driving force of economic policy in Spain over the last four decades and the key factor behind the modernisation and globalisation of the Spanish Economy. Being a founding member of the Economic and Monetary Union (EMU) marked the achievement of one of the key goals in the...

This paper investigates the impact that fiscal policy has on economic activity and sovereign debt during economic downturns in the euro area, mainly Germany and Spain. Our theoretical and empirical framework shows that the macroeconomic returns of austerity crucially depend on the values of...