Monetary policy decisions by the Federal Reserve System in the US are widely recognised to have spillover effects on the rest of the world. In this paper, we focus on the asymmetric effects of US monetary policy shocks on macro-financial outcomes in emerging market economies (EMEs). We shed...

Motivación El Banco de España realiza un ejercicio anual de identificación de terceros países de fuera del Espacio Económico Europeo con los que las entidades de crédito españolas mantienen exposiciones de relevancia. Por ello, es importante analizar la exposición de la economía...

Rationale Each year, the Banco de España identifies a list of third countries (i.e. those outside the European Economic Area) to which Spanish credit institutions have relevant exposures. To that end, it is important to analyse the Spanish economy’s exposure to these material third countries...

Summary of Banco de España Working Paper no. 2235

This paper describes the set of Bayesian vector autoregression (BVAR) models that are being used at Banco de España to project GDP growth rates and to simulate macrofinancial risk scenarios for Brazil and Mexico. The toolkit consists of large benchmark models to produce baseline projections and...

RationaleEach year, the Banco de España identifies a list of third countries (i.e. those outside the European Economic Area) to which Spanish credit institutions have relevant exposures. To that end, it is important to analyse the Spanish economy’s exposure to these material third countries...

This paper describes the set of Bayesian vector autoregression (BVAR) models that Banco de España uses to project GDP growth rates and to simulate macrofinancial risk scenarios for Brazil and Mexico. The toolkit consists of large benchmark models to produce baseline projections and various...

Monetary policy decisions by the Federal Reserve System in the US are widely recognised to have spillover effects on the rest of the world. In this paper, we focus on the asymmetric effects of US monetary policy shocks on macro-financial outcomes in emerging market economies (EMEs). We shed...