MODIFICACIONAUTORES
Por qué los estímulos del BCE no impulsaron el crédito
La expansión cuantitativa (QE) puesta en marcha por el BCE tras la la Gran Recesión tenía como uno de sus grandes objetivos ...
Mapping Disadvantage in Adolescent Financial Literacy: Cognitive, Structural, and Situational Pathways
This paper proposes a multidimensional typology of disadvantage–cognitive, structural, and situational–to better understand disparities in adolescent financial literacy. Using data from the OECD-PISA 2022 Financial Literacy module (N = 97,983 students across 20 countries), we construct standardized indices to capture each disadvantage type and estimate their effects through weighted regressions and machine learning. Our results show that students with cognitive disadvantage scores, on average, 58 points lower in financial literacy; those facing all three disadvantages score up to 92 points lower. We find that school-based financial education can mitigate the effect of situational disadvantage by up to 30 points. The study contributes a novel framework to capture the layered nature of inequality in financial capability and offers clear guidance for targeted policy interventions.
Tensions in the U.S. and eurozone sovereign debt markets
Transatlantic divergence in fiscal and monetary policies is driving renewed volatility in sovereign bond markets, with U.S. Treasury yields elevated and eurozone spreads widening, particularly in Germany. Going forward, the lack of economic policy coordination could continue to generate episodes of instability in international financial markets.
Tensiones en los mercados de deuda soberana de EE. UU. y la eurozona
Este artículo destaca cómo la creciente politización de la política monetaria y fiscal genera movimientos abruptos en los rendimientos, con implicaciones
para la estabilidad financiera global.