Articles

Articles

The growing influence of BRICS+ and what it means for Europe

The world economy is entering a new phase, one where the traditional dominance of Western powers is increasingly being challenged by a coalition of emerging economies: BRICS+


Spanish non-financial corporates’ balance sheets: Asset growth and deleveraging in the euro era

Since entering the euro area, Spain’s non-financial corporations have doubled their real asset base while significantly reducing leverage, particularly bank debt. This structural shift from debt-financed expansion to self-funded investment reflects broader changes in corporate behavior amid evolving economic and financial conditions.


Bank bond spreads after the Global Financial Crisis: From fragility to fundamental strength

Once seen as safer and cheaper than corporate debt thanks to its regulated profile and implicit government backing, since the 2008 financial crisis, bank-issued debt has carried a risk premium, driven by regulatory shifts, sovereign exposures, and profitability concerns. Recent improvements in capital generation, liquidity, and diversification suggest that the premium may no longer be justified on fundamental grounds.


Bridging the financial literacy gap: Structural, cognitive, and situational disadvantage in adolescence

In recent years, adolescent financial literacy has gained prominence as a critical skill, yet large gaps persist across academic and socioeconomic cohorts, as well as across varying degrees of exposure to financial education. These disparities reflect deeper structural and educational inequalities, emphasizing the need for targeted interventions that equip all students for real-world financial decision-making.


Revolving credit in Spain: Between financial inclusion and consumer risk

Revolving credit plays a growing but still limited role in Spain’s household borrowing landscape, offering flexible financing to consumers with limited access to conventional credit. However, its complex structure and high associated costs raise concerns around transparency, education, and regulatory oversight.


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