Articles
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El desarrollo de la economía española. Retos pendientes
17 October 2022
El capítulo realiza un breve repaso histórico de cómo se ha llegado a una economía desarrollada y plenamente integrada en la Unión Europea (UE).
Autores: Moral, María José
Tags: Economía española
Housing markets ahead of the threat of recession
5 October 2022
Despite the drop in household income as a result of inflation, the housing market has remained dynamic due to its safe-haven appeal, pent-up savings and abundant financing. This atypical trend may, however, be reaching an inflection point in the face of changing monetary conditions; nonetheless, we are not looking at a market standstill or a major increase in non-performing loans but rather a sharp slowdown of the current expansionary cycle, with the main risk to this baseline scenario stemming from the macroeconomic effects of the energy crisis and a worsening geopolitical context.
Autores: Torres, Raymond
Tags: Housing Market
Income inequality in year one of the pandemic
Social protection measures rolled out by the government during the COVID-19 crisis strongly mitigated the negative effect of the pandemic on lower income households. However, public transfers were not enough to fully neutralize the increase in inequality in Spain, which must be attributed to more structural factors.
Autores: Bandrés, Eduardo
Tags: Income inequality
Securing fiscal stability in the context of uncertainty
Decisive policy action in response to the pandemic at the EU and Spanish level has been more effective than measures taken to tackle the Great Recession; yet, recent support measures have clouded the outlook for fiscal stability. Ensuring compliance with the European fiscal rules and securing a path towards debt sustainability in the future will require defining today the reforms and targets needed to realign public revenue with expenditure.
Autores: Lago Peñas, Santiago
Tags: Fiscal stability
Monetary policy and business lending: Impact on pricing
The recent reversal of the ECB´s unconventional monetary policy is already driving interest rates higher, raising the risk of triggering an increase in corporate bankruptcies, which would increase the private sector´s marginal cost of borrowing even further. As interest rate hikes have started around the world, global central banks will have to determine whether or not they chose to live with inflation, or risk adverse consequences for the economy.
Autores: Aires, Diego, Mota, Antonio, Olmo, Francisco del, Rojas, Fernando
Tags: Corporate lending
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