Artículos
Page 118 of 1351
Impact of inflation on the VAT burden for Spanish households in 2021 and 2022
4 octubre 2023
Value added tax (VAT) receipts soared in 2021 and 2022, by 14.9% and 13.4%, respectively, according to the Spanish tax authority (AEAT, 2023). An analysis of the increase in the VAT borne by households those years and how much of the increase is attributable exclusively to the inflation phenomenon shows that Spanish households’ total VAT burden increased by 263.6 euros on average in 2022, of which 138.2 euros (52.4%) is directly attributable to inflation.
Autores: Romero Jordán, Desiderio
Etiquetas: VAT burden
Youth housing affordability in Spain versus the EU
Spanish youth face significantly more difficulties accessing affordable housing than is the case in other European countries –a situation which has worsened in recent years. The main factor appears to be the shortage of rental housing, suggesting that policies should be geared towards promoting supply in that segment of the market, rather than acting in an untargeted manner or supporting demand.
Autores: Torres, Raymond
Etiquetas: Housing affordability
Higher interest rates, excess liquidity and the ECB’s balance sheet
Although the ultimate price stability target has not changed and overnight interest rates remain the channel for policy transmission to the economy, the ECB’s balance sheet has taken on greater purpose relative to its traditional role as a support instrument for monetary policy. Against this backdrop, with the ECB now embarked on the path of policy “normalisation”, it is timely to assess whether it is possible to return to the way things were before 2007, given that excess liquidity is determined by factors exogenous to monetary policy and can coexist with it indefinitely, even if policy is restrictive, as it is today.
Autores: Amor, José Manuel, Ezquiaga, Ignacio
Etiquetas: Policy normalisation
The European Central Bank’s supervisory priorities
The shift in the macroeconomic environment facing the financial sector and the attendant switch in monetary policy tack, together with the recent episodes of financial turbulence in a number of markets, have strengthened the European Central Bank’s resolve to reinforce the resilience of the European banking system. Despite the current environment’s risks, through an assessment of the ECB’s supervisory priorities, recent findings support the strength and adaptability of the European banking sector, so mitigating the probability of future episodes of financial turbulence, such as those observed in other regions.
Autores: Aires, Diego, Mota, Antonio, Olmo, Francisco del, Rojas, Fernando
Etiquetas: Banking supervision
Updated stress testing of the financial sector in the context of high interest rates
While European banks are better positioned to offset potential capital depletion via stronger NII generation, the upward shift in the rate curves is impacting the value of the banks’ investment portfolios. Within this context, the stress tests remain a constantly evolving tool capable of adapting to new sources of risk, such as climate, cybersecurity, geopolitical and pandemic risks, that are not captured in scenarios that only consider stressed financial conditions but can still wreak havoc on the economy and, by extension, the banking system.
Autores: Berges, Ángel, Morales, Jesús
Etiquetas: Stress tests
Page 118 of 1351