Artículos
Private credit and the relocation of risk in modern finance
Private credit has expanded rapidly into segments vacated by banks, emerging as a central pillar of corporate financing within the non-bank ecosystem. Its continued growth, alongside persistent linkages to the banking system, is reshaping the distribution of risk and raising questions about how losses would…
The dollar′s uncertain hegemony: Headed towards a new equilibrium?
Autores:
Díez Guijarro, José Ramón
The dollar has lost more than 11% of its effective exchange rate value since early 2025, defying the appreciation that would normally accompany higher tariffs. The evolution reflects not just policy uncertainty but a deeper recalibration of the dollar′s role as the anchor of the…
EU trade agreements and goods exports: The Spanish differential
Spanish goods exports exhibit greater responsiveness to EU trade agreements than those of other member states, with the divergence becoming more pronounced over time. Where trading partners share historical or linguistic ties with Spain, export growth is driven primarily by the intensive margin; where such…
The impact of the Middle East conflict on the Spanish economy
The conflict in the Middle East has renewed inflationary pressures in Spain through higher energy and commodity prices, further weakening a growth outlook already strained by rising trade tensions. Domestic demand remains strong for now, but a prolonged closure of the Strait of Hormuz would…
The EU’s next budget: from redistribution to competitiveness
Autores:
Carnicero Urabayen, Carlos
Europe retains strong scientific capabilities, yet structural weaknesses continue to limit its ability to turn research into scalable businesses and global technological leadership. The challenge is not new, but the context is. The US and China are intensifying their technological competition, governments are tightening controls…