Artículos
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Corporate finance: Banks versus capital markets
1 febrero 2023
Tension in the corporate bond market since the start of the inflationary spiral towards the
end of last year has driven a sharp increase in secondary market rates, as well as a sharp contraction in primary market issuance, forcing many corporates back to the bank financing channel they had previously abandoned. Nonetheless, rather than seeing this development
as a setback, it reflects the complimentary rather than substitutive nature of bank and
market corporate financing, with the banks acting as a back-up option when the bond markets are temporarily unable to finance the productive apparatus.
Autores: Alberni, Marta, Berges, Ángel, Rodríguez, María
Etiquetas: Corporate financing
Monetary policy 2023 and interest rate increases: Outlook and impact
The monetary policy roadmap for 2023 will continue to prioritize the fight against inflation, with successive official rate increases at least for much of the year, although accompanied by a slower increase in EURIBOR. Within this context, the banks will continue to play a key role in credit provision to the economy, yet while they could face improved income prospects, notable challenges exist within the prevailing uncertain climate.
Autores: Carbó Valverde, Santiago, Rodríguez Fernández, Francisco
Etiquetas: Monetary policy
Managing the risks of quantitative tightening in the euro area
Recent quantitative tightening decisions undertaken by the ECB are important to reduce surplus liquidity and improve the functioning of the monetary transmission mechanism in the euro area. Nevertheless, they pose important risks for commercial banks, central banks, government finances, and the ECB itself.
Autores: Jones, Erik
Etiquetas: Unwinding QE
Outlook for the Spanish economy in the face of falling energy prices
The combination of labour market resilience and an easing of inflationary pressures arising
from lower energy prices, coupled with higher than anticipated natural gas storage levels in Europe, means that the economy is likely to perform better than initially thought. Albeit
economic uncertainty weighs heavily on forecasting, in 2024, the Spanish economy is expected to reach pre-pandemic growth levels, with fiscal indicators improving in tandem
with recovery; however, fiscal sustainability will depend on the credibility of the targets set for correcting current imbalances and the transformational nature of the investments financed using the NGEU funds.
Autores: Fernández, María Jesús, Torres, Raymond
Etiquetas: Spanish economy
The global economy in times of polycrisis
2022 was characterised by uncertainty, economic and financial markets volatility, and most
importantly, an acceleration in the regime shift in which the global economy is immersed.
Although many questions remain unanswered, 2023 should shed some more light on
key future international economic trends, with the search for a new equilibrium in prices, economic policy and geopolitics the main variables to watch.
Autores: Díez Guijarro, José Ramón
Etiquetas: Global outlook
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