Spain
Spanish paper analyses financial innovation in sovereign debt
Working paper published by the Bank of Spain studies how financial innovation in sovereign debt markets can increase a country’s level of private investment and welfare
Global economy in ‘unprecedented scenario’, says Linde
The global economy faces an "unprecedented scenario", including "risks to financial stability and possible highly volatile movements in the prices of financial assets", says Bank of Spain governor
Linde: ECB’s QE is already ‘bearing fruit’
Households and families are enjoying better financing conditions due to the ECB’s quantitative easing programme, argues Luis Linde, governor of the Bank of Spain
Spanish paper analyses impact of securitisation on bank capital structures
Securitising banks ‘increase their loan volumes and their ratios of loans over total assets,’ changing their business model, working paper finds
Bank of Spain administrators file for Banco de Madrid bankruptcy
Spanish central bank announced today Banco de Madrid has filed for bankruptcy after a large withdrawal of funds ‘affected its ability to meet its obligations in a timely manner’
Bank of Spain takes over unit of Andorran bank facing US probe
Bank of Spain appoints two administrators to Banco de Madrid, after Andorran parent company named as ‘primary money laundering concern’ by US authority
Spanish deputy favours ‘moral persuasion’ in supervision
Fernando Restoy believes supervisors should have the ‘ability to influence the decisions’ of the managers of the entities it oversees through ‘moral persuasion’
IMF researchers add eurozone detail to fund’s global projection model
Working paper adds ‘blocks’ for Germany, France, Italy and Spain to the model in an effort to capture the dynamics in the eurozone in greater detail
Spanish paper finds relationship between number of lawyers and litigation rates
Working paper published by Bank of Spain warns not to read too much into results, but finds they are useful in conducting a ‘preliminary’ evaluation of recent reforms
Linde says ECB’s stimulus package is ‘ambitious’
Luis Linde, governor of the Bank of Spain, estimates the European Central Bank will buy €100 billion of Spanish government debt under its new asset purchase programme
Impact of flight to liquidity on bonds important for policy-makers, study finds
The effects of flight to liquidity episodes on bond markets ‘are important for policy-makers’, since they are associated with ‘lower macroeconomic confidence’, research finds
Linde fears ‘revival’ of debt sustainability concerns
Concerns about the sustainability of European sovereign debt have not disappeared and could be reactivated if the economic conditions worsen, says Linde
Healthy domestic variables can smooth rating downgrades, paper finds
Good domestic variables can help a country recover from a sovereign rating downgrade, but these fundamentals have little capacity to accelerate on an ‘upgrade cycle’, research finds
Spanish working paper explores inflation dynamics
Research considers the impact of different industrial structures on the response of inflation to technology, interest rate and entry cost shocks
Spain looks to create $7.5 billion resolution fund
Spanish government publishes draft bill that will transpose the BRRD into national law and establish a national resolution fund, in preparation for the SRM
Linde: Spanish banks have ‘solid solvency position’
Bank of Spain governor says performance of Spanish banks during ECB stress tests was ‘positive’; banks face the future in a ‘solid solvency position’
Spain ‘decoupled’ from other eurozone economies, says Banque de France paper
Working paper warns Spanish economy’s convergence with eurozone is ‘sluggish and incomplete’, with the sharpest decoupling beginning a year before the sovereign debt crisis
Productivity gains in the banking industry affect interest rates, study finds
More productive banks set lower interest rates on loans and higher rates on deposits, increasing their market share, according to a study by the Bank of Spain
Trade balance improves after fiscal devaluation, study finds
European economists analyse the effects of a temporary fiscal devaluation in Spain and Portugal, finding it leads to improved trade balance
Spanish economists adapt model on business cycle conditions to forecast growth
Working paper published by the Bank of Spain extends an existing model on US business cycle conditions to forecast GDP growth in real time
Linde points to growing ‘dynamism’ in Spanish economy
Bank of Spain governor expects 2% annual GDP growth in the fourth quarter of 2014 and throughout 2015, but insists there are risks to Spanish recovery
Spanish economists see short-run benefits in structural reforms
Working paper published by Bank of Spain says product and labour market reforms could boost output and employment now and in the future
Big eurozone economies dragged each other down during eurozone crisis
Sovereign CDS in Spain and Italy showed ‘notable co-dependence' in 2009–12 and also explained much of the widening in Germany's spreads, IMF paper says
IMF praises ‘dramatic’ turnaround in Spanish bank sector
Final report on Spain’s financial sector reform programme says ‘steadfast’ implementation paid dividends, but warns of a number of alarming trends still prevalent in the financial sector