Since 1979, the Banco de España’s Economic Bulletin has gathered together the institution’s economic studies and analyses of the current economic situation.
With effect from the beginning of 2023, the Economic Bulletin has become an online publication, encompassing all the articles of analysis previously published in the series “Analytical Articles” and “Economic Notes”, which have been discontinued, and the Quarterly Report boxes. The last article each quarter is the Quarterly report on the Spanish economy, featuring the macroeconomic projections.
The issues of the Economic Bulletin published between January 1979 and December 1998 are available in the Institutional Repository.
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This article summarises the main results of the Bank Lending Survey for 2022 Q4 and the expectations for 2023 Q1. It also analyses matters related to funding market access and the impact of other factors on responding banks’ lending policy.
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To analyse, owing to their macroeconomic implications, the conditions and volume of funding raised by households and firms and to quantify the credit risk taken on by deposit institutions via loans to these two sectors.
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There is significant disparity in the pension expenditure-to-GDP ratio across European countries. This article examines the size of the Spanish pension system relative to those of other EU countries and analyses the drivers behind the differences observed.
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International tourism indicators in Spain are consolidating their recovery towards pre-pandemic levels, after virtually all restrictions on international travel were lifted. Against this background, the changes observed in tourists’ country of origin and travel behaviour should be analysed.
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Turkey is identified annually as a material country for the Spanish and euro area banking systems. Moreover, Turkey and Spain are linked by major trade and financial flows. It is therefore important to monitor the country’s macro-financial situation and main weaknesses.
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In recent years the Spanish business sector has experienced unprecedented shocks: the onset of the pandemic, supply chain bottlenecks and escalating commodity prices. In this setting, it is important to assess the sector’s economic and financial situation.
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The 2015 Paris Agreement is a milestone in the global fight against climate change. Against this backdrop, and as a result of credit institutions’ alignment with the agreement, it is important to analyse its impact on lending to firms.
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As a result of the pandemic and with the aim of adapting to a constantly changing environment, the European Semester has been immersed in an important restructuring process since 2020. The launch of the Recovery and Resilience Facility (RRF), a central element of the Next Generation EU (NGEU) temporary instrument, has made it necessary to adapt the European Semester to avoid overlaps and eliminate unnecessary administrative burdens.
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The current period of high inflation makes it difficult for investors to maintain their profitability targets in real terms. Against this background, it is important to analyse the returns on different types of assets recorded in this and past inflationary episodes.
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Inflation has risen continuously since December 2020. The increase was initially confined to the energy component, but has subsequently spread to food and the other components. It is important to understand the extent to which the spread of inflation is the result of higher energy prices.
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Digitalisation has made significant headway in recent years, particularly following the outbreak of the COVID-19 pandemic. Against this background, it is important to analyse how consumers’ payment habits are changing at the physical point of sale, online and person-to-person.
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