Economic Notes

The Economic Notes address specific matters relating to conjunctural developments and to methodological and statistical issues. They seek to bring the papers and analyses of the Banco de España to the attention of the general public and to improve knowledge of the Spanish economy.

Since January 2017 the Economic Notes have been disseminated ahead of the related quarterly Economic Bulletin and are listed by release date or by subject.

All documents are available in PDF format PDF File. Opens in a new window

  • 21/10/2021
    Measure to support credit and the financial sector in banking systems considered material for Spain (431 KB) Alejandro Buesa, Elena Vidal, José Luis Puente and Alberto Flores

    Since March 2020, the world’s major economies have approved financial and regulatory measures to limit the impact of the health crisis on both the overall economy and their respective financial systems. This paper summarises the measures implemented by countries outside the European Union and the euro area that are considered material for the Spanish banking system (the United Kingdom, the United States, Mexico, Brazil, Turkey, Chile, Peru and Colombia). It focuses particularly on the measures that remain in force, both those attempting to support the most vulnerable sectors affected by the pandemic (moratoria on loans to households, firms and other entities) and those intended to encourage lending and to support the financial system. The former set of measures has already expired in the vast majority of the countries considered, although some temporary easing of the solvency and liquidity requirements applicable under normal conditions remains in effect. Nonetheless, these measures will foreseeably come to an end in the near future (e.g. the reduced countercyclical buffer requirements and the deferred implementation of accounting and prudential standards).

  • 22/09/2021
    Turkey: macro-Financial situation (1 MB) Paula Sánchez Pastor

    In 2021, the Turkish economy continued to be highly influenced by the course of the COVID-19 pandemic. Turkey has been more dynamic than other emerging economies since the start of the pandemic, but faces a number of macro-financial challenges as a result of imbalances that have become more acute during the crisis. These include, notably, high and persistent inflation, sizeable external financing needs (non-financial corporations have high levels of foreign currency-denominated debt), low international foreign currency reserves and growing bank deposit dollarisation. The banking sector remains relatively sound and its NPL ratio has declined, although some of its other indicators, such as profitability and solvency ratios, have slightly worsened.

  • 08/03/2021
    Turkey: macro-financial situation (1 MB) Juan Carlos Berganza, Paula Sánchez Pastor and Begoña Lara

    As in other countries, the effect of the pandemic and the global recession on the Turkish economy was mitigated by the fiscal, financial and monetary support implemented by the country’s authorities. In fact, Turkey was one of the few economies of significant size to record positive GDP growth in 2020 as a whole. However, this policy support also exacerbated the pre-existing macroeconomic imbalances. First, the sharp increase in credit is among the determinants behind the growth in domestic demand. Second, a notable weakening of the lira was observed, leading the already-high inflation rate to rise further. However, in the final stretch of the year the Turkish central bank shifted towards more orthodox monetary policy, helping to restore – at least in part – investor confidence. The banking sector has remained healthy, although overall asset quality has deteriorated as exposure has increased.

Contact Us

Information Management and Dissemination Unit

Related Information

Publications Search


Related Services