Documentos Ocasionales

La serie Documentos Ocasionales tiene como objetivo la difusión de resultados de trabajos realizados en el Banco de España en el ámbito de sus competencias que se consideran de interés general para el conocimiento del funcionamiento de la economía española y de su entorno internacional.

Las opiniones y análisis que aparecen en la serie Documentos Ocasionales son responsabilidad de los autores y, por tanto, no necesariamente coinciden con las del Banco de España o las del Eurosistema.

  • 1002
    The Impact of the Global Economic and Financial Crisis on Central Eastern and SouthEastern Europe (CESEE) and Latin America  Archivo PDF: Abre en nueva ventana (1 MB) Sonsoles Gallego, Sándor Gardó, Reiner Martin, Luis Molina and José María Serena

    This paper reviews the impact of the global economic and financial crisis on two distinct emerging market regions: Central, Eastern and Southeastern Europe (CESEE) and Latin America. Similar to other emerging economies, both regions were initially surprisingly resilient as the crisis gathered momentum. They were, however, both strongly affected by the sharp retrenchment in capital inflows and the collapse of global demand that followed the demise of Lehman Brothers in September 2008. Notwithstanding differences in the channels of transmission and the intensity of the propagation, the short-term outcome in 2009 was one of the deepest recessions in decades. As both regions differ in several important respects, the question arises how structural and institutional features as well as policies before and during the crisis have affected the transmission of global events to the two regions under review.

  • 1001
    Housing cycles in the major euro area countries  Archivo PDF: Abre en nueva ventana (1 MB) L. J. Álvarez, G. Bulligan, A. Cabrero, L. Ferrara and H. Stahl

    The recent burst of the house price bubble in the United States and its spillover effects on real economies worldwide has rekindled the interest in the role of housing in the busines cycle. In this paper, we investigate the relationships between housing cycles among the four major euro area countries (Germany, France, Italy and Spain) over the sample 1980Q1-2008Q4. Our main findings are that GDP cycles show a high degree of comovement across these four countries, reflecting trade linkages, but much weaker ones for housing market cycles, where idiosyncratic factors play a major role. House prices are even less related than quantities across countries. We also find much stronger relationships in the common monetary policy period.


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