News and highlights
Women in Economics (WinE) Committee Member
Laura Hospido
has been appointed as a member of the Women in Economics (WinE) Committee of the European Economic Association for a three-year term. The Standing Committee on Women in Economics was established on the requested of EEA President-Elect, Birgit Grodal, in 2003, and was created by the Executive Committee and the Council of the EEA at the 20th EEA Congress held in Amsterdam, 2005. The WinE objective is to support women in the economics profession by facilitating the formation of networks, by circulating information on, or relevant to, female economists, and by providing a forum for discussion of issues relevant to women in academics. More information can be accessed here
New data accessible for Researchers at BeLab
The Banco de España now includes Central Credit Register (CCR) data in its data laboratory (BELab) for economic and financial researchers to use. The CCR is a public service that manages a large database containing instrument-by-instrument data on reporting agents’ credit exposures to all their customers. More details can be found here.
Latest Research Feature
We document that overcollateralisation of banks' secured liabilities is positively associated with the risk premium on their unsecured funding. We rationalize this finding in a theoretical model in which costs of asset encumbrance increase collateral haircuts and the endogenous risk of a liquidity-driven bank run. We then test the model's predictions using a novel dataset on asset encumbrance of the European banks. Our empirical analysis demonstrates that banks with more costly asset encumbrance have higher rates of overcollateralisation and rely less on secured debt. Consistent with theory, the effects are stronger for banks that are likely to face higher fire-sales discounts. This evidence acts in favour of the hypothesis that asset encumbrance increases bank risk, although this relationship is rather heterogeneous.
Research Update Fall 2021
You can access to the Fall 2021 edition here.
9th Research Workshop Banco de España – CEMFI
You can access to the progamme here.
Third Conference on Financial Stability
More information, including the full programme, can be found here.
Latest research feature 
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Each year, nearly 200,000 abused and neglected children are placed into foster care in the U.S., yet the causal impacts of this policy are not fully understood. Using administrative data, we find that out-of-home placements result in significant increases in the test scores and decrease the likelihood of grade repetition of young girls (removed before the age of six). We do not find detectable impacts in young boys. Our findings suggest that removal impacts are particular to gender.
Joint CEPR and Seventh Banco de España Economic History Seminar
More information, including the full programme, can be accessed here.
Analysis and research priorities for the Banco de España: 2020-2024
Analysis and research priorities for the Banco de España: 2020-2024
The Banco de España has published the analysis and research priorities on which it will be focusing in the coming years. This will give it the analytical capacity needed to prepare it for the challenges that the various changes in the economic and social environment pose for its mission. With this publication, the Banco de España takes a further step in its policy of research activity transparency, seeking in turn to promote collaboration in these priority areas with academia and the community of economic analysts. Read the full document here (185 KB).
Call for research projects in Economic History
Banco de España launches the annual programme of research grants for excellent research projects in Economic History. Access the call for projects here (4 MB).
Events affected by COVID-19
Due to the extraordinary circumstances caused by Covid19 several conferences organized by Banco de España are being cancelled or postponed. This includes the Malaga Finance Workshop initially scheduled for June 4-5 and the workshop on labor economics initially scheduled for June 7-8.
JEEA outstanding article award
The EEA has awarded the Hicks-Tinbergen medal 2020 to Jose Asturias, Manuel García-Santana and Roberto Ramos for their paper "Competition and the Welfare Gains from Transportation Infrastructure: Evidence from the Golden Quadrilateral of India" (JEEA, 17(6)).
Outstanding referee award
Omar Rachedi has been awarded the 2019 referee prize of the Economic Journal, which recognizes the contribution of exceptional referees with an annual award.
Data Laboratory
The Banco de España has launched a data laboratory (BELab) to provide access to the research community to high-quality microdata compiled by the institution. BELab will be making microdata on non-financial corporations reporting to the Central Balance Sheet Data Office available to researchers. The dissemination of these data is part of the agreement entered into on 11 July this year between the Banco de España and the Spanish Mercantile and Property Registrars’ Association, which authorises the controlled or confidential use of this information. Like other laboratories of Eurosystem institutions, BELab is a member of the INEXDA1 network and applies protocols for secure access to sensitive data. Initially, data use will obligatorily be on the premises of the Banco de España (at calle Alcalá, 522), where a safe environment (an on-site laboratory or data room) is located. More information can be found here.
Outstanding referee award
Omar Rachedi has been awarded the 2019 referee prize of the Economic Journal, which recognizes the contribution of exceptional referees with an annual award.
Workshop: “Housing affordability: Policies in the rental market”
More information, including the full programme, can be found here.
Job openings for PhD economists
The Banco de España is hiring in the job market. The Bank is interested in individuals with strong modeling and empirical skills to conduct high-quality policy-oriented research, to produce reports for the Bank's senior managament and to write for the Bank's publications. The application deadline is 15 November 2019. Job details
24th Meeting of the Central Bank Researchers Network CEMLA
On October 30 and 31, the Banco de España hosted the 24th Meeting of the Central Bank Researchers Network CEMLA. Dimitrios Tsomocos gave the keynote speech. Program (263 KB)
6th World Bank-Banco de España International Policy Conference
More information, including the full programme, can be found here.
7th Joint BdE-CEMFI Research Workshop
On October 22, 2019, the Banco de España hosted the 7th Joint Research Workshop with CEMFI in which researchers from both institutions will discussed their recent work. This meeting continued the series of regular workshops meant to forge stronger links between the Banco de España and the wider Madrid research community. Program (249 KB)