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Durante un año Emilio Gancedo se echó a la carretera y pacientemente hizo un recorrido por la diversidad y heterogeneidad de lo que hoy llamamos España. En su camino se encontró y charló largo y tendido con personas vinculadas al medio rural, todas ellas cultivadoras de recuerdos, ejemplos comprometidos con la memoria viva. Fruto de ese trabajo es Palabras mayores, una suma de historias, recuerdos, anhelos y enseñanzas de una generación, los nacidos antes o inmediatamente después de la guerra civil, a quienes prácticamente hemos dejado de escuchar; un libro que rescata muchas experiencias y enseñanzas útiles para el presente de unas gentes extraordinarias que pasaron en pocas décadas del Neolítico a Internet.

Spain

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Spain’s structural reforms, implemented around 2012, have arguably contributed to a faster and stronger economic recovery. In particular, there is strong evidence that the 2012 labor market reforms increased wage flexibility, which helped the Spanish economy to regain competitiveness and create jobs. But the impact of these labor reforms on income inequality and social inclusion has not been analyzed much. This paper aims to shed light on this issue by employing an econometric decomposition procedure combined with the synthetic control method. The results indicate that the 2012 labor reforms have helped improve employment and income equality outcomes with no substantial impact on the overall risk of poverty. Nevertheless, the reforms appear to have induced a deterioration of average hours worked, in-work poverty, and possibly also of involuntary part-time employment.

Spain

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Assessing when credit is excessive is important to understand macro-financial vulnerabilities and guide macroprudential policy. The Basel Credit Gap (BCG) – the deviation of the credit-to-GDP ratio from its long-term trend estimated with a one-sided Hodrick-Prescott (HP) filter—is the indicator preferred by the Basel Committee because of its good performance as an early warning of banking crises. However, for a number of European countries this indicator implausibly suggests that credit should go back to its level at the peak of the boom after the credit cycle turns, resulting in large negative gaps that might delay the activation of macroprudential policies. We explore two different approaches—a multivariate filter based on economic theory and a fundamentals-based panel regression. Each approach has pros and cons, but they both provide a useful complement to the BCG in assessing macro-financial vulnerabilities in Europe.

Spain

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Spain

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Spain