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This paper studies the main factors that explain the low regional mobility in Spain, with a view to identifying policy options at the regional and central level to promote labor mobility. The empirical analysis finds that house prices, labor market conditions, and the pervasiveness of labor market duality at the regional level are the main determinants for Spain’s regional mobility, while labor market institutions and policies play an important role at the national level. Policies that facilitate wage setting flexibility and reduce labor market duality could help enhance the functioning of the labor market, thereby promoting labor mobility. There may be also room for policies to incentivize people to move and provide support through targeted active labor market policies.

Macroeconomics --- Economics: General --- International Economics --- Labor --- Emigration and Immigration --- Foreign Exchange --- Informal Economy --- Underground Econom --- Geographic Labor Mobility --- Immigrant Workers --- Unemployment: Models, Duration, Incidence, and Job Search --- Urban, Rural, and Regional Economics: Regional Migration --- Regional Labor Markets --- Population --- Demand and Supply of Labor: General --- International Migration --- Labor Force and Employment, Size, and Structure --- Economic & financial crises & disasters --- Economics of specific sectors --- Labour --- income economics --- Migration, immigration & emigration --- Financial crises --- Economic sectors --- Labor markets --- Migration --- Population and demographics --- Labor mobility --- Labor force --- Unemployment rate --- Currency crises --- Informal sector --- Economics --- Labor market --- Emigration and immigration --- Unemployment --- Spain

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We study the effect of external financing constraint on job creation in emerging markets and developing countries (EMDC) at the firm level by looking at a specific transmission channel - the working capital channel. We develop a simple model to illustrate how the need for working capital financing of a firm affects the link between financial constraint and the firm's job creation. We show that the effect of relaxing financial constraint on job creation is greater the smaller the firm scale and the more labor-intensive its production structure. We use the World Bank Enterprise Surveys data to test the main predictions of the model, and find strong evidence for the working capital channel of external finance on firm employment.

Labor --- Macroeconomics --- Economic Theory --- Firm Behavior: Empirical Analysis --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Financial Institutions and Services: General --- Labor Force and Employment, Size, and Structure --- Labor Demand --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Labor Economics: General --- Financial Economics --- Wages, Compensation, and Labor Costs: General --- Labour --- income economics --- Economic theory & philosophy --- Job creation --- Financial frictions --- Labor share --- Economic theory --- Labor economics --- Economic forecasting --- United States

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We analyze the differential impact of the COVID-19 crisis on the Spanish labor market across population groups, as well as its implications for income inequality. The main finding is that young, less educated, and low skilled workers, as well as women are the most affected by the COVID-19 shock in terms of job loss rates. The differential impacts were especially acute at the height of the pandemic in 2020 and remain robust after taking into account the heterogeneity of sector characteristics. Given that these vulnerable groups were positioned in the lower end of the income distribution before the crisis, we hypothesize that income inequality likely has increased due to the pandemic. Policies aiming at reducing inequality in the labor market need to go beyond measures that target the hardest-hit sectors and support the vulnerable groups more directly.

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We study how low interest rates in the United States affect risk taking in the market of crossborder leveraged corporate loans. To the extent that actions of the Federal Reserve affect U.S. interest rates, our analysis provides evidence of a cross-border spillover effect of monetary policy. We find that before the crisis, lenders made ex-ante riskier loans to non- U.S. borrowers in response to a decline in short-term U.S. interest rates, and, after it, in response to a decline in longer-term U.S. interest rates. Economic uncertainty and risk appetite appear to play a limited role in explaining ex-ante credit risk. Our results highlight the potential policy challenges faced by central banks in affecting credit risk cycles in their own jurisdictions.

Risk --- Economics --- Uncertainty --- Probabilities --- Profit --- Risk-return relationships --- Econometric models. --- Banks and Banking --- Industries: Financial Services --- Financial Markets and the Macroeconomy --- Monetary Policy --- International Finance: General --- International Policy Coordination and Transmission --- International Financial Markets --- Financial Institutions and Services: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Interest Rates: Determination, Term Structure, and Effects --- Finance --- Financial services law & regulation --- Loans --- Syndicated loans --- Credit risk --- Market risk --- Short term interest rates --- Financial institutions --- Financial regulation and supervision --- Financial services --- Financial risk management --- Interest rates --- United States