69 research outputs found
Spanish deposit-taking institutions’ net interest income and low interest rates
ArtĂculo de revistaThis article reviews how Spanish deposit-taking institutions’ net interest income has evolved in recent years and explores the main underlying factors, which include the low levels of interest rates. For this purpose, three alternative breakdowns of net interest income are considered. The first shows how the volume of credit and the non-performing loan ratio have been as –or more– significant than net income per unit of assets in explaining the performance of net interest income since the start of the crisis. The second shows the historical importance for Spanish institutions of implicit income from payment services and its loss of significance in the current context of negative short-term market rates. The third illustrates how, since the onset of the crisis, there has been a rise in the yield spread between new lending and interbank rates, which may be partly due to the way in which institutions are responding to low interest rate
Is there a bank lending channel of monetary policy in Spain?
El trabajo utiliza datos de panel de bancos, en el periodo 1991-1998, para probar la existencia de un canal de crédito bancario en la economia española. Con objeto de distinguir entre demanda de préstamos y movimientos de oferta, se han realizado varias pruebas. Primero se analiza el diferencial de respuestas para los cambios de politica monetaria del prestamo bancario por bancos de diferente tamaño, liquidez y capitalizacion. En segundo lugar se analiza la respuesta a un choque exogeno de reduccion de depositos (un cambio inducido de impuestos desde depositos a acciones de fondos de inversion). Los resultados estan, en su mayoria, contra la existencia de un canal de credito bancario en el periodo de analisis. Este resultado parece estar relacionado con la importancia del papel de muchos bancos pequeños como colectores de ahorro, lo que significa que tienen un gran volumen de recursos dispuestos para prestar. Incluye graficos, datos estadisticos y bibliografia. (ih) (ad
Las medidas de expansiĂłn cuantitativa del Eurosistema y la cuenta financiera
ArtĂculo de revist
Evolución reciente de la financiación a sociedades no financieras en España
ArtĂculo de revist
Government revenue in the wake of the pandemic: tax residuals and inflation
Rationale
Following the COVID-19 pandemic, tax revenue has shown strong dynamism, increasing as a proportion
of GDP by 3.7 percentage points since 2019. Understanding the nature of this dynamism is key to
assessing Spanish fiscal policy.
Takeaways
• This article breaks down revenue growth into four explanatory factors: real economic activity, price
growth, the effect of fiscal measures and an unexplained component or tax residual.
• The effect of prices (inflation) has been gaining weight and appears to account for somewhat more
than half of the revenue growth observed in 2022, especially from VAT and personal income tax.
• It is estimated that 2.6 percentage points of the 3.7 percentage point increase in the revenue-to-GDP
ratio cannot be explained by the changes in economic activity, prices or the fiscal measures approved.
In the absence of an explanation about the permanent or temporary nature of this phenomenon, the
principle of prudence would advise against considering this increase in revenue to be permanent
PrevisiĂłn de la carga de intereses de las Administraciones PĂşblicas
En este documento se presenta una herramienta, disponible en el Banco de España, para la previsiĂłn de los pagos por intereses de las Administraciones PĂşblicas (AAPP) en nuestro paĂs. Frente a modelos más detallados, que tienen en cuenta las caracterĂsticas especĂficas y las fechas concretas de pago de los diversos instrumentos individuales de deuda emitidos por las AAPP, el modelo mostrado opta por un enfoque lo más agregado posible, en aras de la simplicidad, pero sin perder por ello capacidad predictiva, como se muestra en el documento. Por otro lado, las variables explicativas y el enfoque contable seguido tienen en cuenta la necesaria coherencia con los ejercicios regulares de proyecciĂłn macroeconĂłmica del Banco de España, de los que constituyen una parteThis document presents a tool, available at the Banco de España, for forecasting General government interest payments in spain. Contrary to some models, which are very detailed and take into account the specific characteristics and dates of every individual debt instrument issued by the government, the tool presented here aggregates as much as possible, for simplicity reasons, but without losing forecasting capacity, as it is shown in the document. Also, the explanatory variables and the accounting approach used are chosen to be consistent with the regular macroeconomic projection exercises of the Banco de España, of which they are par
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