The Fiscal Policy response to the crisis in the European Union

Cuando en el verano de 2007 se percibieron los primeros síntomas de la crisis económica que se avecinaba, pocos eran los que aventuraban el papel central que adquiriría la política fiscal en la gestión de la misma. La Unión Europea, que a partir del Tratado de Maastricht había fijado unas reglas cuantitativas de actuación para las cuentas públicas -en consonancia con los postulados del Consenso de Washington-, las reformó en 2005, justo un par de años antes de que se desencadenara la crisis, imprimiéndoles un sesgo menos rígido y permitiendo un mayor margen de maniobra para la política fiscal. En este contexto marcado por la crisis económica y la existencia de unas pautas de actuación para sector público, se desarrolla la respuesta planteada por la Unión Europea para luchar contra la recesión. Al análisis de la vertiente fiscal de dicha respuesta va destinado este trabajo. --------------------------------------------------When in the summer of 2007 the current crisis began, very few analysts thought about the relevance of fiscal policy to its solution. The European Union which had fixed rules for Public Budget and Debt after Maastricht Treaty – following the spirit of Washington Consensus – decided to reform them in 2005, just a couple of years before the crisis unleashed, adopting a more flexible philosophy. In this framework, with both the economic crisis and the rules settled for the public finances, the European Union adopted some measures to fight against the recession. This paper tries to analyze the fiscal policy side of the EU response to the economic downturn.Sociedad de Economía Mundia

Las trece suspensiones de pagos de la historia de España

España fue el primer país en suspender pagos y el que más veces ha estado en esta situación. Pero ¿qué es una suspensión de pagos y en qué se diferencia de una quiebra? Como veremos en este artículo, la clave está en los activos. A lo largo del mismo, haremos un recorrido por nuestra historia desde el momento en el que se suspenden pagos por primera vez (siglo XVI) hasta el momento en que se vive, por última vez (siglo XX), esta situación en nuestro país. Aprovecharemos la ocasión para dar un repaso a los errores históricos cometidos y acumulados en materia económica, con la intención de que nos sirvan como reflexión sobre aquello que coloca a las economías al borde del abismo.Spain was the first country that suffered a suspension of payments and the one that was more times under these ugly situations. But what is a suspension of payments and what is the difference between it and a bankruptcy? As we will see in this article, assets are the key. Through its paragraphs we will have a look to our History, paying special attention to the period between our first suspension of payments (16th century) and our last one (20th century). We will also make a reflection on the economic mistakes committed by us and accumulated along the centuries in order to realize what take countries to the verge of the abys

Demographic, clinical, and functional determinants of antithrombotic treatment in patients with nonvalvular atrial fibrillation

Altres ajuts: Alliance Bristol-Myers Squibb/Pfizer.Background: This study assessed the sociodemographic, functional, and clinical determinants of antithrombotic treatment in patients with nonvalvular atrial fibrillation (NVAF) attended in the internal medicine setting. Methods: A multicenter, cross-sectional study was conducted in NVAF patients who attended internal medicine departments for either a routine visit (outpatients) or hospitalization (inpatients). Results: A total of 961 patients were evaluated. Their antithrombotic management included: no treatment (4.7%), vitamin K antagonists (VKAs) (59.6%), direct oral anticoagulants (DOACs) (21.6%), antiplatelets (6.6%), and antiplatelets plus anticoagulants (7.5%). Permanent NVAF and congestive heart failure were associated with preferential use of oral anticoagulation over antiplatelets, while intermediate-to high-mortality risk according to the PROFUND index was associated with a higher likelihood of using antiplatelet therapy instead of oral anticoagulation. Longer disease duration and institutionalization were identified as determinants of VKA use over DOACs. Female gender, higher education, and having suffered a stroke determined a preferential use of DOACs. Conclusions: This real-world study showed that most elderly NVAF patients received oral anticoagulation, mainly VKAs, while DOACs remained underused. Antiplatelets were still offered to a proportion of patients. Longer duration of NVAF and institutionalization were identified as determinants of VKA use over DOACs. A poor prognosis according to the PROFUND index was identified as a factor preventing the use of oral anticoagulation