Sectoral and occupational employment growth in Spain 1995-2005

Between 1995 and 2005, the Spanish economy grew at an annual average rate higher than 3,5%. Total employment increased by more than 4.9 millions. Most of this growth was in occupations related with university degrees (more than 890,000, 18% of the total employment increase) and vocational qualifications (more than 855,000, 17.5% of the total employment increase). From a sectoral perspective, the main part of this increase took place in “Real estate, renting and business activities” (K sector in NACE rev.1), “Construction” (F sector) and “Health and social sector” (N sector). This paper analyses this employment growth in an Input-output framework, by means of a structural decomposition analysis (SDA). Two kinds of results have been obtained. From a sectoral perspective we decompose employment growth into Labour requirements change, technical change and demand change. From an occupational perspective, we decompose the employment growth in substitutions effect, labour productivity effect and demand effect. The results show that, in aggregated terms, the main part of this growth is attributable to demand growth, with a small technical improvement. But the results also show that this aggregated behaviour hides important sectoral and occupational variation. The purpose of this paper is to contribute to the ongoing debate over productivity growth and what has been called the “growth model” for the Spanish economy.

Implantació d'una plataforma informàtica en una entitat financera fusionada

Els darrers anys han estat molt convulsos en el món financer. De tots és coneguda la crisi, immobiliària en un primer moment, i financera més tard. Reestructuracions, fusions, absorcions, intervencions i nacionalitzacions han estat a l’ordre del dia en el món de les entitats financeres els últims 3 anys. El mapa financer ha passat de més de 50 entitats a poc menys de 10 en tan sols 3 anys. Els departaments de tecnologia de bancs i caixes no han estat aliens a aquests moviments. Tot i estar relativament al marge del negoci financer de l’entitat, cada fusió ha atorgat un paper protagonista a tota la plantilla informàtica. Ja que cada reestructuració ha suposat un gran esforç per integrar entitats molt diferents entre si en una de sola. Intentant que l’impacte a clients i a usuaris fos el menor possible. Caixa Manlleu és un exemple proper de la reestructuració del món financer, i ha protagonitzat, juntament amb Caixa Sabadell i Caixa Terrassa, la creació d’Unnim. Aquest cas real serà la base del treball. El projecte consisteix en la creació d’una plataforma informàtica per a la nova entitat resultant de la fusió. Una plataforma amb un doble objectiu: d’una banda, que reculli el millor de les tres plataformes d’origen i que compleixi tots els requestis que la nova entitat exigeix per tal que els usuaris puguin continuar fent les tasques diàries. I de l’altra, una plataforma que posi al dia i actualitzi tecnològicament l’entitat amb el mínim cost possible. Així doncs, cal analitzar per separat cadascuna de les 3 plataformes existents, inventariar les aplicacions comunes i les departamentals, així com les llicències de software vigents existents i no caducades. Decidir quines aplicacions es faran servir, si se’n poden aprofitar o si per contra en calen de noves. També cal analitzar quins equips informàtics (terminals) es necessitaran per tal de treure el màxim rendiment de la plataforma. Entre les conclusions obtingudes en el projecte, cal destacar els grans avantatges d’utilitzar aplicacions virtualitzades en lloc de les tradicionals aplicacions instal·lades físicament a cada terminal. Faciliten la feina i el manteniment, estalvien recursos i fan guanyar temps. A més a més s’aconsegueix una plataforma àgil, lleugera i ràpida.

Dollarization and the relationship between EMBI and fundamentals Latin American countries

This paper presents empirical evidence on the interrelationship that exists between the evolution of the Emerging Markets Bonds Index (EMBI) and some macroeconomic variables in seven Latin American countries; two of them (Ecuador and Panama), full dollarized. We make use of a Cointegrated Vector framework to analyze the short run effects from 2001 to 2009. The results suggest that EMBI is more stable in dollarized countries and that its evolution influences economic activity in non-dollarized economies; suggesting that investors confidence might be higher in dollarized countries where real and financial economic evolution are less tied than in non-dollarized ones.

Dollarization and the relationship between EMBI and fundamentals Latin American countries

This paper presents empirical evidence on the interrelationship that exists between the evolution of the Emerging Markets Bonds Index (EMBI) and some macroeconomic variables in seven Latin American countries; two of them (Ecuador and Panama), full dollarized. We make use of a Cointegrated Vector framework to analyze the short run effects from 2001 to 2009. The results suggest that EMBI is more stable in dollarized countries and that its evolution influences economic activity in non-dollarized economies; suggesting that investors confidence might be higher in dollarized countries where real and financial economic evolution are less tied than in non-dollarized ones.

Real unit labour costs in Eurozone countries: drivers and clusters

We examine the trajectories of the real unit labour costs (RULCs) in a selection of Eurozone economies. Strong asymmetries in the convergence process of the RULCs and its components —real wages, capital intensity, and technology— are uncovered through decomposition and cluster analyses. In the last three decades, the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) succeeded in reducing their RULCs by more than their northern partners. With the exception of Ireland, however, technological progress was weak; it was through capital intensification that periphery economies gained efficiency and competitiveness. Cluster heterogeneity, and lack of robustness in cluster composition, is a reflection of the difficulties in achieving real convergence and, by extension, nominal convergence. We conclude by outlining technology as the key convergence factor, and call for a renewed attention to real convergence indicators to strengthen the process of European integration.