Retos del sector de Sociedades de Garantía Recíproca frente a la crisis actual

El objetivo de esta investigación es analizar los retos a los que se enfrentan las Sociedades de Garantías Recíprocas (SGR) y su papel en la financiación de la PYME en el contexto actual de crisis financiera en España. Entre las principales conclusiones, destacar que ante las mayores dificultades actuales, las SGR adquieren mayor relevancia para facilitar el acceso al crédito para las PYMES debido a que son un instrumento directo, con su garantía los fondos del sistema bancario llegan hacia estas empresas, y muy eficaz, por el efecto multiplicador de su actividad. Sin embargo, a su vez, estas sociedades están afectadas igualmente por el aumento de la morosidad al que deben enfrentarse y que incide en su actividad avalista. Se analiza, por tanto, la importancia de mantener la solvencia de las SGR y de CERSA (Compañía Española de Reafianzamiento) en niveles adecuados para que puedan cumplir con los retos actuales de ampliar su actividad incluso a un mayor número de PYMES. = The aim of this paper is to analyze the challenges confronted by the Reciprocal Guarantees Societies (SGRs,Spanish acronym), and its role in the financing of SMEs in the current context of financial crisis in Spain. Major findings include, considering the greatest current difficulties of nowadays, that the SGRs acquires greater relevance to facilitate the access to credit for SMEs because they are a direct instrument, with its guarantee funds incoming to these companies from the banking system, and very effective, due to the multiplier effect of its activity. However, in turn, these societies are also affected by the increase in doubtful assets which have to face and that affect his guarantor activity. It is analyzed, therefore, the relevance of maintaining the SGRs and CERSA (Compañía Española de Reafianzamiento) solvency at appropriate levels in order to address the current challenges of expanding its activity, indeed to a larger number of SMEs.

La variación término-fraseológica en el lenguaje de la macroeconomía. Estudio basado en corpus sobre las medidas de saneamiento ante la crisis

Comprender las noticias económicas puede no ser fácil debido tanto a los conocimientos especializados que exige esta área de conocimiento como a la vaguedad con la que, en forma de variación terminológica, se materializan dichas noticias. En este artículo describimos la variación de una serie de unidades terminológicas y fraseológicas en un corpus periodístico sobre los planes de saneamiento del sector financiero y formulamos hipótesis en torno a los motivos que causan este fenómeno.

A qualitative exploration of the impact of the economic recession in Spain on working, living and health conditions: reflections based on immigrant workers' experiences

Background: This study aimed to analyse how immigrant workers in Spain experienced changes in their working and employment conditions brought about Spain's economic recession and the impact of these changes on their living conditions and health status. Method: We conducted a grounded theory study. Data were obtained through six focus group discussions with immigrant workers (n = 44) from Colombia, Ecuador and Morocco, and two individual interviews with key informants from Romania living in Spain, selected by theoretical sample. Results: Three categories related to the crisis emerged – previous labour experiences, employment consequences and individual consequences – that show how immigrant workers in Spain (i) understand the change in employment and working conditions conditioned by their experiences in the period prior to the crisis, and (ii) experienced the deterioration in their quality of life and health as consequences of the worsening of employment and working conditions during times of economic recession. Conclusion: The negative impact of the financial crisis on immigrant workers may increase their social vulnerability, potentially leading to the failure of their migratory project and a return to their home countries. Policy makers should take measures to minimize the negative impact of economic crisis on the occupational health of migrant workers in order to strengthen social protection and promote health and well-being.

The euro area's tightrope walk: debt and competitiveness in Italy and Spain. Bruegel Policy Contribution 2013/11, September 2013

Competitiveness adjustment in struggling southern euro-area members requires persistently lower inflation than in major trading partners, but low inflation worsens public debt sustainability. When average euro-area inflation undershoots the two percent target, the conflict between intra-euro relative price adjustment and debt sustainability is more severe. In our baseline scenario, the projected public debt ratio reduction in Italy and Spain is too slow and does not meet the European fiscal rule. Debt projections are very sensitive to underlying assumptions and even small negative deviations from GDP growth, inflation and budget surplus assumptions can easily result in a runaway debt trajectory. The case for a greater than five percent of GDP primary budget surplus is very weak. Beyond vitally important structural reforms, the top priority is to ensure that euro area inflation does not undershoot the two percent target, which requires national policy actions and more accommodative monetary policy. The latter would weaken the euro exchange rate, thereby facilitating further intra-euro adjustment. More effective policies are needed to foster growth. But if all else fails, the European Central Bank’s Outright Monetary Transactions could reduce borrowing costs.

Le contrôle européen des concentrations et les leçons à tirer de la crise financière et économique = European merger control and the lessons of the financial and economic crisis. Research Papers in Law, 06/2013

No abstract.

The Impact of Spain’s Economic and Political Crisis on the European Elections. EPIN Commentaries No. 17, 2 April 2014

Despite the emergence of a critical debate against the EU-imposed austerity measures both at the level of the political elites and on the street, this EPIN Commentary by two Spanish political scientists based in Barcelona finds no sign that the upcoming European elections will have a more European focus than any of the previous ones. While there is no anti-European discourse among the Spanish mainstream political parties, they report that public trust in the European institutions is plummeting and Spanish turnout in European elections has been dropping in the last few years. In the authors’ view, the main reason for this is the low level of awareness of the functioning of the European Parliament but some responsibility also lies with the Spanish political parties and the way they deal with the electoral campaign to mobilise the discontented voters, who consider unemployment and the economic situation as the two most important issues that the country is facing at the moment.

The Eurozone crisis and the erosion of democratic legitimacy: Lessons from the gold standard. ACES Cases No. 2013.3

This paper makes four propositions. First, it argues that the euro’s institutional design makes it function like the interwar gold exchange standard during periods of stress. Just like the gold exchange standard during the 1930s, the euro created a ‘core’ of surplus countries and a ‘periphery’ of deficit countries. The latter have to sacrifice their internal domestic economic equilibrium in order to restore their external equilibrium, and therefore have no choice but to respond to balance of payments crises by a series of deflationary spending, price and wage cuts. The paper’s second claim is that the euro’s institutional design and the EU’s response to its ‘sovereign debt crisis’ during 2010-13 deepened the recession in the Eurozone periphery, as EMU leaders focused almost exclusively on austerity measures and structural reforms and paid only lip service to the need to rebalance growth between North and South. As Barry Eichengreen argued in Golden Fetters, the rigidity of the gold standard contributed to the length and depth of the Great Depression during the 1930s, but also underscored the incompatibility of the system with legitimate national democratic government in places like Italy, Germany, and Spain, which is the basis for the paper’s third proposition: the euro crisis instigated a crisis of democratic government in Southern Europe underlining that democratic legitimacy still mainly resides within the borders of nation states. By adopting the euro, EMU member states gave up their ability to control major economic policy decisions, thereby damaging their domestic political legitimacy, which in turn dogged attempts to enact structural reforms. Evidence of the erosion of national democracy in the Eurozone periphery can be seen in the rise of anti-establishment parties, and the inability of traditional center-left and center-right parties to form stable governments and implement reforms. The paper’s fourth proposition is that the euro’s original design and the Eurozone sovereign debt crisis further widened the existing democratic deficit in the European Union, as manifested in rising anti-EU and anti-euro sentiment, as well as openly Eurosceptic political movements, not just in the euro periphery, but also increasingly in the euro core.

A macro-financial analysis of the euro area sovereign bond market. National Bank of Belgium Working Paper No. 259, June 2014

We estimate the 'fundamental' component of euro area sovereign bond yield spreads, i.e. the part of bond spreads that can be justified by country-specific economic factors, euro area economic fundamentals, and international influences. The yield spread decomposition is achieved using a multi-market, no-arbitrage affine term structure model with a unique pricing kernel. More specifically, we use the canonical representation proposed by Joslin, Singleton, and Zhu (2011) and introduce next to standard spanned factors a set of unspanned macro factors, as in Joslin, Priebsch, and Singleton (2013). The model is applied to yield curve data from Belgium, France, Germany, Italy, and Spain over the period 2005-2013. Overall, our results show that economic fundamentals are the dominant drivers behind sovereign bond spreads. Nevertheless, shocks unrelated to the fundamental component of the spread have played an important role in the dynamics of bond spreads since the intensification of the sovereign debt crisis in the summer of 2011

The Labour Market in Spain: Problems, Challenges and Future Trends. Policy Brief #2015/01

Spain’s economy was hit particularly hard by the financial crisis. After severe austerity measures have been implemented in recent years to contain a strong public debt increase, first signs of economic recovery are emerging. However, as SIM Europe results show, very few measures to soften the social consequences have been enacted. Spain scores second to last in the ‘Labour Market Access’ dimension of the Social Justice Index 2015, with the greatest deterioration among all EU countries compared to 2008. According to the Reform Barometer 2015, the quality of labour market reforms in Spain ranks last in the EU. With economic recovery gaining momentum, high priority should be given to ameliorating labour market access through higher education improvements, professional training, investments into R&D and promotion of high added-value industries.

Multivariate FIAPARCH modelling of financial markets with dynamic correlations in times of crisis

This paper applies the vector AR-DCC-FIAPARCH model to eight national stock market indices' daily returns from 1988 to 2010, taking into account the structural breaks of each time series linked to the Asian and the recent Global financial crisis. We find significant cross effects, as well as long range volatility dependence, asymmetric volatility response to positive and negative shocks, and the power of returns that best fits the volatility pattern. One of the main findings of the model analysis is the higher dynamic correlations of the stock markets after a crisis event, which means increased contagion effects between the markets. The fact that during the crisis the conditional correlations remain on a high level indicates a continuous herding behaviour during these periods of increased market volatility. Finally, during the recent Global financial crisis the correlations remain on a much higher level than during the Asian financial crisis.

Effects of the current financial and economic crisis on the rural landscape as well as the agri-food sector in Europe and Central Asia

This paper reviews the expected effects of the current financial crisis and subsequent recession on the rural landscape, in particular the agri-food sector in Europe and Central Asia (ECA) on the basis of the structure of the rural economy and of different organisations and institutions. Empirical evidence suggests that the crisis has hit the ECA region the hardest. Agriculture contributes about 9% to gross domestic product (GDP) for the ECA region as a whole with 16% of the population being employed in the agricultural sector. As far as the impact of the financial crisis on the agri-food sector is concerned, there are a few interconnected issues: (1) reduction in income elastic food demand and commodity price decline, (2) loss of employment and earnings of rural people working in urban centres, implying also costly labour reallocation, (3) rising rural poverty originating mainly from lack of opportunities in the non-farm sector and a sizable decline of international remittances, (4) tightening of agricultural credit markets, and the (5) collapse of sectoral government support programs and social safety-net measures in many countries. The paper reveals how the crisis hit farming and broader agri-business differently in general and in the ECA sub-regions.

Green Economy and Employment: employment potential of the ecological transition in Spain

The Green Economy offers real possibilities for productive innovation, economic growth and employment creation in Spain. These three factors are critical to facilitate the necessary change in the productive model to overcome the crisis. However, the measures taken by the current Conservative government have moved in the opposite direction: significant cutting in incentives for renewable, increasing tax burden on renewable energy production to self-consumption and privatizing public spaces of social and environmental interest. This hinders the achievement of the environmental objectives of the Europe 2020 strategy. A strategy that is born already in itself highly limited, unambitious and subordinated to the interests of energy oligopolies and the imperatives of the Stability and Growth Pact (Maastricht) and the Austerity policies imposed from EU institutions to overcome the 2008 financial crisis. So the Ecological Transition goes further, claiming a substantially change in Economic Policy away form the increasing commodification proposed by the Green Economy. Despite these limitations, young and unemployed people have much to gain from a comprehensive development of environmental industries. Therefore, innovative-sustainable plans, investment and training in green sectors are necessary to make easier the transition from a services low-valued economy to an innovative and sustainable model to make our country an environmental reference in Europe.

Economic crisis and national health system

The text analyzes the impact of the economic crisis in some critical aspects of the National Health System: outcomes, health expenditure, remuneration policy and privatization through Private Public Partnership models. Some health outcomes related to social inequalities are worrying. Reducing public health spending has increased the fragility of the health system, reduced wage income of workers in the sector and increased heterogeneity between regions. Finally, the evidence indicates that privatization does not mean more efficiency and better governance. Deep reforms are needed to strengthen the National Health System.

El impacto de la crisis en la industria cinematográfica en Europa

Este trabajo analiza el impacto que ha generado la crisis económica y financiera más reciente en las industrias cinematográficas de siete países miembros de la Unión Europea. Las conclusiones señalan que, en efecto, la crisis ha impactado negativamente en las industrias de España e Italia, y muy gravemente en la de Portugal, pero en el lado contrario, la del Reino Unido ha experimentado un crecimiento apreciable y las de Francia y Alemania también lo han hecho, aunque en menor medida. Y en segundo lugar, es muy notable la escasa colaboración alcanzada entre los agentes europeos.

The activity of the feminist online publications: challenges for the transmission of the feminist culture in Spain

Traditionally, big media corporations have contributed to hiding the women’s movement itself, as well as its main claims and topics of discussion (Marx, Myra y Hess, 1995; Rhode, 1995; Mendes, 2011). This has led the feminist movement to develop its own media generally print publications, usually, with a very specialized character and reduced audience. This is similar to what has occurred with quality main stream media, asthese publications have had to adapt themselves to a new communicatiion context, because of the financial crisis and  technological evolution. Feminist media has found in the Internet an excellent opportunity to access citizens and communicate their messages. , In view of this scene of change and renovation,  this article offers the results of a qualitative analysis focused on the experiences of four feminist online media sites edited in Spain: Pikaramagazine.com, Proyecto-kahlo.com, Mujeresenred.net and Laindependent.cat. Besides exploring the characteristics and content of these sites, the article pays attention to the virality of their contents spread through Facebook and Twitter. The onclusion estimates their social impact, insofar as they symbolize the specialization, diversification and dialogue promoted by the Web.