Números Publicados

This paper analyzes the factors that determine the decision to currency hedge with derivatives in the Spanish market during the period 2004-2007 from the postulates of the theories of hedging. We have estimated random effects probit models with panel data. We have obtained that this decision relates primarily to the economies of scale and the use of foreign currency debt. There is also a positive relationship on growth opportunities and business location in the manufacturing sector.

This paper explores the political and economic risks associated to the German strategy to solve the euro zone’s debt crisis. We argue that it is Germany (and not the Franco-German axis), who is leading the reform of the euro zone’s governance, and it is doing so based on an incomplete diagnosis of the crisis, according to which fiscal austerity will be enough to save the euro.

During the financial crisis the European Central Bank has lowered its official interest rates to historically low levels and has implemented a number of non-conventional measures. Such measures have proven effective to restore, to a large extent, the stability and soundness of the financial system and the economy.