The Latest Protectionist Trade Trends and their Impact on the European Union
In: Banco de Espana Article 6/19 (2019)
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In: Banco de Espana Article 6/19 (2019)
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Artículo de revista ; In an attempt to rebalance trade with China, the United States administration decided in early 2018 to introduce a series of protectionist measures affecting certain imports in particular. This gave rise to an escalation of US-China trade tensions. The new tariffs have affected a significant percentage of Chinese exports to the United States, but their impact on EU trade has only been marginal to date. The indirect effects on European economies through the global value chains have also been limited. However, possible tariff barriers on the automotive sector could raise the affected trade flows substantially. Simulations made with econometric models confirm that the tariff measures adopted to date would have relatively moderate direct effects on global economic activity and on EU countries. That said, the simulations also warn that a decrease in business confidence and an unfavourable reaction by international financial markets could amplify such adverse effects. Additionally, possible future auto sector tariffs could have a significant impact on European economies in an industry already facing important challenges associated with the structural and technological transformation process currently under way
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In: Banco de Espana Working Paper No. 1038
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In: Banco de Espana Article 2 ECONOMIC BULLETIN 2023/Q3
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In: Banco de Espana Working Paper No. 2023
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Artículo de revista ; This article describes the main characteristics of the trade agreement reached between the European Union (EU) and the Common Market of the South (MERCOSUR) in 2019 and presents estimates of its possible impact on trade and GDP in the two areas." "It is an ambitious agreement involving the full liberalisation of almost all of the goods trade between the two blocs, facilitating the provision of services and the reduction of non-tariff barriers, and envisaging reciprocal liberalisation of public procurement. Similarly, it includes provisions on the protection of the environment and workers' rights." "The agreement's estimated effects on trade and economic activity will be significant for MERCOSUR. The impact for the EU will be more modest, yet always positive, since trade with MERCOSUR is less significant for EU members. Spain is among the EU member countries whose economies will benefit most from the agreement.
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In: Banco de Espana Article 8/20
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In: Banco de Espana Article 7/19, May 2019
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In: Banco de Espana Working Paper No. 1401
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Artículo de revista ; Emergingmarkets have gained prominence as recipients of capital flows since the onset of the financial crisis in 2008. This raises their exposure and goes hand in hand with greater dependence on external financing and heightened sensitivity to global shocks. However, some differences can be observed across regions. For example, while the more stable types of capital flows (direct investment) continue to outweigh other types in Latin America, in Asia and the Middle East the recent increase in capital inflows has taken the form of debt, private in the case of Asia and mostly government debt in the Middle East. Against this background, this article examines the impact on the capital flows to these economies of five potential global shocks: an appreciation of the dollar, a fall in commodity prices, an increase in global aversion to risk, expectations of monetary policy tightening in the United States and lower regional growth compared with advanced economies. The findings of this article suggest that the factor with the greatest impact on portfolio flows to emerging markets is the appreciation of the dollar although, in the case of Latin America, commodity prices also play a very significant role
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In: BIS Working Paper No. 707
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In: Banco de Espana Working Paper No. 1742
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In: The Canadian journal of economics: the journal of the Canadian Economics Association = Revue canadienne d'économique, Band 45, Heft 2, S. 448-471
ISSN: 1540-5982
Abstract We decompose the correlation between relative consumption and the real exchange rate in its dynamic components at different frequencies. Using multivariate spectral analysis techniques, we show that, at odds with a high degree of risk sharing, in most OECD countries the dynamic correlation tends to be quite negative, and significantly so, at frequencies lower than two years – the appropriate frequencies for assessing the performance of international business cycle models. Theoretically, we show that the dynamic correlation over different frequencies predicted by standard open economy models is the sum of two terms: a term constant across frequencies, which can be negative when uninsurable risk is large; a term variable across frequencies, which in bond economies is necessarily positive, reflecting the insurance intertemporal trade provides against forecastable contingencies. Numerical analysis suggests that leading mechanisms proposed by the literature to account for the puzzle are consistent with the evidence across the spectrum.
In: NBER International Seminar on Macroeconomics, Band 8, Heft 1, S. 403-466
ISSN: 2150-8372
In: NBER Working Paper No. w17501
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