Sistema Regional de Información
en línea para Revistas Científicas de América Latina,
el Caribe, España y Portugal

Este artículo reseña: Soler Aznar, Manuel. La resistencia silenciada. Historia del congreso universitario de escritores jóvenes y edición facsímil de su boletín (Madrid, 1954-1955), Madrid, Ediciones Ulises, 2021. ISBN: 978-84-16300-90-7

Este artículo reseña: Pablo Cuevas Subías (coord.). La Universidad de Huesca (1354-1845). Quinientos años de historia. Alcañiz: Instituto de Estudios Humanísticos; Lisboa: Universidade, Centro de Estudos Clássicos; México: Universidad Autónoma de México, Instituto de Investigaciones Filológicas, Centro de Filología Clásica; Cádiz: Universidad, grupo de investigación “Elio Antonio de Nebrija”, departamento de Filología Clásica; Cáceres: Universidad de Extremadura, grupo de investigación “Las artes de la palabra: de la Antigüedad al Renacimiento” (LAPAR); Almería: Universidad, centro de investigación Comunicación y Sociedad; Málaga: Universidad, departamento de Filología griega, estudios árabes, lingüística general, documentación y filología latina; Teruel: Instituto de Estudios Turolenses, 2020, 362 pp.

Este artículo reseña:  Ben Mercer. Students Revolt in 1968. France, Italy and West Germany. Cambridge:Cambridge University Press, 2020, 268 pp.

Este artículo reseña: Manuel Moreno Alonso. Ramón Carande. La historia y yo. Pamplona: Urgoiti editores, 2020, 638 pp.

In this article, it is analyzed the impact of different national financial regulatory environmentson the patterns of financial flows in the banking sector in the euro area over the period of1998-2006. After the creation of the euro, the interbank borrowing market was fully integratedbetween countries, but lending to firms remained subject to local regulations. The period afterthe integration was characterized by large capital flows from Northern to Southern countries,the largest being from Germany to Spain, which led to a build-up of imbalances on their netinternational investment positions. Spain experienced sizeable economic growth, driven bycapital accumulation and accompanied by a large increase in the volume of lending to nonfinancialfirms, with no changes to measured productivity. I argue that the main mechanismdriving these patterns was stricter financial regulation in Germany than in Spain. After the euro,German banks used the interbank market to lend to the Spanish ones. To analyse these patterns,a two-country international general equilibrium model with heterogeneous firms facing frictionalaccess to borrowing is used. The model is then calibrated for two closed economies, Germanyand Spain, to match moments from before the creation of the euro area. After the integration, themodel generates capital flows and growth accounting patterns in line with the ones observed inthe data, including the deterioration in Spain’s financial investment position, increase in capital/output ratio as well as a slight decrease in measured productivity in Spain. With the values ofparameters kept constant at their 1998 levels, the model replicates about 20 % of total net flowsbetween Germany and Spain. Assuming further loosening of financial constraints in Spain afterthe creation of the euro, the model can replicate the entire size of flows, while quantitativelymatching patterns of capital and output behaviour in both countries.

We present a simple dynamic model in which the government of a small, open economy can experience a financial crisis during which it defaults on its sovereign debt. Whether or not a crisis occurs can depend on the expectations of international investors as well as on fundamental factors like changes in national income and changes in the international interest rate. In our model, if investors expect a crisis to occur, they do not purchase new bonds issued by the government and the government is unable to refinance its existing debt. We refer to the crises that depend on fundamentals as solvency crises and the crises that depend on self-fulfilling expectations of investors as rollover crises. As in other models of debt crises, the government can eliminate the possibility of a crisis by lowering its total stock of debt. Unlike in models in which crises depend only on changes in fundamentals, the government can eliminate the possibility of a liquidity crisis occurring by lengthening the maturity of its debt and thereby reducing its refinancing needs.

This paper explains how to implement and calibrate a debt model with incomplete markets, following the line of Eaton and Gersovitz (1981) and Arellano (2008). Using data from the Greek economy as an example, I show how to calibrate the model. Throughout the paper, I discuss the quantitative performance of the model, as well as possible extensions and modifications that could be carried out on the model.

In this article, we study the relationship between the government budget balance and the current account balance for Portugal, using quarterly data from 1999 to 2019. On the one hand, the causality tests find a unidirectional relation running from the current account balance to the government budget balance. On the other hand, estimations show a bi-directional relationship between these variables, and the existence of a bilateral relationship between the structural components of both balances. Even so, the policy implication is that the use of fiscal policy to correct the external imbalance, especially in an economic crisis, is not substantial, due to the small size of the estimated impact. In addition, with an ARDL model, we find a negative long run relationship between the share of public consumption on GDP and the current account balance. As expected, the variation of real public consumption produces an adverse accumulated response on the current account balance. Finally, the investment rate negatively affects the cyclical component of the current account balance and contributes to the structural improvement of the budget balance.

This paper analyses the external sustainability of a group of 23 OECD countries during the period 1970-2020. The empirical strategy emphasizes the role of accumulated imbalances in external adjustment, as suggested by Gourinchas and Rey (2007). For this purpose, we test external sustainability in a stock-flow setting using several cointegration and multicointegration tests. The results point towards weak sustainability in the external flows, whereas from the stock-flow perspective, four of the countries would show sustainability at least for part of the sample period after adjustment. Among this group are traditional creditor countries such as New Zealand and Switzerland, as well as debtors (eurozone members). In particular, the debtors are Spain and Portugal, that had relatively restricted access to funding in the international markets during the last financial crisis.