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470 results on '"Sosvilla-Rivero, Simón"'

205. Políticas fiscales y mecanismos de compensación en uniones monetarias

Author

Sosvilla-Rivero, Simón, Vallés, Javier, Miguel Palacios, Carlos de, Sosvilla-Rivero, Simón, Vallés, Javier, and Miguel Palacios, Carlos de

Abstract

En esta Tesis se analizan tres aspectos relacionados con la implantación de una unión monetaria. En primer lugar, se estudia la eficacia de las políticas económicas cuando países con un tipo de cambio flexible deciden formar una unión monetaria. En los dos siguientes se estudia el fenómeno del federalismo fiscal en uniones monetarias. Primero, atendiendo a la relación que se establece entre los distintos niveles de gobierno y, segundo, analizando los efectos estabilizadores que tendría la implementación de mecanismos de compensación entre países

Published
2003

208. Teorías del tipo de cambio: una panorámica

Author

Bajo-Rubio, Oscar and Sosvilla-Rivero, Simón

Subjects
Teorías económicas, Dinero
Abstract

En este trabajo se ofrece una panorámica de las principales aportaciones teóricas a la literatura sobre la determinación de los tipos de cambio. Se examinan sucesivamente la hipótesis de la paridad del poder adquisitivo, el modelo tradicional de flujos, los modelos de activos (en sus dos versiones: monetario y de equilibrio de cartera), y una serie de desarrollos posteriores que han surgido ante la insatisfacción derivada del mal comportamiento empírico de los modelos anteriores. Por último, se revisa la evidencia empírica disponible para el caso de la peseta.

Published
1993

209. Tax burden convergence in Europe

Author

Sosvilla Rivero, Simón, Galindo Martín, Miguel Angel, Alonso Meseguer, Javier, Sosvilla Rivero, Simón, Galindo Martín, Miguel Angel, and Alonso Meseguer, Javier

Published
2001

215. Efficiency in the Peseta Forward Exchange Rate Market

Author

Ayuso, Juan, Dolado, Juan J., and Sosvilla-Rivero, Simón

Subjects
Cointegration, Efficient Markets, Exchange Rates, Risk Premiums
Abstract

This paper applies recent cointegration techniques to analyse whether the forward market for the peseta/US dollar is efficient in both the one-month and the three-month segments of the market. Under the assumption of rationality, the premiums are small and they suggest a possible linear relationship between the premium and the expiry date of the contract. As a by-product of the analysis, an explanation is offered for the conflicting results which have been obtained in testing forward market efficiency, when such efficiency is tested with series in levels or with the deviations thereof in relation to the current spot rates.

Published
1992

216. Comportamiento caótico en las series del tipo de cambio peseta-dolar

Author

Bajo-Rubio, Oscar, Fernández-Rodríguez, Fernando, and Sosvilla-Rivero, Simón

Subjects
Dinero
Abstract

En este trabajo se muestran algunos contrastes de la presencia de caos determinista en las series de tipo de cambio peseta-dólar estadounidense, al contado y a futuros a uno y tres meses, con datos diarios correspondientes al período enero 1985 - mayo 1991. La detección de un comportamiento caótico en las series analizadas nos permite, como una derivación del análisis anterior, la realización de predicciones a corto plazo que resultan, en general, superiores a las del modelo de paseo aleatorio.

Published
1992

217. Políticas fiscales y mecanismos de compensación en uniones monetarias

Author

Miguel Palacios, Carlos de, Sosvilla-Rivero, Simón, Vallés, Javier, Miguel Palacios, Carlos de, Sosvilla-Rivero, Simón, and Vallés, Javier

Abstract

En esta Tesis se analizan tres aspectos relacionados con la implantación de una unión monetaria. En primer lugar, se estudia la eficacia de las políticas económicas cuando países con un tipo de cambio flexible deciden formar una unión monetaria. En los dos siguientes se estudia el fenómeno del federalismo fiscal en uniones monetarias. Primero, atendiendo a la relación que se establece entre los distintos niveles de gobierno y, segundo, analizando los efectos estabilizadores que tendría la implementación de mecanismos de compensación entre países

Published
2000

220. The causal relationship between debt and growth in EMU countries.

Author

Gómez-Puig, Marta and Sosvilla-Rivero, Simón

Subjects
*PUBLIC debts, *ECONOMIC development, *PUBLIC finance, ECONOMIC conditions in the Netherlands
Abstract

New evidence is presented on the possible existence of bi-directional causal relationships between public debt and economic growth in both central and peripheral countries of the European Economic and Monetary Union. We test for heterogeneity in the bi-directional Granger-causality across both time and space during the period between 1980 and 2013. The results suggest evidence of a “diabolic loop” between low economic growth and high public debt levels in Spain after 2009. For Belgium, Greece, Italy and the Netherlands debt has a negative effect over growth from an endogenously determined breakpoint and above a debt threshold ranging from 56% to 103% depending on the country. [ABSTRACT FROM AUTHOR]

Published
2015
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221. Asset-market models of exchange-rate determination: Basic models, empirical evidence and extensions

Author

Sosvilla-Rivero, Simón

Subjects
Econometría, Dinero
Abstract

In this paper we have reviewed the theoretical models associated with those approaches, focusing on the implied reduced-form equations. We have also examined the empirical evidence on these models for the recent floating period, finding that econometric evidence on these models is mixed and inconclusive: they seem to work, to sorne extent, for the first period of the recent floating experience (i. e., 1975-1978), but they do not work so well in the 1980s. In addition, studies by Meese and Rogoff (¡983a, b) have Indicated that the explanatory power of econometric exchange rate models has been extremely poor. They conclude that models of exchange rates could not perform better than a naive random-walk model in the post sample forecasting tests, even when the explanatory variables used were the reallzed values during the post sample period.

Published
1991

222. Further tests on the forward exchange rate unbiasedness hypothesis

Author

Sosvilla-Rivero, Simón

Subjects
Dinero
Abstract

In this paper we reexamine the evidence on the forward rate unbiasedness hypothesis for the main currencies vis-à-vis the U.S. Dollar exchange rate using the Phillips and Hansen (1990) estimation and inference procedure.

Published
1991

243. Macroeconomic Effects of the European Cohesion Policy in the Spanish Economy.

Author

Sosvilla-Rivero, Simón

Abstract

Since its joining of the today΄s European Union (EU), on 1 January 1986, the Spanish economy has experienced a strong impulse based on several factors (Polo and Sancho, 1993). Among these factors, we can cite the liberalisation, both internal and external, that entry to the club implied the massive reception of structural aid, participation in the co-ordination of macroeconomic policy, at the beginning, and the adoption of the euro and the stability and growth pact, later on. Among the factors cited above are the structural and cohesion aid that Spain has received, in a preferential manner, at least in absolute terms, since its incorporation and even more-so, since the structural funds were reformed in 1987. The aim of this chapter is to assess the impact of such funds on the Spanish economy. We analyse both the 1989–2006 period and the current 2007–2013 budgetary period. Our evaluation is based on the observed evolution (and a projection up to a given year) of per-capita real income and relative income per-capita between Spain and the average of the EU15, from which we extract the effects that we can supposedly attribute to the EU aids. These effects are obtained using the HERMIN macroeconometric model of the Spanish economy. Proceeding in this way, we can produce a counter-factual scenario that we can then compare with the observed (and projected) evolution. This counter-factual method will always be limited since, had the EU structural and cohesion aid not been received, other developments and alternative policies that are impossible to imagine now would have taken place. Therefore, the effects attributed to the EU programmes cannot be understood as benefits, whenever they are positive, as the Spanish economy would not have been able to compensate, to a greater or lesser degree, with other alternative policies in the absence of the former. In Sect. 2, we discuss the methodology used. Section 3 briefly describes European regional policy, offering a quantification of the structural and cohesion aid that Spain has received or will receive during the period 1989–2006 and the programmed aid for the period 2007–2013. In Sect. 4, we offer an ex-post evaluation for the period 1989–2006, while Sect. 5 presents an ex-ante evaluation for the period 2007–2013. Finally, Sect. 6 provides some concluding remarks. [ABSTRACT FROM AUTHOR]

Published
2010
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