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November 20, 2023
Global | Interest rates, more than monetary policy
In 2023, interest rates on debt have reached levels not seen since the financial crisis in the U.S. and the 2011 debt crisis in the eurozone. During the first part of 2023—similar to what occurred in 2022—short-term interest rates led the hikes.
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September 18, 2023
US | Abuse of exorbitant privilege
Once again, a critical date in the U.S. fiscal calendar is approaching. If Congress does not approve an increase in the federal government's budget by September 30, the executive branch will be forced to enact a shutdown on October 1.
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September 4, 2023
Spain | Debt relief already granted
The central government has subsidized the interest payable by the regional governments by guaranteeing them interest rates below what they would have paid had they borrowed on the market. The higher the debt incurred, the larger the transfer from central to regional government.
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May 29, 2023
Europe | (Fiscal) Rules vs discretion
The rules versus discretion debate is back on the table, focusing not only this time on monetary policy (where central banks are having a hard time convincing the markets that inflation will return to target), but also on the reform of European fiscal rules.
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February 9, 2023
Crosswinds for Latin America and Colombia
The Latin American economy faces crosswinds in a scenario of disequilibrium, in line with international dynamics, where the main economic variables are still adjusting after the disruptive events of the most recent years.
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February 6, 2023
US | The debt as a global problem
Again, as in 1995, 2011 and 2013, uncertainty over whether the US Congress will raise the Federal Government's borrowing limit is beginning to cause concern in the financial markets, which could increase going forward.
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June 20, 2022
Europe | Monetary policy normalization pushes up risk premia
The European Central Bank (ECB) has taken a further step in its process of normalizing monetary policy by announcing at its latest meeting that it will end its asset purchase program in July, and that it is prepared to pick up the pace of its rate hikes to contain inflation, in line with other central banks.
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September 27, 2021
Europe | Germany — starting point for the cycle of elections
The election results show a very open electoral landscape—with a narrow victory by the SPD. These elections are important because they signal the start of an electoral cycle in the major European countries, within a context plagued with problems needing to be resolved.
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August 9, 2021
Global | Why are debt yields falling?
Financial markets began the year on a positive note. The progress made in vaccinations, central bank support and the fiscal stimulus programs planned for Europe and the US, helped drive expectations of an economic recovery.
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