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Map of the international exposure of the Spanish economy

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  • Miguel García-Posada

    ()
    (Banco de España)

  • Josep M.ª Vilarrubia

    ()
    (Banco de España)

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    Abstract

    This paper analyses the levels of interdependence and risk that take place in the economic relations between Spain and a large number of countries. Bilateral data on commercial and financial links between Spain and the rest of the world are used in order to build, by means of a Principal Components Analysis, an interdependence index between Spain and each country. Moreover, the aggregation by means of the same technique of several measures of risk, such as sovereign credit ratings and more general ones, enables to construct a risk index for each country. By combining the information of both indices, it is found that the greatest exposures of the Spanish economy occur with countries which are associated to low levels of risk (mainly the OECD), whereas the highest exposures that are related to intermediate levels of risk happen with Latin American countries and exporters of energy products.

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    File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/08/Fic/do0807.pdf
    File Function: First spanish version, August 2008
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    Bibliographic Info

    Paper provided by Banco de Espa�a in its series Banco de Espa�a Occasional Papers with number 0807.

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    Length: 64 pages
    Date of creation: Aug 2008
    Date of revision:
    Handle: RePEc:bde:opaper:0807

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    Keywords: commercial integration; financial integration; energy dependence; risk;

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    1. Philip Lane & Gian Maria Milesi-Ferreti, 2005. "A Global Perspective on External Positions," Trinity Economics Papers, Trinity College Dublin, Department of Economics tep16, Trinity College Dublin, Department of Economics.
    2. Rauch, James E., 1999. "Networks versus markets in international trade," Journal of International Economics, Elsevier, Elsevier, vol. 48(1), pages 7-35, June.
    3. Richard Cantor & Frank Packer, 1996. "Determinants and impact of sovereign credit ratings," Economic Policy Review, Federal Reserve Bank of New York, Federal Reserve Bank of New York, issue Oct, pages 37-53.
    4. Maurice Obstfeld & Kenneth Rogoff, 2001. "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?," NBER Chapters, in: NBER Macroeconomics Annual 2000, Volume 15, pages 339-412 National Bureau of Economic Research, Inc.
    5. James E. Anderson & Eric van Wincoop, 2004. "Trade Costs," Boston College Working Papers in Economics, Boston College Department of Economics 593, Boston College Department of Economics.
    6. Pierre-Olivier Gourinchas & Hélène Rey, 2005. "From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege," NBER Working Papers 11563, National Bureau of Economic Research, Inc.
    7. repec:tcd:wpaper:tep16 is not listed on IDEAS
    8. Rose, Andrew K & Spiegel, Mark, 2002. "A Gravity Model of International Lending: Trade, Default and Credit," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3539, C.E.P.R. Discussion Papers.
    9. António Afonso, 2002. "Understanding the Determinants of Government Debt Ratings: Evidence for the Two Leading Agencies," Working Papers Department of Economics, ISEG - School of Economics and Management, Department of Economics, University of Lisbon 2002/02, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
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