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Map of the international exposure of the Spanish economy


  • Miguel García-Posada

    () (Banco de España)

  • Josep M.ª Vilarrubia

    () (Banco de España)


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.

Suggested Citation

  • Miguel García-Posada & Josep M.ª Vilarrubia, 2008. "Map of the international exposure of the Spanish economy," Occasional Papers 0807, Banco de España;Occasional Papers Homepage.
  • Handle: RePEc:bde:opaper:0807

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    File Function: First spanish version, August 2008
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    References listed on IDEAS

    1. 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.
    2. Philip R. Lane & Gian Maria Milesi-Ferretti, 2007. "A Global Perspective on External Positions," NBER Chapters,in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 67-102 National Bureau of Economic Research, Inc.
    3. James E. Anderson & Eric van Wincoop, 2004. "Trade Costs," Journal of Economic Literature, American Economic Association, vol. 42(3), pages 691-751, September.
    4. Pierre-Olivier Gourinchas & Hélène Rey, 2007. "From World Banker to World Venture Capitalist: U.S. External Adjustment and the Exorbitant Privilege," NBER Chapters,in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 11-66 National Bureau of Economic Research, Inc.
    5. Rauch, James E., 1999. "Networks versus markets in international trade," Journal of International Economics, Elsevier, vol. 48(1), pages 7-35, June.
    6. repec:tcd:wpaper:tep16 is not listed on IDEAS
    7. Richard Cantor & Frank Packer, 1996. "Determinants and impact of sovereign credit ratings," Economic Policy Review, Federal Reserve Bank of New York, issue Oct, pages 37-53.
    8. Rose, Andrew K & Spiegel, Mark, 2002. "A Gravity Model of International Lending: Trade, Default and Credit," CEPR 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 2002/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    Full references (including those not matched with items on IDEAS)

    More about this item


    commercial integration; financial integration; energy dependence; risk;

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F15 - International Economics - - Trade - - - Economic Integration

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