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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)

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    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 Function: First spanish version, August 2008
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    Paper provided by Banco de España & Occasional Papers Homepage in its series 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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    1. Gourinchas, Pierre-Olivier & Rey, Hélène, 2005. "From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege," CEPREMAP Working Papers (Docweb) 0606, CEPREMAP.
    2. Maurice Obstfeld and Kenneth Rogoff., 2000. "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?," Center for International and Development Economics Research (CIDER) Working Papers C00-112, University of California at Berkeley.
    3. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2005. "A Global Perspective on External Positions," CEPR Discussion Papers 5234, C.E.P.R. Discussion Papers.
    4. James E. Rauch, 1996. "Networks versus Markets in International Trade," NBER Working Papers 5617, National Bureau of Economic Research, Inc.
    5. 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.
    6. repec:tcd:wpaper:tep16 is not listed on IDEAS
    7. António Afonso, 2002. "Understanding the Determinants of Government Debt Ratings: Evidence for the Two Leading Agencies," Working Papers Department of Economics 2002/02, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
    8. James E. Anderson & Eric van Wincoop, 2004. "Trade Costs," Boston College Working Papers in Economics 593, Boston College Department of Economics.
    9. 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.
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