Repositorio Institucional de la Biblioteca del Banco de España
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Boletín Informativo de las estadísticas del Banco de España. Número 15 / Diciembre 2025
No full textAcuerdos de colaboración del Banco de España en materia estadística; La encuesta trienal de mercados OTC de divisas y tipos de interés 2025; Día Mundial de la Estadística 2025; Observatorio de la Industria Fintech No Bancaria en España; Renovación de la comunicación de las estadísticas de las Administraciones Públicas; La guía de usuario del Manual de Inversión Extranjera Directa; Nuevo buscador de series estadísticas; Términos de uso de las estadísticas del Banco de España; Las estadísticas de comercio exterior y los datos de bienes en la Balanza de Pagos; Los datos de alto valor (DAV) del Banco de España; 20 años del Código de Buenas Prácticas de las Estadísticas Europeas; Mejoras en la estadística experimental ViME; Monografía anual de la Central de Balances 202
Factors affecting migratory flows to Spain and other advanced economies
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This article examines the main factors underlying migratory flows to Spain and other advanced economies in recent times.
Takeaways
•Migratory flows are shaped by factors linked to the origin countries (push factors), but also by factors specific to the destination countries (pull factors). This is particularly the case in Spain, where the latter have historically been highly significant. They have also become increasingly important in recent years for explaining migrant flows to Spain and other advanced economies.
•Among the specific factors in destination countries that can drive the arrival of migrants are: (i) a reduction in the unemployment rate, (ii) higher average wages and (iii) changes in migration policies that make it easier for migrants and their families to obtain stable residence status.
•The economic and social conditions of the countries of origin also significantly influence migratory flows, as shown by the “push” effect generated by political instability, conflicts, natural disasters and food crises, alongside low GDP per capita
Spanish public debt in 2024
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This article analyses Spanish general government debt in 2024 based on the statistics prepared and published by the Banco de España and drawing comparisons with other euro area countries.
Takeaways
•In 2024 Spain’s public debt-to-GDP ratio fell by 3.3 percentage points (pp) to 101.8%.
•Central government debt-to-GDP ratio fell by 2.2 pp to 93.6% of GDP.
•Spain’s debt ratio remained above the euro area average (87.4% of GDP), but the gap was reduced by 3.4 pp
Beyond fragmentation: unraveling the drivers of yield divergence in the euro area
No full textEste trabajo propone un nuevo índice sobre fragmentación en el mercado de deuda soberana del área del euro. La metodología utilizada ofrece una descomposición de las rentabilidades soberanas en el componente común, condiciones de mercado y divergencias en los fundamentales que no están correlacionados con el factor de fragmentación. Por lo tanto, este índice constituye un indicador relevante para los bancos centrales, ya que mide dinámicas de mercado no deseadas y que no están relacionadas con fundamentales económicos y/o fiscales. Además, se presentan conclusiones importantes sobre la efectividad de las intervenciones de política monetaria. Así, los resultados muestran que las medidas del Banco Central Europeo orientadas a mejorar la estabilidad de los mercados, tales como el Instrumento para la Protección de la Transmisión (Transmission Protection Instrument, TPI), han reducido significativamente la fragmentación del mercado de deuda soberana. Este trabajo contribuye a la literatura al proporcionar los factores ortogonales que explican la evolución de la divergencia en las rentabilidades soberanas del área del euro, utilizando un modelo de componentes principales restringido. Estos factores se emplean, además, para evaluar el efecto de la fragmentación, condiciones de mercado y fundamentales en las rentabilidades de cada uno de los países y en diferentes períodos.This paper provides a novel and high-frequency index of sovereign fragmentation in the euro area. The proposed methodology offers a decomposition of sovereign yields into the common trend, market conditions, and fundamentals-based divergence, which are uncorrelated to fragmentation. Therefore, the fragmentation index constitutes a bottom-line indicator for euro area central banks, as it measures disorderly market dynamics in sovereign markets not warranted by fundamentals. In that sense, this paper provides relevant conclusions about the effectiveness of monetary policy interventions, pointing to the significant effect of market stabilisation announcements, such as the Transmission Protection Instrument (TPI), in reducing sovereign fragmentation. I contribute to the literature by estimating the uncorrelated drivers of euro area yields divergence using a restricted principal components analysis. The estimated factors are then used to assess the effect of fragmentation, market conditions and fundamentals on country yields through several economic regimes, pointing to differences across countries and over time
The impact of drought on agricultural production in Spain
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Climate change could exacerbate the magnitude and frequency of extreme weather events, increasingly affecting crop yields. This article analyses the effects of drought on the production of a selection of key crops for Spanish agriculture.
Takeaways
•Granular climate data and province-level data on agricultural land and production are used for the period 2000-23 to estimate the relationship between drought and the yields of a selection of crops in Spain.
•The results obtained show that the adverse impact of water scarcity on crop yields differs across crops. Specifically, the impact was found to be greater on wheat, barley and olives (largely rainfed crops) than on oranges and maize (predominantly irrigated crops).
•In 2022 and 2023, Spain experienced prolonged periods of water scarcity. This is estimated to have reduced wheat and barley yields by between 20% and 30%, on average, and olive yields by at least 10%