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Foreign direct investment in Spain in a context of fragmenting international relations
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This article describes the behaviour of Spain’s foreign direct investment (FDI) flows and stocks in recent years, against a backdrop in which firms and governments increasingly take into account geostrategic considerations in their decisions on such transactions.
Takeaways
•Over the past decade, inward FDI flows have performed better in Spain than at global level and in the main euro area economies.
•The geographical composition of Spain’s stock of inward FDI suggests a relatively low exposure to geopolitical risk, with other European Union countries being the ultimate counterpart for nearly 50% of the country’s total FDI stock in 2023. The second most important source of Spain’s FDI is the United States, which accounts for 14%.
•However, in the current complex setting, extraordinary uncertainty surrounds the stability and strength of some traditional geopolitical alignments
Adoption of artificial intelligence in Spanish firms: an initial analysis based on the Banco de España Business Activity Survey
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Artificial intelligence (AI) has the potential to revolutionise economies and labour markets. Using the Banco de España Business Activity Survey (EBAE), this article analyses the adoption of AI by Spanish firms.
Takeaways
•Almost 20% of the Spanish firms surveyed are using AI systems. This is less than their German counterparts, but higher than the adoption rate in Italy, according to similar surveys conducted in those countries. However, most firms are still just experimenting with AI.
•The AI adoption rate is higher in technology services and in large, productive and young firms. The main obstacles are the lack of skilled labour, high implementation costs and data availability.
•Spanish firms use AI mainly to optimise internal processes and for marketing. It is used less for task automation and innovation. 80% of firms believe that AI will not affect employment, and those that are already using it expect it to have a positive impact
Viernes Verde. "Aspectos climáticos de las carteras de inversión del Banco de España 2025"
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Club Diálogos para la Democracia. "El sistema bancario español frente a los retos actuales"
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From risk to buffer: calibrating the positive neutral CCyB rate
No full textEste documento presenta el enfoque denominado Risk-to-Buffer para calibrar el colchón de capital anticíclico (CCA), con especial énfasis en la tasa neutral positiva (PN, por sus siglas en inglés) del CCA, adaptada a la zona del euro. La metodología propuesta se aplica tanto en un marco de equilibrio general estocástico dinámico como en un entorno de series temporales macroeconómicas. Se estima la amplificación de los shocks adversos bajo distintos niveles de riesgo sistémico cíclico y se calibra el CCA para contrarrestar dichos efectos de amplificación. Al utilizar los datos del período 2009 a 2023, el análisis sugiere una PN del CCA para la zona del euro que oscila entre el 1 % y el 1,5 %. Los resultados indican que los impactos sobre el producto y la inflación, que no están directamente vinculados a la materialización del riesgo sistémico interno, así como los altos grados de apertura comercial, justifican un papel más destacado de la PN del CCA en la calibración general del CCA. El ejercicio para ilustrar la metodología se realiza para la zona del euro. Aunque las calibraciones nacionales requieren ejercicios adicionales, este enfoque ofrece un marco flexible y complementario que puede apoyar y mejorar los análisis a escala nacional.This paper introduces the Risk-to-Buffer approach for calibrating the countercyclical capital buffer (CCyB), with a particular emphasis on the positive neutral (PN) CCyB rate, tailored to the euro area. The proposed methodology is applied in both a dynamic stochastic general equilibrium (DSGE) framework and a macroeconomic time series setting. It estimates the amplification of adverse shocks under varying levels of cyclical systemic risk and calibrates the CCyB to counteract these amplification effects. Using data from 2009 to 2023, the analysis suggests a positive neutral CCyB rate for the euro area ranging between 1% and 1.5%. The findings indicate that output and inflation shocks, which are not directly linked to the materialization of domestic systemic risk, and high degrees of trade openness, warrant a more prominent role of the PN CCyB in the overall CCyB calibration. The exercise to illustrate the methodology is carried out for the euro area. While national calibrations require additional exercises, this approach offers a flexible and complementary framework that can support and enhance national-level analyses
