Banco de España
BDEPaper
Inward FDI reaches 73 percent of Spanish GDP with US as top investor
Spain registered a net debtor foreign direct investment position of 13.5 percent of GDP in 2025, according to a Banco de España study.
Focus
BDEPaper
Six convergence clubs divide 98 regions across four EU economies
Income levels across 98 regions in Germany, France, Italy, and Spain cluster into six distinct convergence clubs rather than a single European baseline.
BDEDecoder
Urgency drives Draghi reforms as defence leads and energy lags
Two years after the publication of the Draghi Report, the European Union has implemented only 16 percent of its 176 proposals, with progress concentrated in areas of acute geopolitical urgency such as defence and critical raw materials.
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BDEPaper
Spanish TFP rebound drives post-2013 euro area convergence
Spain outpaced the four largest euro area economies in total factor productivity growth after 2013, expanding at 0.4 percent annually compared to 0.1 percent across peers, a Banco de España study finds.
BDESpeech
Personal loans reach 23 percent of lowest-wealth household debt
Banco de España Governor José Luis Escrivá emphasized the necessity of micro-level wealth data for economic and macroprudential policy.
BDEPaper
Adverse oil supply shocks trigger asymmetric drop in US activity
Adverse oil supply news shocks cause larger and more persistent contractions in real activity than favorable shocks produce expansions, according to research from Banco de España.
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BDEPaper
Upside inflation risks create persistent stagflation
Shifts in the asymmetry of inflation risks generate persistent stagflationary dynamics by raising prices and depressing real economic activity, according to research from the Banco de España.
BDEPaper
Policy uncertainty acts as supply shock across Latin America
Domestic economic policy uncertainty shocks reduce GDP by up to 0.4 percent and increase inflation by 0.3 percentage points across five major Latin American economies, according to a Banco de España study covering 2005 to 2025.
BDENews
Workshop for researchers on household finances
The Banco de España and CEMFI (Centro de Estudios Monetarios y Financieros) will host a two-day research workshop in Madrid on September 3-4, 2026, examining two decades of the Spanish Survey of Household Finances.
BDEDecoder
El Niño cuts euro area food prices, La Niña raises them
Pacific climate phenomena directly impact European grocery bills, with El Niño reducing euro area food basket prices by up to 0.7 percent after 12 months while La Niña increases them by 1.1 percent, according to Banco de España research.
BDEDecoder
Financial Stability Review marks 25 years with over 300 articles
Banco de España has published the 50th issue of its Financial Stability Review, marking 25 years of analyzing financial system transformations.
BDEPaper
Ten percent NO2 increase lowers Madrid house prices by 0.65 percent
A 10 percent increase in nitrogen dioxide pollution reduces Madrid housing prices by 0.65 percent, or about 1,327 euros for the average home, according to a Banco de España working paper.