Articles by Miguel Navascués

About the Author

Miguel Navascués
Miguel Navascués has worked as an economist at the Bank of Spain for 30 years, and focuses on international and monetary economics. He blogs in Spanish at: http://http://www.miguelnavascues.com/
New regulation on anticrisis buffers.

Has the crisis really ended?

Miguel Navascués | There are many signs that the public think the crisis is over. One is the bankruptcy of Podemos, but there are many more. But has it ended? I doubt it.


Glacier

Action against climate change: too many ambiguities

Miguel Navascués | Everyone talks ever more passionately demanding that climate change be slowed by changing from energy based on oil and gas to one that does not produce CO2. But no-one explains if technological change will really allow this to happen in time.

 


Spain has highest proportion of contracts of 6 months or less

Inequality is not Spain’s problem. Unemployment is

Miguel Navascués | The winner of the recent elections, Pedro Sánchez, defined his objective in the previous debates with great precision: to end the increasing inequality in Spain. But inequality is not the main problem in Spain, it does not even have the nature of a problem. To begin, it is not increasing.


The negative yield curve and its consequences

Miguel Navascués | Recently, in the US, long term interest rates have fallen below short term rates. This has a more concrete significance: the economy is getting weaker and could enter recession. Something unusual has happened which we must explain.

 



Stock markets skids, the subsequent panic and the downwards spiral,ready for sentence?

Stock Markets Skids, The Subsequent Panic And The Downwards Spiral, Ready For Sentence?

Miguel Navascués | Perhaps it will not be so serious, but stock markets are falling and trembling. What has happened? Is it the Armageddon expected for over a year? The Federal Reserve is withdrawing liquidity to quickly from the global system, as can be seen in the graph: 50 billion dollars a month in a heavily leveraged global system, too much, with excessive confidence in expectations that “this time it will be different”.

 

 


What Gibraltar matters to the Spanish

What Gibraltar Matters To The Spanish

Miguel Navascués | Theresa May has categorically denied Pedro Sánchez’  illusions over Gibraltar and co-sovereignty which he wanted to sell us. May has said that “Spain has gained nothing of what it sought over Gibraltar”, compared to Sánchez’ claim that “there has been an historic agreement” in relation to co-sovereignty. I don´t believe this issue matters in the slightest to Spaniards.



Global debt is at 380% of world GDP

Hiding Global Debt, Housing The Black Swan Of The Next Crisis

The world is over indebted, with a total debt at 380% of global GDP. It is three times it was before the crisis. This debt is both private and public. However, there is no data available on the extent to which this debt has been financed by stock market speculation. We can only infer, from the excessive levels of these indices, that a major part is acting in this activity.


Where Did The Lehman Brothers’ Fire Begin?

On the tenth anniversary of the fall of Lehman Brothers, multiple analyses and opinions can be read on the origins of the crisis. Two have caught my attention: that of Ben Bernanke, who headed the team which avoided the crisis turning into a new 1929, and the opposing view of Paul Krugman, who says that he does not see the connection, and believes that it was a crisis provoked by the collapse of the housing market.