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/
Global crisis

The tenth anniversary of the global financial crisis

Most of the media has reminded us that on August 9, 2007, BNP Paribas announced it was having problems calculating a reliable net asset value for three mutual funds. So the bank suspended redemptions. The most commonly held view is that this was the beginning – not the origin – of the crisis.





Fed's normalisation strategy

The Confused Signs Regarding The Fed’s Monetary Normalisation

Not everything is clear through a crystal ball. The Fed is in the process of “normalising” interest rates, but one has to ask whether anyone really believes this…In other words, it appears the market is not convinced that the economy is getting stronger, nor that the inflation rate is hugely threatening.


Spanish PSOE could dissapear

The disappearance of Spain’s PSOE party

The PSOE, which governed during two terms of office with an atypical leader, Zapatero, is now so disorientated that it’s suffocating and looking to leftism for some air without any basis. It’s on the point of taking Pablo Iglesias’ bait, that a Grand Coalition against Rajoy is possible.


gold volatility

Gold Is Not Liquid; It Is A Highly Volatile Asset

There no asset which is safe, liquid and provides a good return all at the same time, since these variables usually go in the opposite direction; gold has an extremely high VIX or volatility index and it sometimes exceeds the Standard & Poor 500 index.




stock markets' level is not sustainable

Stock Markets: Levels And Fundamentals

Various world-renowned experts are increasingly doubtful that the stock markets’ level is sustainable. But there is still huge euphoria. While money remains cheap, in relation to the expectation of gains, speculation will continue.