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/
The “R” club is recruiting

The Italians Plans For Leaving The Euro…Or That This Blows Up

If I haven’t got the wrong end of the stick, Italy plans is to create a parallel currency to the euro, guaranteed by the Italian government, but which I don’t know who will control. A Bank of Italy? The government would issue these BOT, endorse them with the BI, which would give it the money to be shared out amongst the unpaid creditors. It seems a lot like Helicopter Money.


Anti-Europeanism in Europe

Europe, Where Everyone Is Against Each Other

Europe, where everyone is against everbody else. The victory in Italy of the populist Five Star Movement and Lega has shattered into a million pieces the slight possibilities of having a more united Europe, or a more federal one, or whatever you want to call it.


Buybacks become a real plague on Wall Street

Company Share “Buybacks” – A Plague On Wall Street

There is a habitual practice on Wall Street of companies buying their own shares to reward shareholders who hold them, and at the same time give a bonus to top executives. The advantage of these share buybacks is that they are not taxed.







normalisation of interest rates

Is it time to normalise interest rates?

There’s an idea circulating amongst the central banks or, more accurately, amongst pressure groups in the central banks. The crux of this idea is: “the central banks should normalise interest rates”.

 


IMF's optimistic outlook of global economy

The IMF’s Optimistic Vision Of The Global Outlook

In the IMF blog there is a brief view of how well the year has gone and the promises for the future which we can extract from this good performance. For me it’s proof of an excess confidence which in the past was a trap into which the markets systematically fell. But the IMF has to accept the rationalistic view that the markets don’t get it wrong, while I maintain they quite often make mistakes.