Asymmetric standing facilities:
an unexploited monetary
policy tool
Gabriel Perez-Quiros and
Hugo Rodríguez Mendizábal
Documentos de Trabajo
N.º 1004
2010
ASYMMETRIC STANDING FACILITIES: AN UNEXPLOITED MONETARY POLICY TOOL
ASYMMETRIC STANDING FACILITIES: AN UNEXPLOITED
MONETARY POLICY TOOL (*)
Gabriel Perez-Quiros (**)
BANCO DE ESPAÑA AND CEPR
Hugo Rodríguez Mendizábal (***)
INSTITUTO DE ANÁLISIS ECONÓMICO (CSIC) AND BARCELONA GSE
(*) We thank Juan Ayuso, Roberto Blanco, José Manuel Marqués, Arturo Mesón and participants at the internal
seminar of the Bank of Spain for helpful suggestions. We also appreciate valuable comments from an anonymous
referee of the Working Paper series at the Bank of Spain. The views expressed in the paper are those of the
authors and do not necessarily reflect the views of the Bank of Spain or the European System of Central
Banks. Rodríguez Mendizábal acknowledges the support of the Barcelona GSE Research Network and of the
Government of Catalonia.
(**) Servicio de Estudios, Banco de España, Alcalá 48, 28014 Madrid. Spain. E-mail: [email protected].
(***) Instituto de Análisis Económico. Campus UAB. 08193 Bellaterra Barcelona, Spain. E-mail: [email protected].
es.
Documentos de Trabajo. N.º 1004
2010
The Working Paper Series seeks to disseminate original research in economics and finance. All papers
have been anonymously refereed. By publishing these papers, the Banco de España aims to contribute
to economic analysis and, in particular, to knowledge of the Spanish economy and its international
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© BANCO DE ESPAÑA, Madrid, 2010
ISSN: 0213-2710 (print)
ISSN: 1579-8666 (on line)
Depósito legal: M. 11490-2010.
Unidad de Publicaciones, Banco de España
Abstract
This paper analyzes the role of standing facilities in the determination of the demand
for reserves in the overnight money market. In particular, we study how the asymmetric
nature of the deposit and lending facilities could be used as a powerful policy tool for the
simultaneous control of prices and quantities in the market for daily funds.
Keywords: Monetary policy implementation; standing facilities; overnight interest rates; finetuning operations.
JEL classification: E52, E58, E43.
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*+ ;,20 DOCUMENTO DE TRABAJO N.º 1004
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9,7 ;,;0= -D ,847?:9 *
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>4:9 9 >@.3 , 8:/07 30 ,/A,9.0> ?3,? ?30 .09?=,7 -,96 .:@7/ ,L0.? ?30 ,8:@9?
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=08,49> 1=,2470 *+ ?30 ,>D880?=4. -4,> >3:@7/ ;09,74E0 =0>0=A0 -@47/ @; ,9/
09.:@=,20 -:==:B492 1=:8 ?30 0/J
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DOCUMENTO DE TRABAJO N.º 1004
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?@=8:47 49 F9,9.4,7 8,=60?> 42@=0 >3:B> ?30 /,47D @>0 :1 ?30 /0;:>4? 1,.474?D
,> , ;0=.09?,20 :1 ?:?,7 =0>0=A0 =0<@4=0809?> -0?B009 ,9@,=D =/ ,9/
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-009 -07:B -,>4> ;:49?> &30 F=>? ;0=4:/ 4> =0;=0>09?0/ -D ,9 ,=0, B4?3
A0=?4.,7 7490> ,9/ 2:0> 1=:8 !.?:-0= ?3 @9?47 ,9@,=D >? 9 ?34>
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>?,=?0/ :9 ,D ?3 ,9/ =@9> @9?47 ?30 09/ :1 ?30 >,8;70 &34> ;0=4:/ 4>
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,77 ?30 F2@=0> -07:B
0?B009 ?30 -02499492 :1 ?30 >,8;70 ,9/ %0;?08-0= ?3 =0>0=A0
-,7,9.0> ,? ?30 /0;:>4? 1,.474?D 3,> ,A0=,20/ ;0=.09? :1 =0>0=A0 =0<@4=0809?>
B4?3 , 8,C48@8 :1 ;0=.09? &309 -D %0;?08-0= ?3 :1 ?3,? D0,= ?34>
=,?4: 49.=0,>0/ ?: ;0=.09? :1 =0>0=A0 =0<@4=0809?> ,9/ >?,D0/ ,=:@9/ ;0=.09? /@=492 ?30 ;0=4:/ -0?B009 !.?:-0= ?3 ,9/ ,9@,=D >? B309 ?30 >;=0,/ -0?B009 ?30 709/492 ,9/ /0;:>4? =,?0> B,> -,>4> ;:49?>
%49.0 84/,9@,=D ?34> =,?4: 3,> -009 /0.=0,>492 =0,.3492 , 84948@8 :1
;0=.09? :9 @90 ?3 :B0A0= :9 @90 ?3 ?30 @>0 :1 ?30
/0;:>4? 1,.474?D >?,=?0/ ?: =4>0 ,2,49 ,9/ =0,.30/ 4?> 34>?:=4.,7 8,C48@8 :1 ;0=.09? :1 =0>0=A0 =0<@4=0809?> :9 @7D =/ 42@=0 ;=0>09?> ?30 >?,9/492 ,8:@9?> :1 =0>0=A0> 4950.?0/ ?3=:@23 :;09
8,=60? :;0=,?4:9> ,> , 1=,.?4:9 :1 =0>0=A0 =0<@4=0809?> '9?47 ?30 -02499492
:1 !.?:-0= ?34> 9@8-0= G@.?@,?0/ ,=:@9/ ;0=.09? :1 =0>0=A0 =0<@4=0
809?> &309 -0?B009 !.?:-0= ?3 ,9/ ,9@,=D >? 4? 49.=0,>0/ >:
?3,? ?30 ,A0=,20 :A0= ?34> ;0=4:/ B,> ;0=.09? %49.0 0-=@,=D ?34> =,
?4: 3,> -009 /0.=0,>492 @9?47 @90 ?3 B309 4? =,4>0/ ,2,49 ,9/ =0,.30/
;0=.09? &34> F2@=0 ,7>: 49.7@/0> ?30 ,8:@9? :1 ,@?:9:8:@> 1,.?:=> ,> ,
1=,.?4:9 :1 =0>0=A0 =0<@4=0809?> &34> >0=40> 49.=0,>0/ 1=:8 , 70A07 :1 ,=:@9/ ;0=.09? ?: 5@>? ,=:@9/ ;0=.09? :9 !.?:-0= B34.3 80,9> ?3,? .3,920>
49 ?30 -03,A4:= :1 ,@?:9:8:@> 1,.?:=> .,99:? ,..:@9? 1:= ?30 7,=20= =0.:@=>0 ?:
?30 :;09 8,=60? :;0=,?4:9> &3@> ?30>0 F2@=0> >@220>? ?3,? ?30 49.=0,>0 49 ?30
9 ?34> ;,;0= B0 /: 9:? /0>.=4-0 ?30 49>?4?@?4:9,7 1=,80B:=6 :1 ?30 @=: ,=0, 8:90?,=D
;:74.D 9?0=0>?0/ =0,/0=> ?3,? 900/ >:80 -,.62=:@9/ 49 ?30 @=: ,=0, 8:90?,=D ;:74.D
48;70809?,?4:9 =@70> >3:@7/ =0,/ @=:;0,9 09?=,7 ,96 *+ := , /0>.=4;?4:9 :1 ?30 ?B:
8,5:= =0.09? .3,920> ?30 :90 49 ,=.3 ,9/ ?30 :90 49 !.?:-0= >00 *+ *+ ,9/ *+
&34> A,7@0 B,> =0,.30/ :9 %0;?08-0= ?3 B34.3 B,> ?30 09/ :1 , =0>0=A0 8,49?09,9.0
;0=4:/
!9 @90 ?3 ?30 >?,=?0/ .:9/@.?492 74<@4/4?D;=:A4/492 8,49 =0F9,9.492
:;0=,?4:9> B4?3 , D0,= 8,?@=4?D &30 7,=20= @>0 :1 ?30 /0;:>4? 1,.474?40> .:@7/ -0 /@0 ?:
0C;0.?,?4:9> :1 1@?@=0 =,?0 49.=0,>0>
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@>0 :1 ?30 /0;:>4? 1,.474?D 3,> -009 F9,9.0/ ?3=:@23 -4220= ,8:@9?> ,77:??0/ ,?
?30 :;09 8,=60? :;0=,?4:9> :1 ?30 > ;:49?0/ :@? 49 ?30 9?=:/@.?4:9 , 9,?@=,7 0C;7,9,?4:9 1:= ?30 -03,A4:=
:1 =0>0=A0 /08,9/ 3,> ?: /: B4?3 .3,920> 49 ?30 .:>? :1 @>492 ?30 /0;:>4?
1,.474?D 0.,@>0 ?34> .:>? 4> 80,>@=0/ -D ?30 >;=0,/ -0?B009 ?30 =,?0 :1 ?30 8,49
=0F9,9.492 :;0=,?4:9 ,9/ ?30 /0;:>4? =,?0 49 ?30 ?B: ;0=4:/> B309 ?34> >;=0,/
3,> /0.=0,>0/ ?30 ,;;0,7 :1 ?30 /0;:>4? 1,.474?D 3,> 49.=0,>0/ &34> 3,> =0>@7?0/
49 7,=20= =0>0=A0 /08,9/> ,? ?30 :;09 8,=60? :;0=,?4:9> 24A09 ?30 1@77 ,77:?809?
;:74.D :1 ?30 ,1?0= !.?:-0= ?3 7?3:@23 ?34> 0C;7,9,?4:9 8423?
-0 .:==0.? 4? 8,D 9:? .,;?@=0 ,77 ?30 1,.?:=> -0349/ ?30 /08,9/ :1 =0>0=A0>
.,=01@7 7::6 ,? 42@=0 >@220>?> ?3,? ?30=0 :@23? ?: -0 :?30= 48;:=?,9?
070809?> ?: ,..:@9? 1:= ?30 -03,A4:= :1 =0>0=A0 /08,9/ 49 ?30 0@=: ,=0, 4=>?
?30 49.=0,>0 49 ?30 @>0 :1 ?30 /0;:>4? 1,.474?D /:0> 9:? 0C,.?7D .:49.4/0 B4?3 ?30
=0/@.?4:9 :1 ?30 ,8;74?@/0 :1 ?30 49?0=0>? =,?0 .:==4/:= ,96> >?,=?0/ ?: 8:A0
1@9/> 1=:8 ?304= .@==09? ,..:@9?> ?: ?30 /0;:>4? 1,.474?D 49 , >4294F.,9? 8,990=
,=:@9/ ?B: B006> -01:=0 !.?:-0= ?3 %0.:9/ ,1?0= ?30 ,8;74?@/0 :1 ?30
-,9/ B09? -,.6 ?: -0 -,>4> ;:49?> :9 ,9@,=D 9/ B0 B4?90>>0/
, A0=D 2=,/@,7 =0/@.?4:9 49 ?30 @>0 :1 ?30 /0;:>4? 1,.474?D 9:?3492 .:8;,=,-70
B4?3 ?30 >@//09 ;0,6 :->0=A0/ :9 !.?:-0= ?3 &34=/ ?34> 1,77 49 ?30
=0.:@=>0 ?: ?30 /0;:>4? 1,.474?D :..@==0/ 0A09 B309 ?30 .:>? :1 @>492 ?34> 1,.474?D
/=:;;0/ ,2,49 :9 ,D ?3 49,77D ,> >@//097D ,> 49 !.?:-0= ?30 /0;:>4? 1,.474?D B,> ,2,49 30,A47D @>0/ ,1?0= @90 ?3 ?30 /,D :1 ?30
>0??70809? :1 ?30 F=>? :1 ?30 D0,= =0F9,9.492 :;0=,?4:9> ?: ;=:A4/0 74<@4/4?D
/0.4/0/ :9 ?30 ,D ?3 800?492 :1 ?30 :A0=9492 :@9.47 ,7?3:@23 ,?
?34> ?480 ?30 >;=0,/ -0?B009 ?30 709/492 ,9/ /0;:>4? =,?0 >?,D0/ .:9>?,9? ,?
-,>4> ;:49?>
!90 ;:>>4-70 070809? 84>>492 49 ?30 0C;7,9,?4:9 ,-:A0 4> ?30 0A:7@?4:9 :1
?30 =4>6 49A:7A0/ 49 49?0=-,96 709/492 ,> ;0=.04A0/ -D 8,=60? ;,=?4.4;,9?> !90
B,D ?: ?3496 ,-:@? ?30 1,.?:=> -0349/ ?30 /08,9/ :1 =0>0=A0> 4> ?3,? 8,=60?
;,=?4.4;,9?> @>0 ?30 8,49 =0F9,9.492 :;0=,?4:9> ,9/ ?30 /0;:>4? 1,.474?D ,> ,
>?:=,20 /0A4.0 49 =0>;:9>0 ?: ?304= ;0=.0;?4:9> :1 ?30 =4>6 49A:7A0/ 49 49?0=-,96
709/492 !90 .:88:97D @>0/ 80,>@=0 :1 =4>6 4> ?30 >;=0,/ -0?B009 ?30 @=4-:=
,9/ ?30 @=0;: ,? >,80 8,?@=4?40> &30 @=4-:= 4> ?30 =,?0 :1 @9.:77,?0=,74E0/
7:,9> 49 ?30 49?0=-,96 8,=60? B3470 ?30 @=0;: 4> ?30 =,?0 :1 ?30 .:==0>;:9/492
.:77,?0=,74E0/ 7:,9 42@=0 >3:B> ?30 /4L0=09.0 -0?B009 ?30 @=4-:= ,9/ ?30
@=0;: ,? ?30 8:9?3 8,?@=4?D 1:= ?30 >,80 >,8;70 ;0=4:/ ,> 49 42@=0> ,9/ )0 .,9 >00 3:B ?34> >;=0,/ >?,=?0/ ?: =4>0 ,? ?30 09/ :1 @2@>? B4?3 , /=,8,?4. ;0,6 :9 !.?:-0= 1?0= 8:A492 ,=:@9/ A,7@0> .7:>0 ?:
;0=.09?,20 ;:49?> ?30 >;=0,/ -0?B009 ?30 @=4-:= ,9/ @=0;: 3,/ , >3,=;
/0.=0,>0 :9 0.08-0= ?3 ,9/ 4? 3,> -009 /0.749492 >49.0 ?309 &30=01:=0
,> ?30 ;0=.0;?4:9 :1 8,=60? =4>6 >4294F.,9?7D 49.=0,>0/ :9 !.?:-0= F9,9
.4,7 49>?4?@?4:9> =0>;:9/0/ -D =,4>492 ?304= /08,9/ 1:= 0C.0>> =0>0=A0> &34> B,>
,.340A0/ -D 7,=20= -4/> 49 ?30 8,49 =0F9,9.492 :;0=,?4:9 &30>0 7,=20= ,8:@9?>
,77:??0/ -D ?30 B0=0 ?309 /0;:>4?0/ ,? ?30 /0;:>4? 1,.474?D @=?30=8:=0
?30 >48@7?,90:@> 9,==:B492 :1 ?30 49?0=0>? =,?0 .:==4/:= 0C,.0=-,?0/ ?30 @>0 :1
?30 /08,9/ 1:= 0C.0>> =0>0=A0> ,9/ ?30 @>0 :1 ?30 /0;:>4? 1,.474?D ,> ?30 .:>? :1
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DOCUMENTO DE TRABAJO N.º 1004
@>492 ?34> >?:=,20 /0A4.0 /0.=0,>0/
2,49 ,7?3:@23 ?34> 0C;7,9,?4:9 8423? -0 .:==0.? , .7:>0= 7::6 ,? 42@=0> ,9/ >@220>?> ?3,? ?30=0 >?477 :@23? ?: -0 :?30= 48;:=?,9? 070809?> ?: ,..:@9?
1:= ?30 -03,A4:= :1 =0>0=A0 /08,9/ 49 ?30 0@=: ,=0, 4=>? ;0=.04A0/ =4>6 3,/
,7=0,/D 49.=0,>0/ 49 , >4294F.,9? 8,990= , D0,= -01:=0 8,=60? ;,=?4.4;,9?>
-02,9 @>492 ?30 /0;:>4? 1,.474?D 49 >4E,-70 ,8:@9?> @=?30=8:=0 ?30 .:9/4?4:9>
=02,=/492 ?30 B4/?3 :1 ?30 49?0=0>? =,?0 .:==4/:= ,9/ ?30 ;=4E0 :1 =4>6 ,=:@9/
@90 ,9/ @7D :1 ,=0 -,>4.,77D ?30 >,80 ,> 49 ,=.3 ,9/ ;=47 :1 -@? ?30 @>0 :1 ?30 /0;:>4? 1,.474?D 4> A0=D /4L0=09? 49,77D -0?B009 ,D ?3
,9/ @7D ?3 :1 ?30 /4L0=09.0 -0?B009 ?30 709/492 ,9/ /0;:>4? =,?0>
>?,D0/ .:9>?,9? ,9/ ?30 ;=4E0 :1 =4>6 /0.=0,>0/ :B0A0= ?30 @>0 :1 ?30 /0;:>4?
1,.474?D 49.=0,>0/ >@->?,9?4,77D =:8 ?34> 0A4/09.0 B0 .:9.7@/0 ?3,? 904?30= ?30
/4L0=09.0 -0?B009 ?30 709/492 ,9/ /0;:>4? =,?0> 9:= ?30 8,=60?H> ;0=.0;?4:9>
:9 =4>6 >008 ?: ;=:A4/0 >,?4>1,.?:=D 0C;7,9,?4:9> :1 ?30 -03,A4:= :1 ?30 /08,9/
1:= 0C.0>> =0>0=A0>
9:?30= 48;:=?,9? 070809? ?3,? 8423? ,L0.? ?30 /08,9/ 1:= =0>0=A0> 8423?
-0 =07,?0/ ?: ?30 0C4>?09.0 :1 F90?@9492 :;0=,?4:9> :9 ?30 7,>? /,D> :1 ?30
=0>0=A0 8,49?09,9.0 ;0=4:/> &30 3,> .:9/@.?0/ , 74<@4/4?D /=,49492 F90
?@9492 :;0=,?4:9 :9 ?30 7,>? /,D :1 0,.3 :1 ?30 =0>0=A0 8,49?09,9.0 ;0=4:/>
0C4>?09? -0?B009 :A08-0= ,9/ %0;?08-0= 9 48;:=?,9? <@0>?4:9
4> B30?30= ?30>0 F90 ?@9492 :;0=,?4:9> 3,A0 /=,490/ ,77 ?30 0C.0>> 74<@4/4?D 49
?30 >D>?08 &: ,9>B0= ?34> <@0>?4:9 B0 @>0 ,> , 80,>@=0 :1 ?30 0C.0>> 74<@4/4?D
49 ?30 >D>?08 ?30 =0.:@=>0 ?: ?30 /0;:>4? 1,.474?D ?30 ;=0A4:@> ?: 7,>? /,D :1 ?30
8,49?09,9.0 ;0=4:/ 42@=0 ;7:?> ?30 ,8:@9? :1 /=,49,20 ?3,? 4> ?30 >4E0 :1
?3:>0 F90 ?@9492 :;0=,?4:9> ,> B077 ,> ?30 .3,920> 49 ?30 @>0 :1 ?30 /0;:>4?
1,.474?D ,9/ 49 ?30 ,22=02,?0 .@==09? ,..:@9? :1 ?30 >D>?08 :9 ?30 7,>? /,D :1 ?30
8,49?09,9.0 ;0=4:/ )0 9:=8,74E0 ?30>0 <@,9?4?40> -D :@= 80,>@=0 :1 0C.0>>
74<@4/4?D >: ?3,? ,77 ?30>0 9@8-0=> ,;;0,= ,> 1=,.?4:9> :1 ?30 @>0 :1 ?30 /0;:>4?
1,.474?D :9 ?30 ;=0A4:@> ?: 7,>? /,D :1 ?30 8,49?09,9.0 ;0=4:/ := 0C,8;70 :9
?30 ?3 :1 ;=47 :1 , F90 ?@9492 B,> /:90 B4?3 , >4E0 :1 ,;;=:C48,?07D
;0=.09? :1 ?30 I0C.0>> 74<@4/4?DJ 49 ?30 >D>?08 ;=:C40/ B4?3 ?30 @>0 :1 ?30
/0;:>4? 1,.474?D :9 ?30 ?3 :1 ;=47 :1 7?3:@23 ?30 /=,49,20 :1 =0>0=A0>
B,> 7,=20= ?3,9 ?30 0C.0>> 74<@4/4?D ?34> :;09 8,=60? :;0=,?4:9 =0/@.0/ ?30
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=0/@.?4:9 :1 ?30 .@==09? ,..:@9?> :1 .=0/4? 49>?4?@?4:9> 49 ?30 )0 .,9
>00 3:B ?30 /=,49,20 :1 74<@4/4?D 4> ,7B,D> 7,=20= 49 ,->:7@?0 A,7@0 ?3,9 ?30
=0/@.?4:9 =,?0 49 ?30 @>0 :1 ?30 /0;:>4? 1,.474?D ,9/ >:80?480> ?30 /=,49,20
=0,.30> A,7@0> 7,=20= ?3,9 &34> 80,9> ?3,? ?30 /=,49,20 4> 7,=20= ?3,9 ?30
:@?>?,9/492 -,7,9.0 :1 ?30 /0;:>4? 1,.474?D :9 ?30 ;=0A4:@> ?: 7,>? /,D :1 ?30
8,49?09,9.0 ;0=4:/ :B0A0= ?30 /0.=0,>0 =,?0 49 ?30 /0;:>4? 1,.474?D 90A0=
%00 1::?9:?0 1:= , ;:>>4-70 0C;7,9,?4:9 :1 ?30 49.=0,>0 49 ?30 @>0 :1 ?30 /0;:>4? 1,.474?D
,1?0= @90 ?3 &30 A,=4,?4:9> 49 /0;:>4?> ,9/ ?30 A,=4,?4:9> 49 ?30 .@==09? ,..:@9? /: 9:? ,7B,D> ,// ?:
?30 >4E0 :1 ?30 :;0=,?4:9 -0.,@>0 A,=4,?4:9 49 ,@?:9:8:@> 1,.?:=> ,7>: .:9?=4-@?0 ?: .3,920>
49 74<@4/4?D .:9/4?4:9> !9 ?3:>0 /,D> 3:B0A0= ?30 .:9?=4-@?4:9 :1 ,@?:9:8:@> 1,.?:=> 4>
9027424-70
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DOCUMENTO DE TRABAJO N.º 1004
=0,.30> >: ?3,? ?30=0 4> ,7B,D> , >4294F.,?4A0 1=,.?4:9 :1 @>0 :1 ?30 /0;:>4?
1,.474?D :9 ?30 7,>? /,D > 42@=0 >3:B> , >4294F.,?4A0 ;,=? :1 ?30 /=,49,20
:1 74<@4/4?D 4> :-?,490/ ?3=:@23 =0/@.?4:9> 49 .@==09? ,..:@9?> 77 ?30>0 :;0=,?4:9> B0=0 .:9/@.?0/ ?3=:@23 A,=4,-70 =,?0 ?09/0=> &30=01:=0 0A09 B4?3
F90 ?@9492 :;0=,?4:9> :9 ?30 7,>? /,D ?30=0 4> ,9 0C.0>> /08,9/ 1:= =0>0=A0>
,1?0= ?30 F9,9.4,7 ?@=8:47 ?3,? .,9 9:? -0 /=,490/ -D ?30 !A0=9423? 8,=60? =,?0> ;=:A4/0 1@=?30= 0A4/09.0 :9 ?30 -03,A4:= :1 .=0/4?
49>?4?@?4:9> 42@=0 ;7:?> ?30 >;=0,/ -0?B009 ?30 :94, ,9/ ?30 =,?0 :1 ?30
8,49 =0F9,9.492 :;0=,?4:9> )0 .,9 >00 3:B ?34> >;=0,/ 3,> -009 >D>?08,?4.,77D
902,?4A0 ,1?0= !.?:-0= ?3 &34> :->0=A,?4:9 >@;;:=?> ?30 4/0, ?3,? ?30=0
4> ?:: [email protected] 74<@4/4?D 49 ?30 >D>?08
49,77D 1:= .:8;70?090>> 42@=0 ;7:?> ?30 @>0 :1 ?30 8,=249,7 709/492
1,.474?D :A0= =0<@4=0/ =0>0=A0> &: .:8;,=0 B4?3 42@=0 4? 8,49?,49> ?30
>,80 =,920 :1 A,7@0> 1:= ?30 A0=?4.,7 ,C4> '97460 ?30 @>0 :1 ?30 /0;:>4? 1,.47
4?D =0.:@=>0 ?: ?30 8,=249,7 709/492 1,.474?D 3,> >?,D0/ 49 [email protected] >8,770= 70A07>
&30 8,C48@8 A,7@0 :A0= ?30 B3:70 >,8;70 4> 5@>? ;0=.09? B4?3 ,9 ,A0=,20
-0?B009 !.?:-0= ?3 ,9/ ,9@,=D >? :1 ;0=.09? :1 =0>0=A0
=0<@4=0809?>
9 ?34> ;,;0= B0 /: 9:? >006 ?: ;=:A4/0 ,9 0C;7,9,?4:9 :1 ?30 :->0=A0/ -0
3,A4:= :1 ?30 /08,9/ 1:= 0C.0>> =0>0=A0> $,?30= B0 ?,60 ,> 24A09 ?30 49.=0,>0
49 /08,9/ 1:= =0>0=A0> ,>>:.4,?0/ B4?3 ;0=4:/> :1 ?@=8:47 49 F9,9.4,7 8,=60?>
)0 ?309 .:9>?=@.? , 8:/07 49 B34.3 49 >@.3 >.09,=4: .:880=.4,7 -,96> 3,A0 ,9
49.09?4A0 ?: /08,9/ >4E,-70 ,8:@9?> :1 0C.0>> =0>0=A0> ,? ?30 8,49 =0F9,9.492
:;0=,?4:9> ,?@=,77D ?34> >?,?0 :1 ,L,4=> /:0> 9:? =0;=0>09? , /0>4=,-70 >4?@
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.,9 -0 ;@? -,.6 49 ?30 8,=60? B3090A0= F9,9.4,7 49>?4?@?4:9> /0.4/0 ?: /: >:
)0 @>0 ?30 8:/07 ?: >3:B 3:B ?30 /08,9/ 1:= 1@9/> 49 ?30 8,=60? /0;09/>
:9 ?30 =07,?4A0 ;:>4?4:9 :1 ?30 8,49 =0F9,9.492 =,?0 B4?3 =0>;0.? ?: ?30 709/492
,9/ /0;:>4? =,?0> 9 ?34> >09>0 B0 477@>?=,?0 3:B ?30 /08,9/ 1:= =0>0=A0> 4>
49/0;09/09? :1 ?30 B4/?3 :1 >D880?=4. .:==4/:=> ,=:@9/ ?30 8,49 =0F9,9.492
=,?0 !90 .:9.7@>4:9 :1 ?30 8:/07 4> ?3,? ?30 .09?=,7 -,96 .,9 .:9?=:7 ?30
/08,9/ 1:= =0>0=A0> ,9/ ?30 @>0 :1 ?30 /0;:>4? 1,.474?D -D .,=01@77D .3::>492 ?30
;:>4?4:9 :1 ?30 8,49 =0F9,9.492 =,?0 B4?349 ?30 .:==4/:= /0F90/ -D ?30 =,?0>
:1 ?30 >?,9/492 1,.474?40> @=?30=8:=0 600;492 .:9>?,9? ?30 ,8;74?@/0 :1 ?34>
.:==4/:= 09>@=0> ?30 >,80 /02=00 :1 .:9?=:7 :1 8,=60? =,?0> &3@> ?30 B4/?3
?:20?30= B4?3 ?30 /02=00 :1 ,>D880?=D :1 ?30 49?0=0>? =,?0 -,9/ .,9 -0 @>0/ ,>
?B: 8:90?,=D ;:74.D ?::7> ?: .:9?=:7 >48@7?,90:@>7D 49?0=0>? =,?0> ,9/ 74<@4/4?D
.:9/4?4:9> 49 ?30 49?0=-,96 8,=60? 49,77D ,> ?30 F90?@9492 :;0=,?4:9 ,?
?30 09/ :1 ?30 8,49?09,9.0 ;0=4:/ ,L0.?> ?30 0C;0.?0/ ;=:F?> 1=:8 =0>0=A0
8,9,20809? ;0=.04A0/ -D 8,=60? ;,=?4.4;,9?> B0 ,7>: >3:B ?30 =:70 ?3,? >@.3
:;0=,?4:9> 3,A0 49 >3,;492 ?30 /08,9/ 1:= 0C.0>> =0>0=A0>
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DOCUMENTO DE TRABAJO N.º 1004
&34> >0.?4:9 ;=0>09?> , /D9,84. 2090=,7 0<@474-=4@8 8:/07 :1 ?30 @=:>D>?08
:A0=9423? 8:90D 8,=60? &30 8,49 10,?@=0> :1 ?30 8:/07 ,=0 -,>0/ :9 "O=0E
#@4=Q> ,9/ $:/=P2@0E 09/4EN-,7 *+ >>@80 ,9 0.:9:8D 493,-4?0/ -D ,
.09?=,7 -,96 ,9/ , .:9?49@@8 :1 .:880=.4,7 -,96> B4?3 80,>@=0 :90 &30>0
.:880=.4,7 -,96> 8,49?,49 /0;:>4?> .,770/ .@==09? ,..:@9?> := =0>0=A0> B4?3
?30 .09?=,7 -,96 49 :=/0= ?: 1@7F7 =0>0=A0 =0<@4=0809?> ,9/ ;,D809?> =0>;:9>4-47
4?40> A0=D /,D ,9 49?0=-,96 8,=60? :;09> B30=0 -,96> .,9 0C.3,920 =0>0=A0>
?3=:@23 7:,9> B4?3 ,9 :A0=9423? 8,?@=4?D
)309 /0.4/492 3:B [email protected] 1@9/> ?: 7:,9 := ?: -:==:B 1=:8 ?30 8,=60? -,96>
.:9>4/0= ?30 .:9>?=,49?> ,>>:.4,?0/ B4?3 ?30 :;0=,?4:9,7 1=,80B:=6 :1 ?30 .09
?=,7 -,96 &34> 1=,80B:=6 4> .:8;:>0/ :1 ?3=00 070809?> &30 F=>? :90 =010=> ?:
.0=?,49 =0>?=4.?4:9> :9 ?30 .@==09? ,..:@9?> 3:7/ -D .:880=.4,7 -,96> $0>0=A0
-,7,9.0> :1 .:880=.4,7 -,96> .,99:? -0 902,?4A0 -D ?30 09/ :1 0,.3 /,D ,9/
?30 ,..@8@7,?0/ -,7,9.0 :A0= 0,.3 =0>0=A0 8,49?09,9.0 ;0=4:/ 3,> ?: -0 7,=20
09:@23 ?: 800? =0<@4=0/ =0>0=A0> ?3,? 4> 4? .,99:? -0 >8,770= ?3,9 , 9@8-0=
&34> 9@8-0= .:==0>;:9/> ?: ?30 70A07 :1 =0<@4=0/ =0>0=A0> ,9/ 4>
;=0/0?0=8490/ &30 =0>0=A0 8,49?09,9.0 ;0=4:/ 3,> , 7092?3 :1 /,D>
&30 >0.:9/ 070809? .:9>4>?> :1 ?B: >?,9/492 1,.474?40> ;=:A4/0/ -D ?30 .09?=,7
-,96 &30=0 4> , 709/492 1,.474?D B30=0 -,96> .,9 -:==:B 1@9/> ,? ?30 49?0=0>?
=,?0 ,9/ , /0;:>4? 1,.474?D B30=0 -,96> .,9 /0;:>4? 1@9/> ,? ?30 =,?0 &30>0
1,.474?40> ,=0 ,7B,D> ,A,47,-70 ?: .:880=.4,7 -,96> &30 ?34=/ 070809? 49.7@/0>
?30 .09?=,7 -,96H> :;09 8,=60? :;0=,?4:9> !!> )0 ,>>@80 ?30=0 4> , 8,49
=0F9,9.492 :;0=,?4:9 ;0=1:=80/ ,? ?30 -02499492 :1 ?30 =0>0=A0 8,49?09,9.0
;0=4:/ &34> !! 3,> , 8,?@=4?D :1 /,D> &30=0 ,7>: 0C4>?> ?30 ;:>>4
-474?D :1 ,9 :A0=9423? F90?@9492 :;0=,?4:9 ,? ?30 A0=D 09/ :1 ?30 8,49?09,9.0
;0=4:/ =:8 ?30 49/4A4/@,7 ;:49? :1 A40B :1 .:880=.4,7 -,96> ?34> F90?@9492
:;0=,?4:9 :..@=> B4?3 ;=:-,-474?D 1 ;0=1:=80/ ?30 F90?@9492 :;0=,?4:9
8,D -0 74<@4/4?D ,->:=-492 := ;=:A4/492 /0;09/492 :9 ?30 ,22=02,?0 74<@4/4?D
.:9/4?4:9> :?3 !!> ,77:? -4/> 1@77D ,9/ ,=0 .:9/@.?0/ ,> FC0/ =,?0 ?09/0=>
,? ?30 =,?0 B4?3 &30 ?30:=0?4.,7 /0>429 :1 ?30 F90?@9492 :;0=,?4:9 4> 9:A07 ,9/ /0>0=A0>
1@=?30= 0C;7,9,?4:9 )0 B,9?0/ ?: 8:/07 ?B: 10,?@=0> :1 ?34> :;0=,?4:9 4=>?
?30 /:0> 9:? ,7B,D> ;0=1:=8 ?30>0 :;0=,?4:9> >: ?3,? 1=:8 ?30 ;:49? :1
,9 49/4A4/@,7 -,96 ?30=0 4> @9.0=?,49?D ,-:@? ?30 ;:>>4-474?D ?: ,..:88:/,?0
49/4A4/@,7 =0>0=A0 48-,7,9.0> ,? ?30 09/ :1 ?30 8,49?09,9.0 ;0=4:/ !9 ?30
:?30= 3,9/ ?30>0 :;0=,?4:9> B309 ;0=1:=80/ ,=0 @>@,77D /:90 ?3=:@23 A,=4,-70
=,?0 ?09/0=> &34> 80,9> ?30 =,?0 ,? B34.3 ?30 F90?@9492 :;0=,?4:9 4> >0??70/
>3:@7/ -0 -0?B009 ?30 =,?0 :1 ?30 8,49 =0F9,9.492 :;0=,?4:9 ,9/ ?30 =,?0 :1 ?30
.:==0>;:9/492 >?,9/492 1,.474?D /0;09/492 :9 B30?30= ?30 :;0=,?4:9 4> 74<@4/4?D
> 0C;7,490/ 49 >0.?4:9 ?34> 3,> -009 ?30 .,>0 1:= ,77 ?30 F90?@9492 :;0=,?4:9> ;0=
1:=80/ ,? ?30 09/ :1 ?30 =0>0=A0 8,49?09,9.0 ;0=4:/> -0?B009 :A08-0= ,9/ %0;?08-0=
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DOCUMENTO DE TRABAJO N.º 1004
/=,49492 := ;=:A4/492 > B477 -0 >009 -07:B ?30 >@-50.?4A0 ;=:-,-474?D .,9 -0 49?0=;=0?0/ ?: .,;?@=0 ?34> 10,?@=0 :1 ?30 :;0=,?4:9,7 1=,80B:=6 :1 ?30
@=:>D>?08
&30 ;=:-708 1:= 0,.3 -,96 4> ,> 1:77:B> 0.,@>0 0,.3 -,96
>?,=?> 0A0=D 8,49?09,9.0 ;0=4:/ B4?3:@? 1@9/> ,9/ -0.,@>0 ?30 !! 3,> ,
8,?@=4?D :1 /,D> 0,.3 8,49?09,9.0 ;0=4:/ 4> ,9 49/0;09/09? 09?4?D >: B0
.,9 .:9.09?=,?0 :9 ?30 /0.4>4:9> 8,/0 -D -,96> :9 ,9 4>:7,?0/ 8,49?09,9.0
;0=4:/ > ?30D >?,=? /,D B4?3 9: =0>0=A0> ,? ?30 -02499492 :1 ?3,? /,D
0,.3 -,96 3,> ?: /0.4/0 3:B [email protected] =0>0=A0> ?: 20? 1=:8 ?30 !! :1 ?30
.09?=,7 -,96 !9.0 ?34> /0.4>4:9 4> ?,609 , ;0=10.?7D .:8;0?4?4A0 :A0=9423?
49?0=-,96 8,=60? :;09> 0A0=D /,D B30=0 -,96> /0.4/0 3:B [email protected] 1@9/> ?: 7:,9
:@? := -:==:B ,? ,9 49?0=0>? =,?0 ,96> 8,60 ?30>0 /0.4>4:9> 49 :=/0= ?:
8,C484E0 ?304= 0C;0.?0/ >@8 :1 ;=:F?> 1=:8 =0>0=A0 8,9,20809? :A0= ,77 /,D> :1 ?30 8,49?09,9.0 ;0=4:/ ;,=? 1=:8 ,22=02,?0 A,=4,-70> ?30 491:=8,?4:9
900/0/ -D ,9 49/4A4/@,7 -,96 ?: 8,60 ?30>0 /0.4>4:9> 4> >@88,=4E0/ -D 4?>
=0>0=A0 ;:>4?4:9 " ! &34> ;:>4?4:9 4> /0F90/ -D 4?> .@==09? ,..:@9?
,? ?30 -02499492 :1 0,.3 /,D ,9/ ?30 ,8:@9? :1 =0>0=A0> -,96 3,> ?:
,..@8@7,?0 1=:8 /,D # @9?47 /,D ?: >,?4>1D 4?> =0>0=A0 =0<@4=0809? ,7>: 69:B
,> 4?> /0F.409.D ! 0? ,9/ -0 ?30 ,8:@9? :1 1@9/> 60;? -D , -,96 ,9/
?30 :90> 7:,90/ :@? 49 ?30 8,=60? ,? /,D # =0>;0.?4A07D &30>0 8,294?@/0> 3,A0
?: >,?4>1D
,9/
1?0= ?30 8,=60? .7:>0> -,96 =0.04A0> , 74<@4/4?D >3:.6 1 4> ;:>4?4A0
?30 -,7,9.0 :1 ?30 -,96 49.=0,>0> ,9/ 41 4? 4> 902,?4A0 ?30 -,7,9.0 /0.=0,>0> )0
,>>@80 ?30>0 >3:.6> ,=0 44/ ,.=:>> ?480 ,9/ -,96> ,9/ ,=0 /4>?=4-@?0/ ,.
.:=/492 ?: , /4>?=4-@?4:9 B4?3 80,9 ,9/ >?,9/,=/ /0A4,?4:9 ? ?30 >,80
?480 B0 B,9? ?: 8:/07 ?30 >@-50.?4A0 ;0=.0;?4:9> -D 49/4A4/@,7 -,96> ,-:@?
?30 ;:>>4-474?D :1 1,.492 ?:@23 74<@4/4?D .:9/4?4:9> 49 ?30 .:@=>0 :1 ?30 .@==09?
=0>0=A0 8,49?09,9.0 ;0=4:/ &34> 0C,9?0 >@-50.?4A0 ;0=.0;?4:9 :1 ,22=02,?0
74<@4/4?D .:9/4?4:9> .,9 -0 >@88,=4E0/ -D ?30 ;:>>4-474?D :1 , ;0=8,909? ,2
2=02,?0 74<@4/4?D /=,49 0<@,7 ?: &30 >@-50.?4A0 ;=:-,-474?D ,>>4290/
?: ?34> 0A09? 4> !9 ?30 :?30= 3,9/ ?30 =0>0=A0 8,49?09,9.0 ;0=4:/ 8,D
-0 .3,=,.?0=4E0/ -D 9:=8,7 ;,D809? =0>;:9>4-474?40> 9 ?34> .,>0 ?30=0 4> 9:
74<@4/4?D /=,49 >: ?3,? ,96> ,>>429 , ;=:-,-474?D ?: ?34> 0A09?
&34> ,22=02,?0 @9.0=?,49?D 4> =0,74E0/ :9 /,D ,1?0= ?30 !! 3,> ?,609 ;7,.0
,9/ -01:=0 ?30 49?0=-,96 8,=60? :;09>
)0 ,>>@80 ?3,? 49?0=0>?> :9 49?0=-,96 709/492 ,=0 ;,4/ >0;,=,?07D >: ?30D ,=0
9:? .,;4?,74E0/ &34> ,>>@8;?4:9 80,9> ?3,? .@==09? ,..:@9?> ,? ?30 -02499492
9?0=0>? =,?0> 1=:8 0C.3,92492 =0>0=A0> 49 ?30 49?0=-,96 8,=60? ,=0 @>@,77D ;,4/ ,? ?30
09/ :1 ?30 8,49?09,9.0 ;0=4:/ &3@> ?30D ,=0 ;,=? :1 ?30 ;=:F?> :1 ?30 -,96> -@? >3:@7/ 9:?
,L0.? ?30 /,47D 0A:7@?4:9 :1 ?30 -02499492:1/,D =0>0=A0>
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DOCUMENTO DE TRABAJO N.º 1004
:1 /,D 0A:7A0 0C:209:@>7D ,..:=/492 ?:
!9 ?30 :?30= 3,9/ =0>0=A0 /0F.409.40> :9 /,D ! ?3,? 4> ?30 70A07 :1 ?30
.@==09? ,..:@9? :1 -,96 ,? ?30 09/ :1 /,D 900/0/ ?: >,?4>1D 4?> =0>0=A0
=0<@4=0809? 0A:7A0 ,>
! &3,? 4> ?30 =0>0=A0 -,7,9.0 :1 ?30 -,96 ,? ?30 09/ :1 /,D 4>
,..@8@7,?0/ :97D 41 4? 4> ;:>4?4A0 ,9/ /0F.409.40> .,99:? -0 902,?4A0 &3@>
B3,? 8,??0=> 4> 1@7F77492 ?30 =0<@4=0809? :1 ,..@8@7,?492 =0>0=A0> :A0= ?30
/,D> ,9/ 9:? 3:B [email protected] =0>0=A0> ,=0 ,..@8@7,?0/ :9 0,.3 ;,=?4.@7,=
/,D :?4.0 /0F.409.40> ,=0 9:949.=0,>492 :A0= ?480 @=?30=8:=0 :9.0 ?30
/0F.409.D 4> E0=: ,//4?4:9,7 =0>0=A0> ,=0 ,..@8@7,?0/ 49 0C.0>> )0 =010= ?:
?34> >4?@,?4:9 -D >,D492 ?3,? , -,96 4> I7:.60/49J 9 :?30= B:=/> E0=: 4> ,9
,->:=-492 >?,?0 1:= /0F.409.40>
&30 8:/07 4> >:7A0/ -D -,.6B,=/ 49/@.?4:9 )4?3 ?34> 80?3:/ B0 F=>? >:7A0
?30 ;=:-708 1:= ,77 ;:>>4-70 49/4A4/@,7 ,9/ ,22=02,?0 >?,?0> ,9/ /,?0> >?,=?492
,? /,D ,9/ B:=6492 -,.6B,=/> ?:B,=/> ?30 -02499492 :1 ?30 8,49?09,9.0
;0=4:/ &34> 491:=8,?4:9 ,77:B> @> ?: F9/ -4/> 49 ?30 F90?@9492 :;0=,?4:9 ,>
B077 ,> ?30 /08,9/ := >@;;7D :1 1@9/> 49 ?30 49?0=-,96 8,=60? 1:= 0A0=D -,96
:9 0A0=D /,D ,9/ ?: F9/ ?30 >0<@09.0 :1 0<@474-=4@8 =,?0> .:9/4?4:90/ :9 ?30
=0,74E,?4:9 :1 ?30 ,22=02,?0 >?,?0 !9.0 B0 69:B ?30 8,=60? .70,=492 =,?0> B0
,=0 ,-70 ?: .:8;@?0 ?30 ;=:F?> 1=:8 3,A492 =0>0=A0> ?3=:@23 ?30 8,49?09,9.0
;0=4:/ :?4.0 ?30>0 >0<@09.0> :1 ;=:F?> ,9/ 0<@474-=4@8 =,?0> ,=0 .:9/4?4:90/
:9 ?30 494?4,7 70A07 :1 =0>0=A0> 1:= 0,.3 -,96 ?3,? B0=0 :-?,490/
,? ?30 :;09 8,=60? :;0=,?4:9 ,? ?30 -02499492 :1 /,D &309 4? 4> ;:>>4-70
?: >00 3:B 8,9D =0>0=A0> -,96> ,=0 B477492 ?: :-?,49 1=:8 ?30 .09?=,7 -,96 -D
.:8;,=492 ?30 !! =,?0 B4?3 ?30 0C;0.?0/ A,7@0 :1 ?3:>0 1@9/> ?3=:@23:@?
?30 8,49?09,9.0 ;0=4:/
$ @=492 -,96 /0.4/0> ?: 70,A0 49 ?30 .@==09? ,..:@9? ,? ?30 .09?=,7
-,96 &309 4? 4> 34? -D ?30 74<@4/4?D >3:.6 &34> 80,9> ?3,? -D ?30 ?480 ?30
F90?@9492 :;0=,?4:9 :..@=> -,96 3,> , .@==09? ,..:@9? -,7,9.0 :1 ,9/ , /0F.409.D :1 ! )4?3 ?34> 491:=8,?4:9 -,96 69:B> B30?30= 4? B477
>,?4>1D ?30 =0>0=A0 =0<@4=0809? ,9/ B477 3,A0 0C.0>> =0>0=A0> := 9:? 0? -0
&30 =0,/0= >3:@7/ =0808-0= ?3,? ?=,/492 49 ?30 8,=60? 4> /:90 B4?3 ,9 :A0=9423? 8,?@
=4?D &34> 80,9> ?3,? ?30 49?0=?08;:=,7 0A:7@?4:9 :1 =0>0=A0> 1:= ,9 49/4A4/@,7 -,96 /:0> 9:?
/0;09/ :9 ?30 /0.4>4:9 8,/0 ,-:@? := -@? :97D :9 ?30 =0,74E,?4:9 :1 ?30 >3:.6 BANCO DE ESPAÑA
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DOCUMENTO DE TRABAJO N.º 1004
?30 -4/ ,? ?30 F90?@9492 :;0=,?4:9 &30 09/:18,49?09,9.0 ;0=4:/ .:>?> :1
=0>0=A0 8,9,20809? ! ,=0
! ! ! ! ! B4?3 $ -0492 ,9 49/4.,?:= 1@9.?4:9 ?3,? ?,60> A,7@0 B309 ?30 >?,?0809?
49 -=,.60?> 4> ?=@0 &30 F=>? ?0=8 :9 ?30 =423? 3,9/ >4/0 =0;=0>09?> ?30 .:>?>
:1 -:==:B492 1=:8 ?30 .09?=,7 -,96 ,? ?30 49?0=0>? =,?0 1 ?30 .09?=,7 -,96
.:9/@.?> , 74<@4/4?D /=,49492 F90?@9492 !! B:@7/ -0 902,?4A0 ,9/ ?3,?
?0=8 B:@7/ =0;=0>09? , =0A09@0 1:= -,96 &30 >0.:9/ ?0=8 4> ?30 .:>?> :1 @>492
?30 8,=249,7 709/492 1,.474?D ,? ?30 =,?0 &34> 3,;;09> B309 ,..@8@7,?0/
=0>0=A0> ,=0 9:? 09:@23 ?: >,?4>1D ?30 =0>0=A0 =0<@4=0809? ! &30 ?34=/ ?0=8 4> ?30 =0A09@0> 1=:8 =0.:@=>0 ?: ?30 /0;:>4? 1,.474?D ,? ?30 =,?0
&34> 3,;;09> B309 ?30 -,96 3,> 0C.0>> =0>0=A0> ,? ?30 09/ :1 ?30 /,D
! 4A09 ?30 =,?0> :1 ?30 >?,9/492 1,.474?40> ,9/ ,9/
?30 :90 :1 ?30 F90?@9492 :;0=,?4:9 -,96 B477 ,7B,D> ;=010= ?:
@>0 ?30 !! =,?30= ?3,9 ?30 1,.474?40> ?: -,7,9.0 4?> .@==09? ,..:@9?
&30 :97D .:9>?=,49? -,96 1,.0> 4> ?3,? ?30 >429 :1 ?30 F90?@9492 :;0=,?4:9
>3:@7/ ,2=00 B4?3 4?> 74<@4/4?D 900/> &30 .09?=,7 -,96 /0.4/0> B30?30= ?30 F90
?@9492 :;0=,?4:9 /=,49> := ;=:A4/0> 74<@4/4?D ,??09/492 ,? ,22=02,?0 74<@4/4?D
.:9/4?4:9> -D .:8;,=492 ,22=02,?0 .@==09? ,..:@9?> B4?3 ,22=02,?0 /0F.409.40> ! &3@> 41 ?30=0 4> ,9 ,22=02,?0 >3:=?,20 :1 74<@4/4?D 40 41 ?30 F90
?@9492 :;0=,?4:9 B477 -0 74<@4/4?D ;=:A4/492 ,9/ ?30 -4/ :1 -,96 4> .:9>?=,490/
?: -0 ;:>4?4A0 40 !9 ?30 .:9?=,=D 41 ?30=0 4> ,9 ,22=02,?0 0C.0>> :1
74<@4/4?D 40 41 ?30 F90?@9492 :;0=,?4:9 B477 -0 74<@4/4?D /=,49492
,9/ ?30 -4/ :1 -,96 4> .:9>?=,490/ ?: -0 902,?4A0 40 49,77D 49
?30 .,>0 :1 -,7,9.0/ 74<@4/4?D .:9/4?4:9> 40 41 ?30=0 B477 -0 9:
F90?@9492 :;0=,?4:9 ,9/ ?30 -4/ :1 -,96 B477 3,A0 ?: -0 E0=: 40 ? 4> 48;:=?,9? ?: 9:?4.0 ?3,? ,22=02,?0 74<@4/4?D .:9/4?4:9> ,=0 09/:209:@> ,>
?30D /0;09/ :9 ?30 -4/> ,? ?30 494?4,7 8,49 =0F9,9.492 :;0=,?4:9
&30 ;=:-708 :1 -,96 49 ?30 F90 ?@9492 :;0=,?4:9 4> ?: /0.4/0 ?30 -4/ ?:
849484E0 .:>?> :1 =0>0=A0 8,9,20809? &34> ;=:-708 .,9 -0 B=4??09 ,>
! ! 9
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B3,? 1:77:B> .,;4?,7 70??0=> =010= ?: ,22=02,?0 A,=4,-70>
DOCUMENTO DE TRABAJO N.º 1004
>@-50.? ?:
41 41 41 4A09 ?30 7490,=4?D :1 ?30 :-50.?4A0 1@9.?4:9 ?30 :;?48,7 /0.4>4:9 B477 -0
,? , .:=90= 04?30= := ! /0;09/492 :9 B30?30= ?30
=0>0=A0 ;:>4?4:9 :1 -,96 .:49.4/0> := 9:? B4?3 ?30 ,22=02,?0 =0>0=A0 ;:>4?4:9
:1 ?30 8,=60? ,> , B3:70 &3@> 41 ?30=0 4> ,9 ,22=02,?0 =0>0=A0 /0F.409.D
>: ?3,? ?30 F90?@9492 :;0=,?4:9 4> 74<@4/4?D ;=:A4/492 -,96 B477 -4/ E0=: 41 4? 3,> 0C.0>> =0>0=A0> ! := ,77 4?> =0>0=A0
>3:=?,20 ! 41 4?>071 /:0> 9:? 3,A0 09:@23 =0>0=A0> ?: >,?4>1D 4?>
=0<@4=0809? ! 9 ?3,? .,>0 ?30 849484E0/ .:>?> ,=0
! ! ! ! ! ,9/ ?30 ;,=?4,7 /0=4A,?4A0 B4?3 =0>;0.? ?: ?30 .@==09? ,..:@9? 3:7/492> :1 ?30
-,96 4>
! ! ! !9 ?30 :?30= 3,9/ 41 ?30=0 ,=0 ,22=02,?0 0C.0>> =0>0=A0> >:
?3,? ?30 F90?@9492 :;0=,?4:9 4> 74<@4/4?D /=,49492 -,96 B477 -4/ ,77 4?> 0C.0>>
=0>0=A0> ! 41 4? 3,> =0>0=A0> :A0= 4?> =0<@4=0809? ! := E0=: 41 4?>071 /:0> 9:? 3,A0 09:@23 =0>0=A0> ?: >,?4>1D 4?> =0<@4=0809?
! 9 ?3,? .,>0 ?30 849484E0/ .:>?> ,=0
! ! ! ! ! ,9/ ?30 ;,=?4,7 /0=4A,?4A0 B4?3 =0>;0.? ?: ?30 .@==09? ,..:@9? 3:7/492> :1 ?30
-,96 4>
! ! ! 49,77D B4?3 -,7,9.0/ 74<@4/4?D .:9/4?4:9> ?30=0 4> 9: F90?@9492
:;0=,?4:9 9 ?3,? .,>0 ?30 849484E0/ .:>?> ,=0
! ! ! ! ! BANCO DE ESPAÑA
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DOCUMENTO DE TRABAJO N.º 1004
,9/ ?30 ;,=?4,7 /0=4A,?4A0 B4?3 =0>;0.? ?: ?30 .@==09? ,..:@9? 3:7/492> :1 ?30
-,96 4>
! ! ! :?4.0 B3,? ?30 F90?@9492 :;0=,?4:9 /:0> ? .3,920> ?30 8,=249,7 A,7@0
:1 1@9/> ,? ?30 09/ :1 ?30 =0>0=A0 8,49?09,9.0 ;0=4:/ B309 ?30 .:8;@?0>
=0>0=A0 =0<@4=0809?> 9 ?34> >09>0 41 ?30 49/4A4/@,7 -,96 =0>0=A0 ;:>4?4:9 .:49
.4/0> B4?3 ?30 ,22=02,?0 :90 ?30 0C4>?09.0 :1 ?30 F90?@9492 :;0=,?4:9 /0A4,?0>
?30 :;;:=?@94?D .:>? :1 1@9/> 1=:8 ?30 .:==0>;:9/492 >?,9/492 1,.474?D := /0;09/492 :9 B30?30= ?30 :;0=,?4:9 4> 74<@4/4?D ;=:A4/492 := /=,49492 =0>;0.
?4A07D ?: ?30 :90 :1 ?30 :;09 8,=60? :;0=,?4:9 # 0.,@>0 ,77 -,96> >?,=? 4/09?4.,7 ?30D B477 /08,9/ ?30 >,80 ,8:@9? :1 =0>0=A0>
,? ?30 494?4,7 !! 1:= ,77 ,9/ ?30=0 B477 -0 9: -:==:B492
:= 709/492 ,? ?30 F=>? /,D :1 ?30 8,49?09,9.0 ;0=4:/ 1:= ,77 &34> 80,9> ?3,? ?30 /4>?=4-@?4:9 :1 49/4A4/@,7 >?,?0> ! 1:= ,77 4> 0C:209:@> ,? # ,9/ B477 :97D /0;09/ :9 ?30 ;,=?4.@7,= /4>?=4-@?4:9 :1
49/4A4/@,7 >3:.6> B34.3 49.7@/0> ?30 =0,74E,?4:9 :1 ?30 ,22=02,?0 74<@4/4?D /=,49
04?30= B4?3 ;=:-,-474?D := B4?3 ;=:-,-474?D &30 /4>?=4-@?4:9
:1 494?4,7 =0>0=A0> ,? # 4> 24A09 -D
,9/ 4> /4>?=4-@?0/ ,..:=/492 ?: ?30 /4>?=4-@?4:9 -@? B4?3 80,9 ,9/
>?,9/,=/ /0A4,?4:9 &30 /0?0=849,?4:9 :1 49/4A4/@,7 /0F.409.40> 4> ,> 1:77:B>
1:= -,96> 1:= B34.3 ! 1:= -,96> 1:= B34.3 1:= -,96> 1:= B34.3 &34> 80,9> ?3,? ?30 /4>?=4-@?4:9 :1 49/4A4/@,7 /0F.409.40> ,? 4> /0>.=4-0/
-D , ?=@9.,?0/ /4>?=4-@?4:9 &30 ?=@9.,?4:9 ;:49?> ,=0 ! ,9/ ! B4?3
8,>> 0<@,7 ?:
!! ,9/
!! =0>;0.?4A07D B30=0 $ =0;=0>09?> ?30 /4>?=4-@?4:9 :1 74<@4/4?D >3:.6>
:
?4.0 ?30 5:49? /4>?=4-@?4:9 :1 49/4A4/@,7 >?,?0> /0;09/> :9 ?30 494?4,7 ,8:@9? :1
=0>0=A0> ,77:??0/ ,? ?30 8,49 =0F9,9.492 !! 0? ! -0 ?30 ;=:F?> :1 -,96 ,? /,D 4A09 ?30 =0,74E,?4:9
:1 ?30 ,22=02,?0 74<@4/4?D /=,49 ,9/ ?30 49/4A4/@,7 >?,?0 :1 ?30 -,96 " ! ?30 /0.4>4:9 ;=:-708 ,? ?30 49?0=-,96 8,=60? .,9 -0 B=4??09 ,> 1:77:B>
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DOCUMENTO DE TRABAJO N.º 1004
,96 B477 /0.4/0 :9 ?30 >@;;7D :1 1@9/> 49 ?30 8,=60? ?:
8,C484E0 0C;0.?0/ ;=:F?>
"
9 ?34> 0C;=0>>4:9 ;=:F?> ,=0 0<@,7 ?:
" ! ! &30 F=>? ?0=8 :9 ?30 =423? 3,9/ >4/0 =0;=0>09?> ?30 =0A09@0> .:>?> :1 709/492
-:==:B492 49 ?30 8,=60? ,? ?30 49?0=0>? =,?0 9 ?3,? ?0=8 B0 B,9?0/ ?:
8,60 0C;74.4? ?30 4/0, ?3,? ?30 0<@474-=4@8 =,?0 /0;09/> :9 ?30 =0,74E,?4:9 :1
?30 ,22=02,?0 74<@4/4?D >3:.6 &30 >0.:9/ ?0=8 ,9/ ?34=/ ?0=8 =0;=0>09? ?30
09/:18,49?09,9.0 ;0=4:/ .:>?> :1 74<@4/4?D 8,9,20809? )4?3 ;=:-,-474?D ?30=0 B477 -0 , F90?@9492 :;0=,?4:9 B3:>0 .:>? /0;09/> :9 ?30 .@==09? ,..:@9?
3:7/492 :1 ?30 -,96 ,9/ 4?> /0F.409.D ! ,> B077 ,> :9 ?30 ,22=02,?0
74<@4/4?D .:9/4?4:9> )4?3 ;=:-,-474?D ?30=0 B477 -0 9: F90?@9492
:;0=,?4:9 =:8 ,9 49/4A4/@,7 ;:49? :1 A40B ?34> 0A09? 4> .,;?@=0/ -D ?30 .:>?>
49 .,>0 ,22=02,?0 74<@4/4?D .:9/4?4:9> ,=0 -,7,9.0/ ! > ?30 ;,=?4.@7,= >:7@?4:9 /0;09/> :9 ?30 ,22=02,?0 74<@4/4?D .:9/4?4:9>
B0 .,9 >:7A0 ?30 ;=:-708 1:= ?30 ?3=00 .,>0> .:9>4/0=0/ >: 1,= 9 .,>0 :1 ,9
,22=02,?0 74<@4/4?D >3:=?,20 >@->?4?@?492 ,9/ 49 D407/>
0C;0.?0/ ;=:F?> 0<@,7 ?:
" ! ! ! ! B30=0 $ 4> ?30 /09>4?D 1@9.?4:9 :1 ?30 74<@4/4?D >3:.6 &30 F=>? :=/0= .:9/4
?4:9 1:= , 8,C48@8 4>
! &34> 0C;=0>>4:9 /0?0=8490> ?30 >@;;7D :1 1@9/> -D -,96 :9 ?30 7,>? /,D :1
?30 =0>0=A0 8,49?09,9.0 ;0=4:/ ,> , 1@9.?4:9 :1 4?> >?,?0 >@88,=4E0/ -D
4?> .@==09? ,..:@9? -,7,9.0 ,? ?30 -02499492 :1 ?30 /,D ,9/ 4?> =0>0=A0
/0F.409.D ! &30 49?0=;=0?,?4:9 4> >48;70 ,96> B477 >@;;7D 1@9/> 49 ?30
0C;=0>>4:9 ,>>@80> ,9 49?0=4:= >:7@?4:9 1 =0;=0>09?>
?30 >:7@?4:9
:1 ?3,? 0C;=0>
>4:9 ?30 /0.4>4:9 :9 >@;;7D :1 1@9/> 3,A0 ?: >,?4>1D &34>
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DOCUMENTO DE TRABAJO N.º 1004
8,=60? @; ?: ?30 ;:49? B30=0 ?30 8,=249,7 A,7@0 :1 ,9 0C?=, @94? :1 74<@4/4?D
0<@,?0> 4?> 0C;0.?0/ :;;:=?@94?D .:>? &30 8,=249,7 =0?@=9 4> =0;=0>09?0/ -D
?30 8,=60? =,?0 &30 8,=249,7 :;;:=?@94?D .:>? /0;09/> :9 ?30 >4?@,?4:9
?30 -,96 09/> @; ,? ?30 09/ :1 ?30 /,D 9 ?34> >09>0 ?B: 0A09?> .,9 3,;;09
!9 ?30 :90 3,9/ ?30 -,96 8,D >,?4>1D ?30 =0>0=A0 =0<@4=0809? ,9/ 09/ @;
B4?3 0C.0>> =0>0=A0> &34> 0A09? 3,;;09> B4?3 ;=:-,-474?D ! 9 >@.3 , .,>0 ?30 -,96 B477 /0;:>4? ?30 0C.0>> =0>0=A0> ,? ?30 /0;:>4? 1,.474?D
B34.3 48;740> , 7:B :;;:=?@94?D .:>? 0<@,7 ?: ?30 /0;:>4? =,?0 !9 ?30 :?30=
3,9/ ?30 -,96 8,D 9:? >,?4>1D ?30 =0>0=A0 =0<@4=0809? ,9/ B477 3,A0 ?: :-?,49
?30 90.0>>,=D 1@9/> 1=:8 ?30 .09?=,7 -,96 &34> 0A09? 3,;;09> B4?3 ;=:-,-474?D
! 9 >@.3 , .,>0 ?30 :;;:=?@94?D .:>? B477 /0;09/ :9 B30?30=
?30=0 4> , F90?@9492 :;0=,?4:9 := 9:? )4?3 ;=:-,-474?D ?30=0 4> , 74<@4/4?D
;=:A4/492 F90?@9492 :;0=,?4:9 ,9/ ?30 .:>? :1 1@9/> B:@7/ -0 )4?3
;=:-,-474?D ?30=0 4> 9: F90?@9492 :;0=,?4:9 ,9/ ?30 -,96 B477 900/ ?:
2: ?: ?30 709/492 1,.474?D ?: :-?,49 1@9/> ,? ?30 .:>? 0=0 B0 .,9 >00 ?30 =:70
:1 ?30 ;=:-,-474?D 49 49?0=;=0?492 ?30 F90?@9492 :;0=,?4:9 49 ?30 8:/07 ,>
;0=1:=80/ ?3=:@23 , A,=4,-70 =,?0 ?09/0= &30 0C,9?0 8,=249,7 .:>? :1 1@9/>
49 .,>0 ?30 -,96 F9/> 4?>071 B4?3 , 74<@4/4?D >3:=?,20 B477 -0 -0?B009 ,9/ ,> 4? 4> ?30 .,>0 B4?3 ?30 A,=4,-70 =,?0 :;0=,?4:9>
=:8 4? 4> 0,>D ?: >00 ?3,? ?30 8,=249,7 A,7@0 :1 ,9 ,//4?4:9,7 @94? :1
=0>0=A0> 4>
" ! ? ?30 >,80 ?480 ?30 8,=249,7 A,7@0 :1 ,9 ,//4?4:9,7 @94? :1 /0F.409.D 4>
" !
" &30 49?@4?4:9 :1 ?34> 0C;=0>>4:9 4> 0,>D %?,=?492 ?30 7,>? /,D B4?3 ,9 0C?=,
@94? :1 /0F.409.D 80,9> 9:? -0492 ,-70 ?: 7:,9 , @94? :1 =0>0=A0> 49 ?30 8,=60?
&30 8,=249,7 .:>? :1 ?34> .3,920 4> ?30 8,=249,7 A,7@0 :1 , @94? :1 =0>0=A0>
C;=0>>4:9> ,9/ B477 -0 @>0/ -07:B
&30 :?30= .,>0> ,=0 3,9/70/ >4847,=7D ,9/ 3,A0 ,9,7:2:@> 49?@4?4:9> 9 .,>0
:1 ,22=02,?0 0C.0>> 74<@4/4?D >@->?4?@?492 ,9/ 49 ,9/
?,6492 F=>? :=/0= .:9/4?4:9> D407/>
! B4?3
" ! $0808-0= B0 ,=0 .:9/4?4:9492 :9 ?30 0A09? :1 ,9 ,22=02,?0 74<@4/4?D >3:=?,20 >: ?3,? ?30
F90?@9492 :;0=,?4:9 4> 74<@4/4?D ;=:A4/492
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DOCUMENTO DE TRABAJO N.º 1004
,9/
" !
" 49,77D B309 ?30=0 ,=0 -,7,9.0/ 74<@4/4?D .:9/4?4:9> >@->?4?@?492
,9/ 49 ,9/ ?,6492 F=>? :=/0= .:9/4?4:9> D407/>
! B4?3
" ,9/
! " !
" # ? # ,77 -,96> >?,=? 4/09?4.,7 B4?3 ,9/ ! 0F90 ?30 A,7@0
1@9.?4:9 " ,> ?30 8,C484E0/ 0C;0.?0/ ;=:F?> 1=:8 /,D> ,9/ "
"
" "=:F?> ,? /,D ,=0 0<@,7 ?:
" ! ! :?4.0 ?30 -,96 2:0> ?: ?30 709/492 1,.474?D 41 4? 3,> ,9 :A0=/=,1? ,9/ 9:? 41 4? /:0> 9:? >,?4>1D ?30 =0>0=A0 =0<@4=0809? ,> :9 /,D 7>:
9:?4.0 ?3,? ,7?3:@23 -,96> 900/ ?: 69:B ?30 /,D :1 ?30 ;0=4:/ ?34> A,=4,-70
09?0=> ?30 ;=:-708 -D .3,92492 ?30 1:=8 :1 ?30 A,7@0 1@9.?4:9 B34.3 7496> ?30
>?,?0 ?: ?30 :-50.?4A0 :1 ?30 -,96 &34> 4> B3D 4? 4> 9:? 49.7@/0/ ,> , >?,?0
A,=4,-70 -@? 49/0C492 ?30 1@9.?4:9 > -01:=0 @>492 ,9/ ?,6492 0C;0.?,?4:9> ;=:/@.0>
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DOCUMENTO DE TRABAJO N.º 1004
&: .:8;@?0 ?30 >0.:9/ ?0=8 49 B0 8,60 @>0 :1 ?30 /4>?=4-@?4:9 :1 ! &309
" &30 F=>? :=/0= .:9/4?4:9 B4?3 =0>;0.? ?: 0A,7@,?0/ ,? 24A0>
! !
>>@8492 ,9 49?0=4:= >:7@?4:9 ?34> 0C;=0>>4:9 -0.:80>
&30 ;,=?4,7 /0=4A,?4A0 :1 ?30 A,7@0 1@9.?4:9 B4?3 =0>;0.? ?: 4>
" ! )3,? 4> ?30 A,7@0 ?3,? , -,96 ,>>:.4,?0> B4?3 3,A492 ,9 ,//4?4:9,7 @94? :1
=0>0=A0> ,? /,D &34> -,96 .,9 709/ ?3,? @94? :9 /,D ,9/ :9 /,D &34>
/0.4>4:9 B477 9:? ,L0.? 4?> >?,?0 :9 ,9D /,D ,9/ B477 49.=0,>0 4?> ;=:F?> -D
9 :?30= B:=/> 3,A492 ,9 ,//4?4:9,7 @94? :1 =0>0=A0> :9 /,D
80,9> :9 ,A0=,20 , ;0=8,909? ,//4?4:9 1:= ?30 -,7,9.0 :1 ?30 -,96 ,9/
?30=01:=0 4?> A,7@0 4> ?30 ,..@8@7,?0/ 0C;0.?0/ =0A09@0 :1 ?3,? @94? 1:= ?30 =0>?
:1 ?30 =0>0=A0 8,49?09,9.0 ;0=4:/ := , >49270 -,96 ?34> A,7@0 4> =0;=0>09?0/
-D ?30 >@8 :1 ?30 8,=60? =,?0> @; ?: ?30 7,>? /,D :1 ?30 =0>0=A0 8,49?09,9.0
;0=4:/
# &30 494?4,7 70A07 :1 =0>0=A0> 4> 4950.?0/ ?3=:@23 ,9 :;09 8,=60? :;0=,?4:9 ?3,?
?,60> ;7,.0 ,? ?30 -02499492 :1 /,D -01:=0 ?30 8,=60? :;09> )0 3,A0 ,>>@80/
?3,? ?30 .09?=,7 -,96 >@;;740> =0>0=A0> 4907,>?4.,77D ,? ?30 49?0=0>? =,?0 ?3=:@23
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DOCUMENTO DE TRABAJO N.º 1004
7:,9> B4?3 , 8,?@=4?D :1 /,D> 7>: ,77 -,96> ;,=?4.4;,?492 49 ?30 :;09
8,=60? :;0=,?4:9 ,=0 4/09?4.,7 &30D 3,A0 9: 1@9/> ,9/ 3,A0 ?: ,..@8@7,?0 =0>0=A0> ?3=:@23 ?30 90C? /,D> &30 ;=:-708 1:= -,96 4> ?: .3::>0
?30 =0>0=A0> -:==:B0/ 1=:8 ?30 .09?=,7 -,96 ?: 8,C484E0 0C;0.?0/ ;=:F?>
1:= ?30 8,?@=4?D :1 ?30 7:,9 /,D> 0.,@>0 ?30 !! 4> .:9/@.?0/
-01:=0 ,22=02,?0 @9.0=?,49?D 4> =0>:7A0/ -,96> ?,60 0C;0.?,?4:9> :A0= ;:>>4-70
=0,74E,?4:9> :1 ?30 ,22=02,?0 74<@4/4?D /=,49 &30>0 0C;0.?0/ ;=:F?> ,=0
?30=01:=0
&30 F=>? :=/0= .:9/4?4:9 :1 /0?0=8490> ?30 494?4,7 70A07 :1 =0>0=A0> 1:=
0,.3 -,96 ,>
'>492 ,9/ ?30 /4>?=4-@?4:9 :1 ,22=02,?0 >?,?0> 48;740>
:?4.0 ?30 -,96 .:9>4/0=> 4?>071 , >8,77 ;7,D0= 49 ?30 0.:9:8D >: ?3,? 4?> -4/
49 ?30 :;09 8,=60? :;0=,?4:9 /:0> 9:? ,L0.? 0<@474-=4@8 =,?0> &30 49?@4?4:9
1=:8 0C;=0>>4:9 >3:@7/ -0 .70,= ,96> -4/ 1:= :K.4,7 =0>0=A0> @; ?: ?30
;:49? B30=0 ?30 /,47D 8,=249,7 .:>? :1 ?3:>0 =0>0=A0> ?30 !! =,?0 0<@,7> ?30
0C;0.?0/ ,A0=,20 8,=249,7 A,7@0 :1 ?3:>0 =0>0=A0> ?3=:@23:@? ?30 8,?@=4?D :1
?30 7:,9 24A09 -D ?30 ,A0=,20 :1 ?30 >0<@09.0 :1 8,=60? =,?0> 1:= 0,.3 ;:>>4-70
=0,74E,?4:9 :1 ?30 ,22=02,?0 >?,?0 B0423?0/ -D ?30 ;=:-,-474?D :1 :..@==09.0 :1
?3:>0 >?,?0> 9 ?34> >09>0 ?30 !! =,?0 >0=A0> ,> ,9 ,??=,.?:= :1 ?30 8,=60?
=,?0>
C;=0>>4:9 ;=:A4/0> ,9 49?@4?4:9 ,> :1 3:B ?30 ?3=00 :K.4,7 =,?0>
9,807D ?30 709/492 =,?0 ?30 /0;:>4? =,?0 ,9/ ?30 !! =,?0 ,L0.?
?30 /08,9/ 1:= =0>0=A0> ,? ?30 :;09 8,=60? :;0=,?4:9 ,9/ ?30=01:=0 [email protected]
?30 70A07 :1 0C.0>> =0>0=A0> 1:= ?30 8,49?09,9.0 ;0=4:/ 9 2090=,7 B309 ?30
!! =,?0 4> .7:>0= ?: ?30 709/492 =,?0 ?3,9 ?: ?30 /0;:>4? =,?0 .:880=.4,7
-,96> @9/0=>?,9/ ?3,? =0>0=A0> ,=0 0C;09>4A0 ,9/ -4/ , >8,770= ,8:@9? )4?3
10B0= =0>0=A0> ?30 ;=:-,-474?D :1 3,A492 ,9 :A0=/=,1? 49.=0,>0> ,9/ >: /:0> ?30
8,=60? =,?0 :9 ,A0=,20 :A0= ?30 ;0=4:/ @=?30=8:=0 @>492 ,9/
B0 .,9 >00 3:B ?30 /08,9/ 1:= =0>0=A0> ,? ?30 !! 4> 49/0;09/09? :1 ?30
>;=0,/ -0?B009 ?30 709/492 ,9/ /0;:>4? =,?0> =:8 ,9/ B0 .,9
B=4?0 =0>;0.?4A07D
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DOCUMENTO DE TRABAJO N.º 1004
B30=0 -:?3 ,9/ /0;09/ :9 ,9/ ,=0 /0F90/ 49 ,9/ =0>;0.?4A07D
!9 ?30 :?30= 3,9/ 1=:8 B0 .,9 B=4?0
0F90 ?30 ,>D880?=D .:0K.409? :1 ?30 49?0=0>? =,?0 .:==4/:= ,>
=:8 ,9/ 4? 4> 0,>D ?: >00 ?3,? ?30 /08,9/ 1:=
1@9/> ,? ?30 494?4,7 !! ?3,? >,?4>F0> :97D /0;09/> :9 ,9/ 9:?
:9 ?30 >;=0,/ &30=01:=0 ?30 .09?=,7 -,96 .,9 .:9?=:7 ?30 -4/ :1
-,96> ,? ?30 494?4,7 !! -D .,=01@77D .3:>09 ?30 49/0C :1 ,>D880?=D 9
;,=?4.@7,= 1:= 24A09 A,7@0> 1:= B4/?3 :1 ?30 49?0=0>? =,?0 .:==4/:= ,9/
=,?0 :1 ?30 8,49 =0F9,9.492 :;0=,?4:9 ?30 .09?=,7 -,96 .,9 /0?0=8490 ?30
.:8-49,?4:9 :1 =,?0> 1:= ?30 >?,9/492 1,.474?40> ,9/ ?3,? 09>@=0> 4?> /0>4=0/
74<@4/4?D .:9/4?4:9> 49 ?30 :A0=9423? 8,=60? !1 .:@=>0 ?34> .3:4.0 1:= 4>
/0;09/09? :9 ?30 =0>? :1 ;,=,80?0=> :1 ?30 8:/07 9,807D ?30 70A07 :1 =0<@4=0/
=0>0=A0> ?30 >?,9/,=/ /0A4,?4:9 :1 ?30 74<@4/4?D >3:.6 ?30 >@-50.?4A0
;=:-,-474?D :1 , F90?@9492 :;0=,?4:9 ?30 >@-50.?4A0 ;=:-,-474?D :1 , 74<@4/4?D
.=4>4> ,9/ ?30 80,9 :1 ?30 74<@4/4?D >3:.6 49 ?30 0A09? :1 , 74<@4/4?D .=4>4>
"
&: 20? , <@,9?4?,?4A0 ,>>0>>809? ,> :1 3:B ?30 ,>D880?=D :1 ?30 49?0=0>? =,?0
.:==4/:= ,L0.?> ?30 /08,9/ 1:= 0C.0>> =0>0=A0> B0 ,;;=:C48,?0 ?30 >:7@?4:9
-D 80,9> :1 , 9@80=4.,7 0C0=.4>0 9 :@= 9@80=4.,7 0C,8;70 B0 ?,60 ;0=.09? ,9/ :8;@?,?4:9> ,=0 /:90 1:=
/4L0=09? .:8-49,?4:9> :1 ?30 709/492 ,9/ /0;:>4? =,?0> >: B0 0C;7:=0 ?30 0L0.?>
:1 .:==4/:=> 1:= ?30 :A0=9423? =,?0> 9:? .09?0=0/ ,=:@9/ ?30 8,49 =0F9,9.492
=,?0 )0 ,7>: ,>>@80 >: ?3,? ?30=0 4> , F90?@9492 :;0=,?4:9 1:= >@=0
07:B B0 ;0=1:=8 .:8;@?,?4:9> 1:= /4L0=09? A,7@0> :1 ?34> ;,=,80?0= ?: ,>>0>>
?30 =:70 :1 ?30 09/:1;0=4:/ F90?@9492 :;0=,?4:9
8,2490 ?30 .09?=,7 -,96 :1 ?34> 0.:9:8D >0?> ?30 /0;:>4? =,?0 ,? ;0=
.09? ,9/ ?30 709/492 =,?0 ,? ;0=.09? &34> B:@7/ 48;7D , >D880?=4. -,>4> ;:49? .:==4/:= 1:= ?30 :A0=9423? =,?0 .09?0=0/ ,=:@9/ ?30 =,?0 :1 ?30 8,49
=0F9,9.492 :;0=,?4:9 )4?3 ?30>0 ;,=,80?0= A,7@0> 8,=60? ;,=?4.4;,9?> B:@7/
,>6 1:= ,9 ,8:@9? :1 0C.0>> =0>0=A0> 0<@,7 ?: ;0=.09? :1 =0>0=A0 =0<@4=0809?>
# &: >00 ?30 =:70 ;7,D0/ -D ?30 /0;:>4? ,9/ 709/492 1,.474?40> :9 ?30 /0?0=849,
?4:9 :1 ?30 /08,9/ 1:= =0>0=A0> ,? ?30 8,49 =0F9,9.492 :;0=,?4:9 48,2490 ?30
.09?=,7 -,96 600;> ?30 !! =,?0 .:9>?,9? -@? >341?> ?30 .:==4/:= -D 8:A492
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>48@7?,90:@>7D ?30 709/492 ,9/ /0;:>4? =,?0 @; ,9/ /:B9 42@=0 >3:B> ?30
0C.0>> =0>0=A0> /08,9/0/ ,? ?30 8,49 =0F9,9.492 !! 1:= /4L0=09? A,7@0> :1
?30 ,>D880?=D 49/0C :1 ?30 49?0=0>? =,?0 .:==4/:= /0F90/ 49 C.0>> =0>0=A0>
,=0 /0F90/ ,>
?3,? 4> ?30D ,=0 .:8;@?0/ ,> ?30 /4L0=09.0 -0?B009 ?30 ,77:?809? 49 ?30 !!
,9/ /,47D =0>0=A0 =0<@4=0809?> ,> , 1=,.?4:9 :1 /,47D =0>0=A0 =0<@4=0
809?> &30 F2@=0 ;7:?> ?30 =0>@7?> 1:= ?3=00 /4L0=09? A,7@0> :1 ?30 ;=:-,-474?D
:1 ?30 .:9/@.?492 ?30 F90 ?@9492:;0=,?4:9 &30>0 A,7@0> ,=0 ,9/ 0.,@>0 ?30 0L0.? :1 ,>D880?=D 4> 0<@4A,709? 1:= ,77 A,7@0> :1 ?30 ;=:-
,-474?D B0 .,9 .:9.09?=,?0 :9 ?30 .:9?49@:@> 7490 B34.3 /0;4.?> 0C.0>> =0>0=A0>
1:= &30 F2@=0 >3:B> ?30=0 4> , 902,?4A0 =07,?4:9 -0?B009 ?30 /08,9/
1:= 0C.0>> =0>0=A0> ,9/ ?30 ,>D880?=D 49/0C > ?30 !! =,?0 20?> .7:>0= ?:
?30 @;;0= 0/20 :1 ?30 -,9/ >: ?3,? ?30 ,>D880?=D 49/0C 2:0> ?: ?30=0 ,=0
70>> 49.09?4A0> ?: /08,9/ =0>0=A0> 49 ?30 =0F9,9.492 :;0=,?4:9 -:?3 -0.,@>0
0C.0>> =0>0=A0> ,=0 =07,?4A07D 70>> =08@90=,?0/ >49.0 ?30 >;=0,/ -0?B009 ?30
!! =,?0 ,9/ ?30 /0;:>4? =,?0 4> 7,=20 ,9/ =0>0=A0 /0F.409.40> ,=0 =07,?4A07D
70>> ;09,74E0/ >49.0 ?30 >;=0,/ -0?B009 ?30 709/492 =,?0 ,9/ ?30 !! =,?0 4>
>8,77 7>: ?30 F2@=0 >3:B> ?34> =07,?4:9 4> 34237D 9:9 7490,7
42@=0> 49/4.,?0> ?3,? 49 ?30 0A09? :1 , >@=0 F90?@9492 :;0=,?4:9 ,? ?30
09/ :1 ?30 =0>0=A0 8,49?09,9.0 ;0=4:/ ?30 .09?=,7 -,96 .:@7/ 074849,?0 ?30
,@?:9:8:@> /08,9/ 1:= 0C.0>> =0>0=A0> 70,A492 49?0=0>? =,?0> ?30 >,80 =,920
1:= G@.?@,?4:9 -D 8,49?,49492 ?30 >,80 >;=0,/ -0?B009 ?30 709/492 ,9/ /0;:>4?
=,?0> := ?3,? ?30 .09?=,7 -,96 B:@7/ 900/ ?: >0? ,9 ,>D880?=4. -,9/ ,=:@9/
?30 !! =,?0 > ?30 F2@=0 >@220>?> 24A09 ?30 !! =,?0 :1 ;0=.09?
?30 .09?=,7 -,96 .:@7/ 3,A0 =0/@.0/ ?30 0C.0>> =0>0=A0> ?: E0=: @>492 ,9 49?0=0>?
=,?0 .:==4/:= B4?3 49/0C :1 ,>D880?=D 0<@,7 ?: := , -,>4> ;:49?>
B4/?3 1:= ?30 .:==4/:= ?30 /0;:>4? =,?0 >3:@7/ 3,A0 -009 ;0=.09? ,9/
, 709/492 =,?0 :1 $ 42@=0 >3:B> 0C.0>> =0>0=A0> 1:= /4L0=09? ;=:-,-474?40> :1 ?30 .09?=,7 -,96
.:9/@.?492 ?30 F90?@9492 !! &30>0 ;=:-,-474?40> ,=0 ,9/
4A09 ?30 ;=:>;0.?> :1 , 7,=20 ,22=02,?0 74<@4/4?D /=,49 -,96> .,=0
,-:@? ?30 =4>6 ,>>:.4,?0/ B4?3 @>492 ?30 709/492 1,.474?D :9 04?30= :1 ?30 ?B:
/,D> :1 ?30 8,49?09,9.0 ;0=4:/ > /4>.@>>0/ ,-:A0 -,96> B477 F9/ 4? 8:=0
;=:F?,-70 ?: 09>@=0 ,2,49>? ?30 =4>6 :1 2:492 ?: ?30 709/492 1,.474?D -D -4//492
7,=20= ,8:@9?> ,? ?30 494?4,7 !! ?30 .7:>0= ?30 =,?0 :1 ?30 8,49 =0F9,9.492
:;0=,?4:9 4> ?: ?30 /0;:>4? =,?0 )3,? 42@=0 >3:B> 4> ?3,? ?30 =,?0 ,? B34.3
?30D B,9? ?: @>0 ?34> 49>@=,9.0 /0;09/> :9 ?30 0C4>?09.0 :1 ?30 F90?@9492
:;0=,?4:9 ,? ?30 09/ :1 ?30 8,49?09,9.0 ;0=4:/
4=>? B0 >?,=? B4?3 ?30 .,>0 :1 &34> 80,9> ?3,? ?30=0 B477 9:? -0 ,
F90?@9492 :;0=,?4:9 ,? ?30 09/ :1 ?30 =0>0=A0 8,49?09,9.0 ;0=4:/ >: ?3,? ?30
:97D >:@=.0 :1 1@9/> 1=:8 ?30 .09?=,7 -,96 ,;,=? 1=:8 ?30 >?,9/492 1,.474?40>
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4> ?30 !! ;0=1:=80/ ,? ?30 -02499492 :1 /,D # &34> ;,=?4.@7,= /08,9/
1@9.?4:9 ;=0>09?> , A0=D 07,>?4. ;:=?4:9 ,? ;,=? 1=:8 ?3,? ?30
/08,9/ 4> A0=D 4907,>?4. ,=:@9/ 0C.0>> =0>0=A0> ,9/ &: @9/0=>?,9/
?30 >3,;0 :1 ?34> /08,9/ 1@9.?4:9 B0 .,9 @>0 0C;=0>>4:9 9:=8,74E0/ -D
>@-?=,.?492 ?30 /0;:>4? =,?0 ,9/ /4A4/492 -D B4/?3 :1 ?30 49?0=0>? =,?0 .:==4/:=
>: ?3,? ,77 =,?0> ,=0 0C;=0>>0/ ,> ?30 ,>D880?=D 49/0C
> ,=2@0/ ,-:A0 ?:20?30= B4?3 0C;=0>>4:9> ,9/ /0
?0=8490 ?30 /08,9/ 1:= 1@9/> ,? ?30 494?4,7 !! &3@> -,96> -4/ 1:=
=0>0=A0> ,? ?30 8,49 =0F9,9.492 !! ?: 0<@,?0 ?30 9:=8,74E0/ =,?0 :1 ?30
8,49 =0F9,9.492 :;0=,?4:9 ,> /0F90/ -D ?30 ,>D880?=D 49/0C B4?3 ?30 9:=
8,74E0/ 0C;0.?0/ A,7@0 :1 ?3:>0 =0>0=A0> /@=492 ?30 B3:70 8,49?09,9.0 ;0=4:/
,> .,;?@=0/ -D ?30 =423?3,9/ >4/0 :1 )309 ?30 0C;0.?0/ A,7@0 :1 1@9/> 4> -,>4.,77D .:9>?,9? ,9/ 0<@,7 ?:
1:= ,77 /08,9/> 1:= 1@9/> ,? ?30 494?4,7 !! ?3,? 48;7D ,9 0C.0>> =0>0=A0
49/0C -0?B009 ,9/ &: >00 ?34> =0808-0= ?3,? B4?3 ;=:-,-474?D -,96> 0C;0.? ,9 ,22=02,?0 74<@4/4?D /=,49 ,> ;0=.09?,20 :1 =0>0=A0 =0<@4=0809?>
:1 &30=01:=0 1:= ,77 /08,9/> :1 1@9/> ?3,? /: 9:? 1@77D
.:8;09>,?0 1:= ?3,? =0>0=A0 >3:=?,20 :1 ?3,? 4> /08,9/> B34.3 48;7D
0C.0>> =0>0=A0> 49/4.0> -0?B009 ,9/ ?B: 0A09?> 8,D 3,;;09 !9
?30 :90 3,9/ 41 ?30 ,22=02,?0 74<@4/4?D /=,49 :..@=> B4?3 ;=:-,-474?D ?30=0
B477 -0 ,9 ,22=02,?0 74<@4/4?D >3:=?,20 ,9/ =,?0> B477 -0 .7:>0 ?: ?30 709/492 =,?0
:9 -:?3 /,D> :1 ?30 8,49?09,9.0 ;0=4:/ >: ?3,? :9 0C;=0>>4:9
!9 ?30 :?30= 3,9/ 41 ?30 ,22=02,?0 74<@4/4?D /=,49 /:0> 9:? :..@= B4?3
;=:-,-474?D ?30=0 B477 -0 ,9 ,22=02,?0 0C.0>> :1 =0>0=A0> ,9/ =,?0> B477
-0 .7:>0 ?: ?30 /0;:>4? =,?0 :9 -:?3 /,D> :1 ?30 8,49?09,9.0 ;0=4:/ >: ?3,?
:9 0C;=0>>4:9 &30=01:=0 1:= ,77 ?3:>0 /08,9/> 1:=
=0>0=A0> ?30 0C;0.?0/ 8,=249,7 A,7@0 :1 1@9/> ,> 80,>@=0/ -D ?30 =423?3,9/
>4/0 :1 B:@7/ -0
:?4.0 ?3,? -0.,@>0 ?30 >4E0 :1 ?30 74<@4/4?D /=,49 4> 7,=20 =07,?4A0 ?: ?30
>?,9/,=/ /0A4,?4:9 :1 ?30 74<@4/4?D >3:.6 ?30 8,=249,7 A,7@0 :1 1@9/> B477 -0
-,>4.,77D .:9>?,9? ,? 1:= -4/> ?3,? /: 9:? 1@77D .:8;09>,?0 ?30 74<@4/4?D /=,49
9 :?30= B:=/> /08,9/> ?3,? 48;7D ,9 0C.0>> =0>0=A0 49/0C -0?B009
,9/ ,=0 =07,?4A07D 07,>?4. ,? ?30 ,>D880?=D 49/0C &34> 4>
?30 A0=?4.,7 >02809? .:==0>;:9/492 ?: ?30 7490 =0;=0>09?492 ?30 0C.0>> =0>0=A0>
1:= &3@> 41 ?30 ,>D880?=D 49/0C 4> -07:B 1@9/> ,=0 .30,; ,9/
-,96> ,=0 B477492 ?: .:8;09>,?0 1:= 8:>? :1 ?30 ;:>>4-70 74<@4/4?D /=,49 @; ?:
?30 A,=4,-474?D 49 1@9/> ,>>:.4,?0/ B4?3 ?30 /4>?=4-@?4:9 :1 49/4A4/@,7 >3:.6> !9 ?30 .:9?=,=D 41 ?30 ,>D880?=D 49/0C 4> ,-:A0 1@9/> ,=0 0C;09>4A0 ,9/
-,96> /: 9:? 3,A0 49.09?4A0> ?: /08,9/ 0C.0>> =0>0=A0>
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9 ?30 :;;:>4?0 .,>0 B309 ?30 F90?@9492 :;0=,?4:9 :..@=> B4?3 .0=?,49?D
>: ?3,? ?30 =0,>:9492 4> /4L0=09? 9 ?3,? .,>0 ?30 F90?@9492 :;0=
,?4:9 ;=:A4/0> , >0.:9/ .3,9.0 1:= -,96> ?: :-?,49 74<@4/4?D /0F.409.40> := ?:
;7,.0 0C.0>> =0>0=A0> @=?30=8:=0 ?30 .09?=,7 -,96 B477 ,->:=- := ;=:A4/0 ,9D
74<@4/4?D 900/0/ ,? ?30 >,80 =,?0 :1 ?30 8,49 =0F9,9.492 :;0=,?4:9 &34>
8,60> ?30 0C;0.?0/ 8,=249,7 A,7@0 :1 1@9/> :9 ,9D /,D ?: -0 ,;;=:C48,?07D
0<@,7 ?: ?30 =,?0 :1 ?30 8,49 =0F9,9.492 :;0=,?4:9 >: ?3,? ?30 =423?3,9/ >4/0
:1 B:@7/ -0
49/0;09/09?7D :9 B30?30= ?30 ,22=02,?0 74<@4/4?D /=,49 4> =0,74E0/ := 9:? &3@>
49 ?30 8:/07 ?30 :97D .:9>4/0=,?4:9 1:= -,96> 4> ?: 49>@=0 ,2,49>? ?30 =4>6 :1
2:492 ?: ?30 709/492 1,.474?D :9 ?30 F=>? /,D :1 ?30 8,49?09,9.0 ;0=4:/ -0.,@>0
:1 , .@==09? ,..:@9? :A0=/=,1? &30=01:=0 ?30 /08,9/ 4> =07,?4A07D 4907,>?4. ,?
?3,? 70A07 &30 /08,9/ 1:= 1@9/> 1:= ;=:-,-474?40> :1 ?30 F90?@9492 :;0=,?4:9
-0?B009 ,9/ ,=0 5@>? 49 -0?B009 :1 ?30 ?B: 0C?=080 .,>0>
42@=0 >3:B> 8,=60? 49?0=0>? =,?0> :9 0,.3 /,D :1 ?30 8,49?09,9.0 ;0=4:/
1:= , >D880?=4. .:==4/:= ,> , 1@9.?4:9 :1 ?30 ;=:-,-474?D ?3,? ?30 .09?=,7 -,96
.:9/@.?> ?30 F90?@9492 !! &30>0 .:8;@?,?4:9> ,>>@80 ?3,? 0C;:>? ?30=0
4> 9: ,22=02,?0 74<@4/4?D /=,49,20 &: 8,60 ?30 F2@=0 .:8;,=,-70 B4?3 ?30
:?30= F2@=0> ,-:A0 B0 3,A0 .:8;@?0/ ?30 =07,?4A0 ;:>4?4:9 :1 8,=60? =,?0>
B4?349 ?30 49?0=0>? =,?0 .:==4/:= -D >@-?=,.?492 ?30 =,?0 :1 ?30 /0;:>4? 1,.474?D
,9/ /4A4/492 -D B4/?3 :1 ?30 49?0=0>? =,?0 .:==4/:= 9 42@=0 B0 .,77 ?34> 80,>@=0 ?30 8,=60? ,>D880?=D 49/0C &30 =0>@7?> ,2=00 B4?3 ?30
/,?, 49 ?3,? 49 2090=,7 1:= , >D880?=4. .:==4/:= 49?0=0>? =,?0> ,=0 /0;=0>>0/
1:= ?30 B3:70 8,49?09,9.0 ;0=4:/ ,> ?30 ;:>4?4:9 :1 ?30 :A0=9423? =,?0 4> -07:B
?30 84/ ;:49? :1 ?30 49?0=0>? =,?0 .:==4/:= !1 .:@=>0 ,> ?30 ;=:-,-474?D :1 ?30
F90?@9492 :;0=,?4:9 49.=0,>0> :A0=9423? =,?0> ,7>: 49.=0,>0 &34> 4> -0.,@>0
0C.0>> =0>0=A0> ,=0 =08@90=,?0/ ,? B3090A0= ?30 F90?@9492 :;0=,?4:9
:..@=>
# 9 ;0=4:/> :1 F9,9.4,7 ?@=8:47 :;0=,?492 1=,80B:=6> .3,=,.?0=4E0/ -D 1@77 ,7
7:?809?> ,9/ >?,9/492 1,.474?40> >@.3 ,> ?30 :90 8,49?,490/ -D ?30 .:@7/
;=:A4/0 49.09?4A0> 1:= -,96> ?: /08,9/ 7,=20= ,8:@9?> :1 0C.0>> =0>0=A0> B34.3
,=0 ?309 /0;:>4?0/ ,? ?30 /0;:>4? 1,.474?D )0 3,A0 ,=2@0/ ?3,? ?34> 4> 9:? , /0
>4=,-70 >4?@,?4:9 1=:8 ?30 ;:49? :1 A40B :1 , .09?=,7 -,96 9 ,9 09A4=:9809? :1
F9,9.4,7 /4>?=0>> 1@9/> /: 9:? =0,.3 ?3:>0 49>?4?@?4:9> ?3,? 900/ ?308 8:>? ,9/
?30 .09?=,7 -,96 7::>0> .:9?=:7 :1 74<@4/4?D .:9/4?4:9> 49 ?30 49?0=-,96 8,=60?
)0 3,A0 -@47? , 8:/07 49 B34.3 -,96> 3,A0 , >?=:92 ;=010=09.0 1:= 74<@4/4?D
/=4A09 -D ?30 ;=:>;0.?> :1 ?:@23 74<@4/4?D .:9/4?4:9> 49 ?30 1@?@=0 !90 ;:>>4-70
=,?4:9,74E,?4:9 :1 ?34> 649/ :1 >4?@,?4:9 4> B3,? 4>09>.384/? ,9/ &,;6492 *+
.,77 , 1@9/492 74<@4/4?D =4>6 ;=084@8 := ?30>0 ,@?3:=> -,96> 49?0=9,74E0 ?30
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74<@4/4?D ;=084@8 ?30D .:@7/ 3,A0 ?: ;,D 49 .,>0 ?30D ,=0 >3:=? :1 74<@4/4?D 49
?30 1@?@=0 &34> 8,60> ?308 49.=0,>0 ?304= /08,9/ 1:= 74<@4/4?D -0D:9/ B3,?
.:@7/ -0 0C;7,490/ -D 5@>? .:@9?0=;,=?D .=0/4? =4>6
9 :@= 8:/07 ?30 /08,9/ 1:= 0C.0>> =0>0=A0> .,9 -0 49?0=;=0?0/ ,> ?30 .:A0=
,20 -:@23? -D -,96> ,2,49>? ?30 ;=:>;0.?4A0 :1 1@?@=0 ?:@23 74<@4/4?D .:9/4?4:9>
9 ?34> >09>0 -,96> @>0 ?30 :;09 8,=60? :;0=,?4:9> ,9/ ?30 /0;:>4? 1,.474?D ,> ,
>?:=,20 /0A4.0 :B [email protected] I.:A0=,20J ?30D B,9? ?: >0.@=0 1:= , 24A09 A,7@0 :1
?30 A:7,?474?D :1 >3:.6> B477 -0 , 1@9.?4:9 :1 ?30 ;=4.0 :1 3:7/492 =0>0=A0> )309
B0 3,A0 1@77 ,77:?809? ,? ?30 8,49 =0F9,9.492 :;0=,?4:9 ?30 =07,?4A0 ;=4.0> :1
?34> I49>@=,9.0J .,9 -0 .:8;@?0/ ,> ?30 49/0C :1 ,>D880?=D /0F90/ -D ?30
=07,?4A0 ;:>4?4:9 :1 ?30 !! 49 ?30 49?0=0>? =,?0 .:==4/:= ,96> .,9 20? =0
>0=A0> ,? ?30 !! =,?0 9 ?30 0A09? ?30D ,=0 >3:=? :9 74<@4/4?D ,9/ 3,A0 ?:
2: ?: ?30 709/492 1,.474?D ?30D B477 3,A0 ?: ;,D , ;=084@8 0<@,7 ?: ?30 >;=0,/
-0?B009 ?30 709/492 ,9/ ?30 8,49 =0F9,9.492 =,?0 1 ?30D 3:7/ :90
@94? :1 0C.0>> =0>0=A0> ?30D B477 3,A0 ?: ;,D ,9 :;;:=?@94?D .:>? 0<@,7 ?: ?30
/4L0=09.0 -0?B009 ?30 !! =,?0 ,9/ ?30 /0;:>4? =,?0 :?4.0 ?3,? ?30
/08,9/ 1:= 1@9/> 4> 09/:209:@> 0.,@>0 ?34> /08,9/ 0<@,?0> ?30 8,=249,7
.:>? :1 1@9/> 0<@,7 ?: ?30 !! =,?0 B4?3 ?30 8,=249,7 0C;0.?0/ A,7@0
:1 ?3:>0 1@9/> ?3=:@23:@? ?30 =0>0=A0 8,49?09,9.0 ;0=4:/ ?30 ;=:-,-474?40> :1
2:492 ?: ?30 >?,9/492 1,.474?40> ,=0 ,7=0,/D 49.7@/0/ 49 &3@> ?30 :97D B,D ?:
,L0.? ?30 /08,9/ 1:= 0C.0>> =0>0=A0> ,? ?30 494?4,7 :;09 8,=60? :;0=,?4:9 4> ?:
.3,920 ?30 =07,?4A0 ;=4.0 :1 @>492 ?30 >?:=,20 /0A4.0 &34> .,9 :97D -0 /:90 -D
8:/41D492 ?30 49/0C :1 ,>D880?=D ?3,? 4> -D 8:A492 ?30 =07,?4A0 ;:>4?4:9 :1
?30 !! =,?0 B4?3 =0>;0.? ?: ?30 =,?0> :1 ?30 >?,9/492 1,.474?40> B34.3 8:/4F0>
?30 >;=0,/> ,9/ 9 :@= 8:/07 ?30 B4/?3 :1 ?30 49?0=0>? =,?0 .:==4/:= /:0> 9:? 3,A0 ,9D 0L0.?
:9 ?30 /08,9/ 1:= =0>0=A0> ,> 7:92 ,> ?30 49/0C :1 ,>D880?=D :1 ?30 .:==4/:=
>?,D> .:9>?,9? )30?30= ?34> 4> ?=@0 := 9:? 49 ?30 /,?, 4> >?477 ,9 :;09 08;4=4.,7
<@0>?4:9 9 ,9D .,>0 ?30 8:/07 8,D -0 , @>01@7 >?,=?492 ;:49? ?: ?3496 :1
>.09,=4:> 49 B34.3 ?30 >;=0,/ -0?B009 ?30 =,?0> :1 ?30 >?,9/492 1,.474?40> /:0>
3,A0 ,9 0L0.? :9 ?30 /08,9/ 1:= 0C.0>> =0>0=A0>
49,77D B0 3,A0 ,9,7DE0/ 3:B ?30 0C4>?09.0 :1 , F90?@9492 :;0=,?4:9 :9
?30 7,>? /,D :1 ?30 8,49?09,9.0 ;0=4:/ 49?0=,.?> B4?3 ?30 /08,9/ 1:= 1@9/> ,?
?30 8,49 =0F9,9.492 :;0=,?4:9 0.,@>0 ?30 F90?@9492 !! FC0> ?30 A,7@0
:1 1@9/> B309 .09?=,7 -,96> 0A,7@,?0 B30?30= =0>0=A0 =0<@4=0809?> ,=0 >,?4>F0/
:= 9:? ?34> !! ,L0.?> ?30 /0?0=849,?4:9 :1 ?30 0C;0.?0/ 8,=249,7 .:>? :1
=0>0=A0> ?3=:@23:@? ?30 B3:70 8,49?09,9.0 ;0=4:/ &3@> ?30 0C4>?09.0 :1 09/
:1 ;0=4:/ F90?@9492 :;0=,?4:9> 3,> 48;74.,?4:9> 1:= ?30 :;?48,7 -4/ :1 -,96> ,?
?30 8,49 =0F9,9.492 :;0=,?4:9 )0 3,A0 >3:B9 3:B 4? /0.=0,>0> ?30 07,>?4.4?D
:1 /08,9/ ,? ?30 8,49 =0F9,9.492 !!
BANCO DE ESPAÑA
31
DOCUMENTO DE TRABAJO N.º 1004
,- *'%! .;1 $ $"'! K)5F 161 A52 /.;8@ <C2?/61 ;
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<=2?.A6<;.9 3?.:2D<?8 3<? :<;2A.?F =<960FL %$*"/ +""* $ B
4B@A
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+""* $ 2/?B.?F
,- M . K&52 B?<@F@A2:P@ <=2; :.?82A <=2?.A6<;@ 1B?6;4 A52 ?202;A
=2?6<1 <3 H;.;06.9 :.?82A C<9.A696AFL %$*"/ +""* $ .F
,- M / K&52 :=92:2;A.A6<; <3 <;2A.?F "<960F 6; A52 B?< ?2.L
%$*"/ +""* $ <C2:/2?
,- M K0<;<:60 .;1 <;2A.?F 2C29<=:2;A@L %$*"/ +"
"* $ 2/?B.?F
,- %"$ ( "R$+ #'$T% .;1 $!$S'+ +Q
K;A2?2@A $.A2 6@=2?@6<; .;1 (<9.A696AF 6; A52 .?82A 3<? .69F
B;1@L +(%&$ %$%# , - == ,
- !!$& K6>B616AF .;.42:2;AL %$($ %$ $$
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,- &! K&52 .69F .?82A 3<? 212?.9 B;1@L %+($"
% %" * " %$%#/ == BANCO DE ESPAÑA
32
DOCUMENTO DE TRABAJO N.º 1004
,- +$& & .;1 % %& * .&" $) * )&( *-$
* +(% %,($ * (* $ * 1) &%" / (* )<?86;4 ".=2?
,- "R$+ #'$T% .;1 $!$S'+ +Q K&52
.69F .?82A 3<? B;1@ 6; B?<=2 )5.A .@ 5.;421 D6A5 A52 'L
%+($" % %$/ ( * $ $! $ == ,- ( & $*(" $! $() ( ))/) %$ %$/
(!* '+ */ +* %$) .;8 <3 6;9.;1 %AB162@ ,- M / * 2* , &( %( * #%$/ .) * &%" / (* $
* *$() )<?86;4 ".=2? BANCO DE ESPAÑA
33
DOCUMENTO DE TRABAJO N.º 1004
Figure 1. Use of the deposit facility as percentage of required reserves
150
125
100
75
50
25
06/09/2009
07/07/2009
07/05/2009
07/03/2009
05/01/2009
04/11/2008
04/09/2008
05/07/2008
05/05/2008
05/03/2008
04/01/2008
04/11/2007
04/09/2007
05/07/2007
05/05/2007
05/03/2007
03/01/2007
0
Note: The figure shows the use of the deposit facility as a percentage of required reserves. The sample
period covers from January 3rd, 2007 until September 23rd, 2009. The area with vertical lines marks the
period when the spread between the lending and deposit rates was 100 basis points. The area with
horizontal lines shows the period when the spread between the lending and deposit rate was 150 basis
points.
Figure 2. Standing amounts from OMOs and autonomous factors as a percentage
of required reserves
450
400
350
300
250
200
150
100
50
06/09/2009
07/07/2009
07/05/2009
07/03/2009
05/01/2009
04/11/2008
04/09/2008
05/07/2008
05/05/2008
05/03/2008
04/01/2008
04/11/2007
04/09/2007
05/07/2007
05/05/2007
05/03/2007
03/01/2007
0
Note: The figure shows the standing amount of reserves allotted at the OMOs (solid) and autonomous
factors (dotted) as a percentage of required reserves. The sample period covers from January 3rd, 2007
until September 23rd, 2009. The area with vertical lines marks the period when the spread between the
lending and deposit rates was 100 basis points. The area with horizontal lines shows the period when the
spread between the lending and deposit rate was 150 basis points.
BANCO DE ESPAÑA
34
DOCUMENTO DE TRABAJO N.º 1004
Figure 3. Spread between Euribor and Eurepo
2.5
2
1.5
1
0.5
16/09/2009
17/07/2009
19/05/2009
16/03/2009
14/01/2009
10/11/2008
10/09/2008
10/07/2008
12/05/2008
07/03/2008
08/01/2008
05/11/2007
05/09/2007
06/07/2007
08/05/2007
05/03/2007
03/01/2007
0
Note: The figure shows the spread between the 12-months Euribor and the 12-months Eurepo. The sample
period covers from January 3rd, 2007 until September 23rd, 2009. The area with vertical lines marks the
period when the spread between the lending and deposit rates was 100 basis points. The area with
horizontal lines shows the period when the spread between the lending and deposit rate was 150 basis
points.
Figure 4. Fine-tuning allotment and changes in deposit facility and current account
0.4
0.2
0
-0.2
-0.4
-0.6
-0.8
-1
-1.2
-1.4
Fine-tuning
Deposit fac.
08/09/09
11/08/09
07/07/09
09/06/09
12/05/09
07/04/09
10/03/09
10/02/09
20/01/09
09/12/08
11/11/08
-1.6
Current acc
Note: The figure shows the allotment of the fine-tuning operations performed on the last day of the 11
reserve maintenance periods covering the period between November 2008 and September 2009. It also
shows the changes in the use of the deposit facility and in the balance of current accounts between the last
two days of those reserve maintenance periods. Numbers are as fractions of the use of the deposit facility
on the penultimate day of the maintenance periods.
BANCO DE ESPAÑA
35
DOCUMENTO DE TRABAJO N.º 1004
Figure 5. Spread between Eonia and main refinancing rate
1
0.8
0.6
0.4
0.2
0
-0.2
-0.4
-0.6
-0.8
14/09/2009
15/07/2009
15/05/2009
12/03/2009
12/01/2009
07/11/2008
09/09/2008
10/07/2008
12/05/2008
07/03/2008
08/01/2008
05/11/2007
05/09/2007
06/07/2007
08/05/2007
05/03/2007
03/01/2007
-1
Note: The figure shows the spread between the Eonia and the rate of the main refinancing operations. The
sample period covers from January 3rd, 2007 until September 23rd, 2009. The area with vertical lines
marks the period when the spread between the lending and deposit rates was 100 basis points. The area
with horizontal lines shows the period when the spread between the lending and deposit rate was 150 basis
points.
Figure 6. Use of the marginal lending facility as a percentage of required reserves
150
125
100
75
50
25
06/09/2009
07/07/2009
07/05/2009
07/03/2009
05/01/2009
04/11/2008
04/09/2008
05/07/2008
05/05/2008
05/03/2008
04/01/2008
04/11/2007
04/09/2007
05/07/2007
05/05/2007
05/03/2007
03/01/2007
0
Note: The figure shows the use of the marginal lending facility as a percentage of required reserves. The
sample period covers from January 17th, 2007 until July 7th, 2009. The yellow area marks the period when
the spread between the lending and deposit rates was 100 basis points. The light blue area shows the period
when the spread between the lending and deposit rate was 150 basis points.
BANCO DE ESPAÑA
36
DOCUMENTO DE TRABAJO N.º 1004
Figure 7. Excess reserves and index of asymmetry
2.8
2.4
excess reserves
2
1.6
1.2
0.8
0.4
0
-0.4 0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
-0.8
OMO asymmetry index
pf = 0.0
pf = 0.5
pf = 1.0
Note: The black solid line shows the use of the excess reserves as a fraction of reserve
requirements versus the degree of asymmetry of the interest rate corridor measured as the
distance between the OMO rate and the deposit rate over the spread between the lending and
deposit rate.
Figure 8. Overnight rates for symmetric corridor
1.0
market asymmetry index
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
probability of fine-tuning operation
t=1
t=2
Note: The lines show the asymmetry index for overnight rates on day 1 (solid) and 2 (dashed)
for a symmetric corridor versus the probability of the central bank conducting a fine-tuning
operation on the last day of the reserve maintenance period.
BANCO DE ESPAÑA
37
DOCUMENTO DE TRABAJO N.º 1004
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