ASEAN economic bulletin最新文献

The road to net zero: the role of transition plans and forward-looking indicators in portfolio management 通往净零的道路:过渡计划和前瞻性指标在投资组合管理中的作用

ASEAN economic bulletin Pub Date : 2023-10-24 DOI: 10.53479/34645

Clara I. González, Elena Triebskorn

{"title":"The road to net zero: the role of transition plans and forward-looking indicators in portfolio management","authors":"Clara I. González, Elena Triebskorn","doi":"10.53479/34645","DOIUrl":"https://doi.org/10.53479/34645","url":null,"abstract":"Rationale This article offers a general description of the road towards an economy with zero net emissions (net zero), stressing the importance of this process in portfolio management. To this end, it reviews several of the initiatives currently under way, and details the aspects needed to prepare a transition plan and how key metrics in this context are constructed. Takeaways •The transition towards climate neutrality or net-zero goals affects every sector of the economy, including, on the finance side, investment and asset management. Collectively, individual goals will enable the ultimate global goal to be met. This will call for detailed planning, as well as the implementation of strategies integrating climate and environmental risk management. •The process of setting goals and designing transition plans is currently at the stage of development and adoption by the investment and portfolio management sector, as well as by financial institutions and other firms. •The availability of reliable, comparable data is one of the main challenges in this area. This is the key ingredient for defining and setting goals, and also for designing forward-looking metrics to track the progress made in achieving them.","PeriodicalId":84207,"journal":{"name":"ASEAN economic bulletin","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135273380","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Spanish economy’s greater resilience vis-à-vis the euro area in 2023: the role of sectoral composition 2023年西班牙经济相对-à-vis欧元区的更大弹性:部门构成的作用

ASEAN economic bulletin Pub Date : 2023-10-05 DOI: 10.53479/34552

Alejandro Fernández Cerezo, Iván Kataryniuk, Francisco José Rodríguez

引用次数: 0

Distributional accounts: a tool for monitoring the distribution of household wealth and debt components 分配账户:监测家庭财富和债务组成部分分配的工具

ASEAN economic bulletin Pub Date : 2023-09-28 DOI: 10.53479/33800

Lucía Cobreros, Sandra García-Uribe, Marina Gómez-García

{"title":"Distributional accounts: a tool for monitoring the distribution of household wealth and debt components","authors":"Lucía Cobreros, Sandra García-Uribe, Marina Gómez-García","doi":"10.53479/33800","DOIUrl":"https://doi.org/10.53479/33800","url":null,"abstract":"Rationale This article presents annual distributions of aggregate wealth and debt components of Spanish households by income and wealth. Distributions for the period 2002 to 2020 are estimated drawing on the seven available waves of the Spanish Survey of Household Finances, while those for the latest period (2021-2022) are predictions. Takeaways •Distributional wealth and debt accounts allow us to monitor the distribution of aggregate wealth and debt among different groups of households when microeconomic data are lacking. •For the period 2020 to 2022, the model estimates that households in the bottom two quintiles of the income distribution saw their share of total housing wealth and debt for purposes other than house purchase rise, by 0.6 pp and 0.4 pp, respectively. By contrast, their share of bank deposits, shares and debt for house purchase is estimated to have fallen, by 0.2 pp, 0.1 pp and 0.3 pp, respectively. •Also for the period 2020 to 2022, the model estimates that households in the top income decile saw their share of total housing wealth and debt for purposes other than house purchase fall, by 0.5 pp and 1.1 pp, respectively, while their share of bank deposits and debt for house purchase is estimated to have risen, by 0.5 pp and 1.2 pp, respectively.","PeriodicalId":84207,"journal":{"name":"ASEAN economic bulletin","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135387668","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The post-pandemic inflationary episode in advanced economies: a historical perspective 大流行后发达经济体的通胀:一个历史视角

ASEAN economic bulletin Pub Date : 2023-09-25 DOI: 10.53479/33773

Corinna Ghirelli, Teresa Sastre, Nicolás Bonino, Luis Julián Álvarez, Daniel Santabárbara

{"title":"The post-pandemic inflationary episode in advanced economies: a historical perspective","authors":"Corinna Ghirelli, Teresa Sastre, Nicolás Bonino, Luis Julián Álvarez, Daniel Santabárbara","doi":"10.53479/33773","DOIUrl":"https://doi.org/10.53479/33773","url":null,"abstract":"Rationale Inflation surged in the world economy from 2021 owing to a succession of shocks, including most notably the rise in energy prices. However, it appears to have peaked in many countries over the past few months, marking the start of a declining phase. This article analyses, for a group of advanced economies, the features of the current inflationary process vis-à-vis other past episodes, paying special attention to those triggered by energy shocks. Takeaways •The post-pandemic surge in inflation has occurred faster than in previous inflationary periods. However, the scale of the rising inflation in the current episode is similar to that of past episodes arising from energy price increases. •According to the historical pattern, underlying inflation reaches its peak very near the time headline inflation does. However, in the current inflationary process there is a lag of around six months and underlying inflation is more persistent. •The synchronisation between countries regarding inflation is greater in inflationary processes caused by energy price shocks and is stronger in the current episode than in the past owing to the confluence of several global shocks.","PeriodicalId":84207,"journal":{"name":"ASEAN economic bulletin","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135769841","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Quarterly report and macroeconomic projections for the Spanish economy. September 2023 西班牙经济季度报告和宏观经济预测。2023年9月

ASEAN economic bulletin Pub Date : 2023-09-20 DOI: 10.53479/33563

引用次数: 0

The 2023 European Semester and the Recovery and Resilience Facility 2023年欧洲学期和恢复和弹性设施

ASEAN economic bulletin Pub Date : 2023-09-07 DOI: 10.53479/33570

Daniel Alonso, María de los Llanos Matea

{"title":"The 2023 European Semester and the Recovery and Resilience Facility","authors":"Daniel Alonso, María de los Llanos Matea","doi":"10.53479/33570","DOIUrl":"https://doi.org/10.53479/33570","url":null,"abstract":"Rationale\u0000 Since 2020, the European Semester has been immersed in a large-scale restructuring process, to adapt to an environment in constant change. At the same time, it has continued to adapt to the implementation of the Recovery and Resilience Facility. Moreover, in 2024, coinciding with the deactivation of the general escape clause of the Stability and Growth Pact, a new fiscal governance framework will have to be adopted, which will continue to be integrated in the European Semester.\u0000 Takeaways\u0000 •The main new feature in the current cycle is the European Commission’s legislative proposal for reform of the European Union’s fiscal rules, which should pave the way for the adoption of a new fiscal governance framework integrated in the European Semester.\u0000 •To facilitate the transition towards the future fiscal rules and to take into account the present challenges, some elements of the proposal have been incorporated into the current fiscal surveillance cycle, via country-specific recommendations.\u0000 •The recommendations for Spain for 2024 include a quantitative requirement that limits nationally financed nominal primary expenditure to 2.6%, as well as qualitative guidance on investment and energy measures.","PeriodicalId":84207,"journal":{"name":"ASEAN economic bulletin","volume":"67 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83255298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of population ageing on the labour force participation rate in Spain 人口老龄化对西班牙劳动力参与率的影响

ASEAN economic bulletin Pub Date : 2023-08-31 DOI: 10.53479/33513

Pilar Cuadrado, José Manuel Montero, Alejandro Fernández Cerezo, Francisco José Rodríguez

{"title":"The impact of population ageing on the labour force participation rate in Spain","authors":"Pilar Cuadrado, José Manuel Montero, Alejandro Fernández Cerezo, Francisco José Rodríguez","doi":"10.53479/33513","DOIUrl":"https://doi.org/10.53479/33513","url":null,"abstract":"Rationale\u0000 Population ageing is one of the greatest structural challenges facing the Spanish economy. Foremost among its multiple effects is its contractionary impact on labour supply, which will foreseeably have major implications on both the functioning of the labour market and the potential growth or sustainability of public finances.\u0000 Takeaways\u0000 •Population ageing over the past decade has had an estimated negative impact of around 3.4 percentage points (pp) on Spain’s participation rate in 2022. This impact has been uneven by regions, with a sharper fall in the Cantabrian regions (Asturias, Cantabria and the Basque Country).\u0000 •According to the latest National Statistics Institute’s population projections, the participation rate is set to drop a further 2.8 pp by 2030 owing to the continuing ageing process. Excluding the support of net immigration flows, the drop would be 1.6 pp greater.\u0000 •In addition, the impact of ageing may deepen regional divergences, since the regions that have an older population and lower GDP per capita may be expected to experience the sharpest falls in the participation rate.","PeriodicalId":84207,"journal":{"name":"ASEAN economic bulletin","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75624670","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Pass-through of rising production costs to the selling prices of non-financial corporations in 2022 到2022年，生产成本上升将转嫁给非金融企业的销售价格

ASEAN economic bulletin Pub Date : 2023-08-31 DOI: 10.53479/33532

Roberto Blanco Escolar, Dmitry Khametshin, Álvaro Menéndez Pujadas, Maristela Mulino Ríos

{"title":"Pass-through of rising production costs to the selling prices of non-financial corporations in 2022","authors":"Roberto Blanco Escolar, Dmitry Khametshin, Álvaro Menéndez Pujadas, Maristela Mulino Ríos","doi":"10.53479/33532","DOIUrl":"https://doi.org/10.53479/33532","url":null,"abstract":"Rationale\u0000 The surge in energy and other commodity prices in 2021 H2 and a significant part of 2022 has led to firms’ costs increasing considerably. This article analyses how this rise in costs has been passed through to selling prices and what impact it has had on firms’ output, wages, employment and unit labour costs.\u0000 Takeaways\u0000 •On average, firms passed through a significant proportion of production cost increases to selling prices in 2022, albeit with a high degree of heterogeneity across sectors.\u0000 •In sectors that have historically seen more rigid pricing (proxied by lower price volatility), pass-through of rising costs to selling prices has been slower.\u0000 •Rising input prices directly cause selling prices and unit labour costs to grow. The latter is a consequence of the negative effect on labour productivity, owing to the adverse impact on output and the lack of an impact on personnel costs.\u0000 •In any case, these direct effects, which are stronger in the sectors most exposed to this shock, do not account for the indirect (general equilibrium) effects that influence all sectors.","PeriodicalId":84207,"journal":{"name":"ASEAN economic bulletin","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85525608","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Some explanatory factors of the recent behaviour of goods exports 近期商品出口行为的一些解释因素

ASEAN economic bulletin Pub Date : 2023-08-25 DOI: 10.53479/33475

Coral García Esteban, César Martín Machuca, Ana Gómez Loscos

引用次数: 0

The recent strength of the labour market and its impact on workers’ consumption 近期劳动力市场的强劲表现及其对工人消费的影响

ASEAN economic bulletin Pub Date : 2023-08-08 DOI: 10.53479/33413

Carmen Martínez-Carrascal

引用次数: 0