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Article IV Staff Reports

Financial Sector Assessment Program

Projected % Change
   2014  2015
Real GDP 1.2 1.6
Source: World Economic Outlook Update (July 2014)

Spain: Financial Position in the Fund


IMF and Euro Area

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Spain and the IMF
Updated July 25, 2014

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Staff Papers
April 15, 2003 -- IMF Staff Papers - Volume 50, Number 1, 2003 - The Plutocratic Gap in the CPI: Evidence from Spain by Mario Izquierdo, Eduardo Ley, and Javier Ruiz-Castillo
The plutocratic gap is defined as the difference between the inflation measured according to the current official consumer price index (CPI) and a democratic index in which all households receive the same weight. During 1992–97, the plutocratic gap in Spain averaged 0.055 percentage points a year. Since positive and negative gaps cancel out, however, the average absolute gap is significantly larger: 0.090 percentage points a year. For the purposes of accounting for the plutocratic gap, a 53-dimensional commodity space can be conveniently reduced to two dimensions: a luxury index and a necessities index.
March 01, 1999 -- IMF Staff Papers March 1999 - How Do the Skilled and the Unskilled Respond to Regional Shocks?: The Case of Spain, by Paolo Mauro and Antonio Spilimbergo
Finds that the highly skilled migrate promptly in response to a decline in regional labor demand, while low-skilled workers drop out of the labor force or stay unemployed.