This paper empirically studies the relationship between financial knowledge (FK) and financial inclusion (FI) at the individual level in Spain, focusing on differences across age cohorts. Using data from the first wave of the Survey of Financial Competencies, which comprises a representative sample of 8,554 Spanish individuals aged 18 to 80, we estimate ordered probit regression models with instrumental variables to investigate whether FK plays a homogeneous role in shaping FI across the lifespan. Our results reveal that while FK is positively associated with FI globally, this relationship varies across generational groups. Specifically, the positive contribution of FK diminishes when transitioning from older to younger generations, eventually becoming non-significant for the two youngest cohorts. These findings support the implementation of active financial literacy policies for older adults as a crucial mechanism to mitigate digital and structural barriers and enhance their FI. Keywords: Financial Inclusion; Financial Knowledge; Age; Instrumental Variables.
This study aims to analyze the determinants of share prices for listed banks in the Eurozone and whether the cryptocurrency Bitcoin is relevant. To this end, we examined internal variables relating to bank performance, monetary policy indicators and the influence of crypto-assets, specifically Bitcoin, on the market price of banking institutions. The sample comprises annual data from 64 listed banks operating in the Eurozone, covering the period from 2020 to 2024. The methodology employed consisted of the econometric technique of panel data analysis, using the clustered ordinary least squares model with robust standard errors to address issues of heteroscedasticity in the observed data. The results indicate that Return on Assets (RoA) and bank size, measured by the value of loans granted, have a positive and significant impact on the valuation of bank shares. Conversely, dividend distribution shows a negative and also significant relationship with share prices. Variables such as leverage, liquidity, interest rates and Bitcoin show no statistical significance in the model used. These results suggest that investors place greater value on operational profitability and the expansion of banking activity than on dividend distribution, which is consistent with fiscal effects theory. Conversely, no significance is found for the cryptocurrency Bitcoin in explaining the share prices of the banks analyzed. Keywords: Shares, banks, Bitcoin cryptocurrency, panel data, Eurozone
Abstract:This research note analyzes the transformation of trade policy in a context of sustained global uncertainty characterized by geopolitical rivalry, economic fragmentation, and weakening multilateral governance. Drawing on recent scholarship in international political economy, it examines how traditional trade policy instruments—tariffs, non-tariff measures, and preferential trade agreements—have been reshaped by broader geoeconomic dynamics. The paper highlights how global value chains complicate the assessment of policy effects and contribute to the re-politicization of economic interdependence. Rather than testing a specific hypothesis, the article proposes an integrative conceptual framework structured around three theoretical propositions: the Dual Function Hypothesis, the Fragmented Cooperation Equilibrium, and the Resilience–Inclusiveness Proposition. These are illustrated through empirical cases including the US–China technology competition, the EU Critical Raw Materials Act, and Mexico’s nearshoring dynamics under USMCA. The article concludes by identifying key analytical tensions and avenues for future research. Keywords:Trade policy; Global uncertainty; Economic interdependence; Non-tariff measures; Geoeconomics; Global value chains
This article examines the evolution of governmental political communication in Latin America and Spain from the developmentalist-modernizing paradigm (1930–1980) to the centrality of "narrative" as a contemporary governability device. Through a comparative-historical analysis of multiple leaderships —from Perón and Vargas to Lula, Chávez, Kirchner, Maduro and Bukele; from González to Sánchez—, the paper identifies continuities and ruptures in the strategic use of communication. The REGI analytical model is proposed, articulated across four dimensions: temporal-narrative, media-institutional, antagonistic-identitarian and performative. Keywords: Political communication; leadership; political narrative; communication; Latin America; Contemporary history; democracy; Spain.
The objective was to analyze how the health crisis caused by Covid-19 affected financial contagion between Brazil and its main trading partners. For the analysis, two complementary methodologies were employed: the covolatility test and the co-skewness test, developed by Forbes & Rigobon (2002) and Fry, Martin & Tang (2010). The study reinforces the importance of considering not only correlations but also co-skewness for a deeper understanding of market dynamics. The application of the complementary methodology proposed by Fry, Martin & Tang proved to be essential for more comprehensively capturing the effects of financial contagion. Keywords: financial contagion; markets; health crisis; co-skewness
