Journal articles: 'Prices, spain'

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González Agudo, David. "Prices in Toledo (Spain): Sixteenth and Seventeenth Centuries." Social Science History 43, no. 02 (2019): 269–95. http://dx.doi.org/10.1017/ssh.2019.2.

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Differences in material conditions are a determinant that explains the little divergence between northwestern and southern Europe. This article approaches the evolution of prices in early modern Toledo (Spain). The price index includes new items such as housing and employs different baskets over time, reflecting changes in consumption patterns. During the city’s golden age, prices grew faster than in London, Paris, or Amsterdam. Wine, urban rent, and food prices experienced a great increase, coinciding with demographic growth and the arrival of the American precious metals. Prices slowed in the first half of the seventeenth century, throughout Castile’s demographic and economic decay.

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Taltavull de La Paz, Paloma, and Michael White. "The sources of house price change: identifying liquidity shocks to the housing market." Journal of European Real Estate Research 9, no. 1 (May 3, 2016): 98–120. http://dx.doi.org/10.1108/jerer-11-2015-0041.

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Purpose The purpose of this paper is to examine the role of monetary liquidity in house price evolution through examining the Asset (housing) Inflation channel. It identifies the main channels of transmission affecting house prices from monetary supply channels to house price change, examining how the Asset Price channel transmits changes in M1 to housing prices in Spain and the UK. Design/methodology/approach The paper uses Vector Auto Regression (VAR) and Error Correction models to test the Asset Inflation channel in the UK and Spain from 1991 to 2013 in two steps. In the first step, the supply elasticity is estimated through the long-term relationship between house prices and stock supply. The second step estimates a Vector Error Correction (VEC) to explain house price dynamics conditioned on supply reactions. The latter is defined as a long-term inverse demand model where housing prices are controlled by fundamentals in each market. Models allow forecast testing using Choleski impulse responses methodology. Findings Several results are found. In the supply model, both countries show rapid convergence to equilibrium with a larger elasticity of supply in Spain than in the UK but with a short run effect of new supply on prices in the UK. Regarding the Asset Inflation Channel model, the paper finds evidence of the existence of a housing accelerator effect in Spain, but not in the UK where changes in liquidity fully impact house prices in one direction. Research limitations/implications Implications of findings are mainly to forecast the effects of Monetary Policy measures in different economies. Practical implications The model supports the evaluation of different impacts of monetary policy in territories. It shows that the same policy will have different impacts in different housing markets and therefore highlights the importance of examining each market separately to identify the appropriate policy interventions. Originality/value This is the first paper that estimates the impact of the Asset Inflation Channel on house prices that endogenises housing market conditions and compares effects and interrelationships in two different economies.

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Vogler, Sabine. "How large are the differences between originator and generic prices? Analysis of five molecules in 16 European countries." Farmeconomia. Health economics and therapeutic pathways 13, no. 3S (December 5, 2012): 29–41. http://dx.doi.org/10.7175/fe.v13i3s.311.

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OBJECTIVE: To survey the price differences between originators and generics for a selected basket of molecules and to analyze similarities and differences with regard to the countries included and their generic policies. METHODS: Ex-factory prices as of November 2011 of five molecules provided from the Pharma Price Information (PPI) service of the Austrian Health Institute were analyzed for 16 European countries (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Switzerland, Sweden, UK). The selected molecules were gemcitabine, mycophenolate mofetil, olanzapine, risperidone and sumatriptan. For a specific presentation (same pack size, dosage and pharmaceutical form) of each molecule, the prices of the original product and the “most common generic” as defined by PPI were compared. RESULTS: Considerable variations among the extent of price differences between originator and generic were identified (gemicitabine: lowest price difference of 1.4% between originator and generic in Belgium and highest difference of 73.4% in Portugal; mycophenolate mofetil: 3.4% Norway – 71.7% Netherlands; olanzapine: 0.1% Spain – 97.1% Sweden; risperidone: 0.9% Netherlands – 97.3% UK; sumatriptan: 5.8% Greece – 95.0% Denmark). Further, no difference at all between originator and generic prices was found for some molecules in a few countries (Norway: for 4 of the 5 molecules analyzed; Spain: 3; Belgium: 2; in Austria, France and Greece for one molecule respectively). For the five molecules of the sample, Greece, Spain, Ireland and Norway consistently displayed lower price differences whereas Denmark, Finland and Sweden tended to show higher differences between originator and generic prices. CONCLUSION: Even if this research is illustrative and not representative due to the small sample size, results suggest confirming large differences across Europe. It appears that countries (e.g. Denmark, Sweden) with strong generic policies, particularly based on competition and involving elements of enforcement, tend to have higher differences between originator and generic prices. Further research, notably with a broader basket, is recommended.

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García, María, and Montserrat Viladrich-Grau. "Relevancia económica de las variables climáticas en la agricultura: El caso de España." Economía Agraria y Recursos Naturales 9, no. 2 (October 14, 2011): 149. http://dx.doi.org/10.7201/earn.2009.02.07.

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<span>We estimate how climate variables affect price and acreage of productive farmland using the Ricardian approach. Furthermore, we use our estimations to evaluate the joint effects of possible climate changes within the time horizon of 2010 and 2050. Our results show that the price of rainfed land in Spain tends to increase but rainfed acreage decreases. On the other hand, the effect on irrigated farmland price and acreage presents some mixed results, however, in the long run the dominant pattern is clearly increasing for both prices and acreage.</span>

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Cipollina, Laura, Pietro Folino-Gallo, Daniela Grande, Maria Grazia Felisi, Simona Ravera, and Adriana Ceci. "Mutua disponibilità, prezzi e rimborsabilità di farmaci autorizzati con procedura centralizzata europea." Farmeconomia. Health economics and therapeutic pathways 3, no. 1 (March 15, 2002): 15–27. http://dx.doi.org/10.7175/fe.v3i1.740.

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The european pharmaceutical market doesn’t seem to be a common integrated european market as far as prices and reimbursements within different countries are concerned. Moreover, to better define such differences, little information is available because of the lack of homogeneous and updated european databases. The aim of this study is to assess mutual availability, prices and reimbursements of innovative drugs authorised by EMEA under European Centralised Procedure between 1995-2000 and marketed in five european countries (Italy, Spain, United Kingdom, France and Denmark). Our results demonstrate that the adoption of different drug-price definition models, within different Member States, is the main cause of the heterogeneity. Currently, in countries adopting a controlled drug-price system, prices are lower than prices set in countries that adopt an uncontrolled drug-price system. In this regard, Italy ranks in a middle position as products marketed in Italy generally have prices lower than in the United Kingdom and Denmark, and higher than in France and Spain. Product availability and level of drug breakthrough in the national markets seem to greatly affect the variations we noted among prices and reimbursements in different countries. Differences we observed emphasize the need of finding a common methodology at european level, in order to define the proven “therapeutic benefit” and the “therapeutic advantage” of innovative drugs, allowing a “right price” and reimbursement to the entitled.

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Altuzarra, Amaia, and Marisol Esteban. "Land prices and housing prices: the case of Spain." Journal of Housing and the Built Environment 26, no. 4 (July 16, 2011): 397–409. http://dx.doi.org/10.1007/s10901-011-9235-8.

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De Lucio, Juan, Raúl Mínguez, Asier Minondo, and Francisco Requena. "How top exporters compete? Evidence from Spain." Economics and Business Letters 7, no. 2 (July 9, 2018): 55. http://dx.doi.org/10.17811/ebl.7.2.2018.55-61.

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This paper analyzes whether top exporters follow a cost-based or a quality-based strategy. Using Spanish firm-level export data for 2016, we show that firms that set lower export prices have larger export revenues. We also find that exporters obtain larger revenues from their low-price products than from their high-price products. Some results suggest that the negative effects of a higher export price on export revenues can be attenuated if firms export goods that provide scope for quality-differentiation.

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Martínez-Sánchez, Francisco. "Tracking The Price of Almonds in Spain." Journal of Competition Law & Economics 17, no. 3 (March 29, 2021): 750–63. http://dx.doi.org/10.1093/joclec/nhab002.

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Abstract I look for signs of manipulation of the price of almonds in the markets of Albacete, Murcia, and Reus in Spain. To that end, I use Benford’s Law to analyze the distribution of the second and third digits of the price of almonds. I find that prices in the Albacete and Reus markets deviate from Benford’s Law, especially for the third digit, and those in the Murcia market deviate from Benford’s Law for the second digit but not for the third digit. I therefore find signs that the price of almonds in the Spain’s main markets is being manipulated.

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Fisher, Douglas. "The Price Revolution: A Monetary Interpretation." Journal of Economic History 49, no. 4 (December 1989): 883–902. http://dx.doi.org/10.1017/s0022050700009487.

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This article presents tests of the role of money in the price revolution (1525–1618). The hypothesis is that American specie drove European prices, and that the mechanism was the quantity theory of money buttressed by the specie-flow mechanism. Specie entered Spain, increasing Spanish prices, and then spread over Western Europe as a result of the Spanish balance-of-payments deficit, enlarging European monetary bases and price levels. Empirical verification is achieved through Granger-causality tests.

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M. Barrutia, Jose, and María Paz Espinosa. "Consumer expertise matters in price negotiation." European Journal of Marketing 48, no. 11/12 (November 4, 2014): 1962–85. http://dx.doi.org/10.1108/ejm-04-2013-0208.

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Purpose – The main purpose of this paper is to study the effect of consumer expertise on mortgage loan prices. We argue that consumer expertise should affect price due to two reasons: (1) loan mortgage prices in non-price-regulated settings are usually the result of a bank-customer negotiation process; and (2) a mortgage loan is a complex product. Design/methodology/approach – Data on mortgage loan prices were used for a sample of 1,055 households for 2005 (Bank of Spain Survey of Household Finances, EFF-2005). Findings – The regression results indicate that consumer expertise-related metrics are highly significant as predictors of mortgage loan prices. Findings also indicate that cost-related variables and a measure of risk with low discrimination power (i.e. having a permanent employment contract, which accounts for 70 per cent of contracts in Spain) affect price. Surprisingly, more sophisticated measures of credit risk do not have such a significant impact on mortgage prices. Research limitations/implications – Empirical results refer to the credit conditions prior to the financial crisis and could shed some light on the factors that led to it. Practical implications – Findings seem to indicate that, in the period under study, bank managers prioritized capturing new business in the short-term against normative prescriptions, which suggest that price should be credit-risk adjusted (financial literature) and long-term consumer potential adjusted (marketing literature). The post-2008 difficult economic situation of Spanish banks (linked to an excessive portfolio of mortgage loans granted at very low prices) shows that these strategies were wrong. Originality/value – An uncommon perspective was adopted. The importance of consumer expertise-related variables on price has been underemphasized by prior research. The effect of consumer expertise is assessed by using a large and comprehensive database.

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Ballco, Petjon, and Tiziana De-Magistris. "Valuation of nutritional and health claims for yoghurts in Spain: A hedonic price approach." Spanish Journal of Agricultural Research 16, no. 2 (July 11, 2018): e0108. http://dx.doi.org/10.5424/sjar/2018162-12130.

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This article investigates price effects of nutritional claims (NC) and health claims (HC), in addition to other attributes, on yoghurts in the Spanish market. Prices and product characteristics are collected from yoghurt label references found on the shelves of the main representative retail shops in the capital city of Aragon (Zaragoza) Spain. The total sample included 508 yoghurts. Nutritional and health claims (NHCs) are selected based on the official definitions of the (EC) Regulation No 1924/2006 and No 432/2012. Premium prices of the NHCs and other attributes included were assessed through a hedonic price approach. Results show that yoghurt is a highly differentiated food product. NCs related to fat-free, low in sugar and fiber content did not affect yoghurt prices while most of the health claims received significant positive effects. Health claims outperform nutritional claims leading to higher premium prices. These findings are a useful source in a better understanding of the evolution of NHCs in the Spanish market. Our findings suggest that NCs accompanied by the corresponding HC, which exactly defines the benefits of that nutrient in our health may be a promising strategy for product differentiation.

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Ferrer-Pérez, Hugo, Fadi Abdelradi, and José M. Gil. "Geographical Indications and Price Volatility Dynamics of Lamb Prices in Spain." Sustainability 12, no. 7 (April 10, 2020): 3048. http://dx.doi.org/10.3390/su12073048.

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For decades, food quality standards have attracted the interest of governance institutions and regulation authorities, who have responded to the increasing and demanding societal challenges. In addition, the open debate on significant variability and unusually high levels of agrifood prices recorded in 2007 and later in 2011 affect the behavior of the chain actors involved. As an attempt to bring together these wide concerns within a quantitative framework, a comparative analysis of the performance of the price volatility dynamics allowing for asymmetric behavior along the supply chain of a protected geographical indication (PGI)-certified lamb and its corresponding non-PGI counterpart, both located in the same region of Spain, was undertaken using weekly farm-retail prices for the period 2011–2018. The results indicate the existence of significant volatilities and an asymmetric transmission mechanism along the non-PGI-certified lamb supply chain, whereas the PGI-certified supply chain is impacted by volatility effects, yet characterized by symmetric behavior, which may suggest a high degree of relative market efficiency.

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Decimavilla, Esther, Carlos San Juan, and Stefan Sperlich. "Precio de la tierra con presión urbana: Un modelo para España." Economía Agraria y Recursos Naturales 8, no. 1 (October 14, 2011): 3. http://dx.doi.org/10.7201/earn.2008.01.01.

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This paper examines agricultural land prices and the variables that affect them as a way of identifying and explaining the recent price cycle in Spain. The key variables in our panel data model are location and expected farm income as fundamental factors and housing prices and increases in irrigated areas as nonfundamental dependant variables. The price cycle is also related to regional specialization and the impact of integration in the CAP. The novelty of the paper consists in the use of panel data models to identify fundamental factors related to agricultural productivity (expected agricultural income) and location and nonfundamental or speculative factors (housing prices, irrigated areas and demographic changes) using regional data associated with land type.

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Lopez-Garcia, Miguel-Angel. "Housing, prices and tax policy in Spain." Spanish Economic Review 6, no. 1 (April 1, 2004): 29–52. http://dx.doi.org/10.1007/s10108-003-0074-y.

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Utnik-Banaś, Katarzyna. "Zmienność cen mięsa kurcząt brojlerów w krajach Unii Europejskiej w latach 2007-2016." Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego 17(32), no. 2 (June 30, 2017): 287–97. http://dx.doi.org/10.22630/prs.2017.17.2.46.

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The article presents analysis of price variability of broiler chicken meat in EU countries in period 2007-2016. Descriptive statistics were calculated and decomposition of time series of prices were performed. The production of meat broiler chicken in EU in year 2007 amounted 8, 76 million ton and increased to the level of 10,98 million ton in year 2014. The biggest producers in year 2014 were: Poland (14,9%), Great Britain (13,1%), Spain (11,2%), France (10,0%) and Germany (9,4%). The highest prices were in: Germany, Finland, Cyprus and the lowest in: Poland, Great Britain and Bulgaria. Variability of prices was higher in countries with lower level of prices while in countries where prices were higher, they were also more stable. Prices of broiler chickens in EU are distinguished by seasonality. Higher prices are in summer and lower in late autumn and winter. Countries with highest seasonal changes are as follows: Poland (20% in average), Portugal (15%), Belgium (11%) and Great Britain (10%).

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Moreno, Blanca, and María T. García-Álvarez. "Analyzing the impact of fossil fuel import reliance on electricity prices: The case of the Iberian Electricity Market." Energy & Environment 28, no. 7 (August 21, 2017): 687–705. http://dx.doi.org/10.1177/0958305x17724047.

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Spain and Portugal are highly dependent on energy from abroad, importing more than 70% of all the energy they consume. This high energy dependence could involve important effects on the level and stability of their electricity prices as a half the gross electricity generated in both countries came from power stations using imported combustible fuels (such as natural gas, coal and oil). In general, changes in the prices of these fossil fuels can directly affect household electricity prices, since generation costs are likely to be transmitted through to the wholesale electricity market. Moreover, in the framework of the European Union Emission Trading System, electricity production technologies tend to incorporate their costs of carbon dioxide emission allowances in sale offers with the consequent increase of the electricity prices. The objective of this paper is to analyze the influence of fossil fuel costs and prices of carbon dioxide emission allowances in the EU on the Spanish and Portuguese electricity prices. With this aim, a maximum entropy econometric approach is used. The obtained results indicate that not only the price of imported gas are very important in explaining Spanish and Portuguese electricity prices but also the price of carbon dioxide emission allowances in the EU.

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Roldán Casas, José Ángel, and Rafaela Dios-Palomares. "Ley de precio único en el mercado español del aceite de oliva." Economía Agraria y Recursos Naturales 8, no. 1 (October 14, 2011): 37. http://dx.doi.org/10.7201/earn.2008.01.03.

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The aim of this paper is the study of long-run market integration of olive oil in Spain and the testing of the Law of One Price (LOP) in this market. The study is carried out using multivariate cointegration methodology and applied to monthly data on olive oil prices in Spain (1987-2001) corresponding to the regions considered by the Spanish Ministry of Agriculture, Fisheries and Food. The results show that Spanish olive oil markets are highly integrated with the Northeast being the leading market. However, perfect integration cannot be accepted.

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Estavillo Dorado, Julio, Salomón Aguado Manzanares, María Bielza Díaz-Caneja, Alberto Garrido Colmenero, and José Mª Sumpsi Viñas. "El nuevo seguro de ingresos de la patata: Una evaluación preliminar." Economía Agraria y Recursos Naturales 5, no. 9 (October 19, 2011): 139. http://dx.doi.org/10.7201/earn.2005.09.06.

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In 2003 and 2004, an insurance product that protects against market risks of agricultural commodities was offered in Spain. It consists on a revenue insurance product which has been launched as a pilot program for mid-season and late potato in five Spanish provinces (Álava, Burgos, La Rioja, León and Valladolid). The objective of this article is to describe the characteristics of this insurance product and to perform a preliminary evaluation of the seasons it was marketed. We start from a conceptual approach to the market risk management instruments, that constitute the context for the current program. Later, we explain the price model used to define market reference prices and the premia, checking the quality of the statistical price model against the potato farm-gate prices. Finally, the article ends with a preliminary valuation/ assessment of this first pilot experience in Spain, stressing those aspects which are liable/prone to be improved and reckoning the possible extensions of this insurance line to other potato varieties, provinces and also to other agricultural commodities.

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Gonzalez-Morales, Juan-Gabriel, Marina Checa-Olivas, and Rafael Cano-Guervos. "Impact of Evictions and Tourist Apartments on the Residential Rental Market in Spain." Sustainability 13, no. 13 (July 5, 2021): 7485. http://dx.doi.org/10.3390/su13137485.

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In recent decades, the analysis of residential rental prices in Spain has gained increasing attention. From a socio-economic viewpoint, the increase in long-term rentals compared to new home purchases by the new generations has led researchers to examine phenomena such as the growth of the tourism sector or foreclosures. This paper uses a panel data model to analyze the influence of the rate of foreclosure evictions and number of tourist apartments on residential rental prices in 50 provinces of Spain for the period 2015–2018. The results show that an increase in the number of tourist apartment vacancies increases residential rental prices, while an increase in the rate of foreclosure evictions causes residential rental prices to fall.

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Romero, José Aguado, and Antonio M. López Hernández. "Cost and price auditing: effectiveness in the procurement of defense services in Spain." Revista de Administração Pública 50, no. 5 (October 2016): 745–64. http://dx.doi.org/10.1590/0034-7612152005.

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Abstract Contract auditing, or cost and price auditing, has been applied in Spain as a means of determining prices in non-competitive defense contracts since 1989. Factors such as Spain's participation in international defense organizations, the characteristics of the defense market and the contractual legal framework for the procurement of defense goods and services help underscore the need for the Spanish Ministry of Defense to implement cost and price auditing. With the evolution of cost and price auditing in Spain in mind, this paper analyses the entire process, describes the audit procedures that are most commonly used today and assesses the main results achieved, in terms of financial savings. The results obtained show that cost and price auditing does indeed contribute to a more efficient use of public resources.

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Fabra, Natalia, David Rapson, Mar Reguant, and Jingyuan Wang. "Estimating the Elasticity to Real-Time Pricing: Evidence from the Spanish Electricity Market." AEA Papers and Proceedings 111 (May 1, 2021): 425–29. http://dx.doi.org/10.1257/pandp.20211007.

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We estimate consumer response to the first large-scale real-time electricity pricing (RTP) program. In 2015, RTP became the default tariff for residential customers in Spain, exposing them to prices that vary hourly based on day-ahead wholesale prices. Using expected national wind production as an instrument for price, we estimate household-level demand elasticities for RTP households and non-RTP (placebo) households. Estimates show no difference in behavior across RTP and non-RTP households. Reasons for nonresponse may include low potential gains or high nonmonetary costs of information acquisition and behavioral change. We discuss implications for optimal dynamic electricity pricing.

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Mora-Garcia, Raul-Tomas, Maria-Francisca Cespedes-Lopez, V. Raul Perez-Sanchez, Pablo Marti, and Juan-Carlos Perez-Sanchez. "Determinants of the Price of Housing in the Province of Alicante (Spain): Analysis Using Quantile Regression." Sustainability 11, no. 2 (January 15, 2019): 437. http://dx.doi.org/10.3390/su11020437.

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After almost a decade of crisis, the housing market in Spain shows significant signs of recovery, with increases in both the average price and the number of sales transactions. Housing is the main asset for the majority of households, and it also has the most resources devoted to it, thus, when it comes to buying a residence, people do not only look at the asset’s intrinsic characteristics, but also consider other particularities such as the neighbourhood, accessibility to services, availability of public transport or adequate funding. The study aimed to analyse and quantify the relationship that exists between the asking price of second-hand housing on the market in Alicante and the attributes that characterise them. This was done using a multivariate analysis to estimate a hedonic pricing model by ordinary least squares and a quantile regression to analyse the impact of the characteristics in different price ranges. The results show the segmentation of the prices in the Alicante market, with higher prices in the northern coastal area over the southern and inland comarcas.

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Cansado-Bravo, Pablo, and Carlos Rodríguez-Monroy. "Persistence of Oil Prices in Gas Import Prices and the Resilience of the Oil-Indexation Mechanism. The Case of Spanish Gas Import Prices." Energies 11, no. 12 (December 13, 2018): 3486. http://dx.doi.org/10.3390/en11123486.

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Regardless of the rapid development of national gas centers around the world, oil price indexation remains the prevailing pricing process in Continental Europe and the Far East. The instance of Spain is a genuine case where gas supply conditions may, to some extent, clarify the slower pace of execution of a traded gas hub in the nation. This article seeks to explain the persistence of oil-indexed pricing mechanisms, a price model that differs oddly from that of other major commodities, the price of which is normally discovered on the market. In order to do that, we examine time-varying volatility to find that since 2013 until 2016, just about 33% of gradual volatility clustering rooted within oil Brent prices is reflected in Spanish gas prices. In this sense, our research provides quantitative tools to better understand that market-based approaches such as spot and medium-term supply alternatives seem to be a key driver for success in transforming gas markets. Regular updates on the size of the effects observed should facilitate an exact appraisal of the level of progression of national gas liberalization processes and enhance gas markets transparency, these issues of extraordinary importance for both policymakers and gas market agents.

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Ocaña Ruiz, Sonia I. "Enconchados: gustos, estrategias y precios en la Nueva España." Anales del Instituto de Investigaciones Estéticas 37, no. 106 (May 15, 2015): 75–112. http://dx.doi.org/10.22201/iie.18703062e.2015.106.2541.

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Arias, Carlos. "Estimación del valor del regadío a partir del precio de la tierra." Economía Agraria y Recursos Naturales 1, no. 1 (October 23, 2011): 115. http://dx.doi.org/10.7201/earn.2001.01.06.

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In this paper, we estimate the value of irrigated land in the province of Leon (Spain) using land prices (irrigated and non irrigated) for two different uses (crop production and pasture) in ten different districts. The value of benefits associated with irrigation can be estimated by comparing the price of an irrigated plot of land with a similar plot of non irrigated land. The logical difficulty of finding these two similar (except for water) plots of land can be overcome using regression analysis where the effect of irrigation on land prices can be estimated after controlling for other differences in the plots of land analyzed. In the present paper, using an econometric model, we estimate the average prices associated with irrigated and non irrigated land. The difference among these average prices is an estimate of the value of irrigation. The results of this paper can be used in the analysis of new irrigation projects.

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Ferreira, Ângela Paula, Jenice Gonçalves Ramos, and Paula Odete Fernandes. "A linear regression pattern for electricity price forecasting in the Iberian electricity market." Revista Facultad de Ingeniería Universidad de Antioquia, no. 93 (August 23, 2019): 117–27. http://dx.doi.org/10.17533/udea.redin.20190522.

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The Iberian Market for Electricity resulted from a cooperation process developed by the Portuguese and Spanish administrations, aiming to promote the integration of the electrical systems of both countries. This common market consists of organized markets or power exchanges, and non-organised markets where bilateral over-the-counter trading takes place with or without brokers. Within this scenario, electricity price forecasts have become fundamental to the process of decision-making and strategy development by market participants. The unique characteristics of electricity prices such as non-stationarity, non-linearity and high volatility make this task very difficult. For this reason, instead of a simple time forecast, market participants are more interested in a causal forecast that is essential to estimate the uncertainty involved in the price. This work focuses on modelling the impact of various explanatory variables on the electricity price through a multiple linear regression analysis. The quality of the estimated models obtained validates the use of statistical or causal methods, such as the Multiple Linear Regression Model, as a plausible strategy to achieve causal forecasts of electricity prices in medium and long-term electricity price forecasting. From the evaluation of the electricity price forecasting for Portugal and Spain, in the year of 2017, the mean absolute percentage errors (MAPE) were 9.02% and 12.02%, respectively. In 2018, the MAPE, evaluated for 9 months, for Portugal and Spain equals 7.12% and 6.45%, respectively.

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RUBIO, MARGARITA, and JOSÉ A. CARRASCO-GALLEGO. "SPAIN AND THE CRISIS: HOUSING PRICES, CREDIT AND MACROPRUDENTIAL POLICIES." Singapore Economic Review 62, no. 01 (March 2017): 109–33. http://dx.doi.org/10.1142/s0217590817400057.

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In this paper, we propose a two-country, two sector monetary union DSGE model with housing. One of the countries is calibrated to represent the Spanish economy while the other one is the rest of the European monetary union. First, we illustrate how looser credit conditions coming from the Euro area, together with increases in housing demand, lead to an increase in house prices and credit in Spain. Then, we analyze to what extent, macroprudential policies could have avoided the excess in credit that triggered the financial crisis in Spain. We find that a countercyclical loan-to-value (LTV) rule that mainly responds to house prices would have mitigated the credit boom in Spain. These results can also be applied to other countries facing similar problems in the housing sector and thinking about implementing macroprudential policies.

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Espín-Sánchez, José-Antonio. "Institutional Inertia: Persistent Inefficient Institutions in Spain." Journal of Economic History 77, no. 3 (August 21, 2017): 692–723. http://dx.doi.org/10.1017/s0022050717000705.

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In 1966, after more than 700 years, the irrigation community in Mula (Spain) switched from auctions to quotas to allocate water from its river. This change happened in the absence of either political or technological change. Quotas were more efficient, but required that farmers own water property rights. I develop a model in which poor farmers cannot credibly commit to purchase water rights. I show that empirical evidence on savings and prices is consistent with this interpretation. A temporary increase in output prices in the 1950s and better financial institutions allowed farmers to accumulate savings and solve the commitment problem.“There is nothing more difficult to arrange, more doubtful of success, and more dangerous to carry through, than to initiate a new order of things.”Niccolò Machiavelli,The Prince

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Hoffmaister, Alexander W. "Barriers to Retail Competition and Prices: Evidence From Spain." IMF Working Papers 06, no. 231 (2006): 1. http://dx.doi.org/10.5089/9781451864915.001.

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Hoffmaister, A. W. "Barriers to retail competition and prices: evidence from Spain." Oxford Economic Papers 62, no. 2 (October 13, 2009): 395–416. http://dx.doi.org/10.1093/oep/gpp035.

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de Lucio, Juan, Raul Mínguez, Asier Minondo, and Francisco Requena. "Why firms set different export prices? Evidence from Spain." Applied Economics Letters 26, no. 3 (March 28, 2018): 250–54. http://dx.doi.org/10.1080/13504851.2018.1458189.

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Frías-Pinedo, Isidro, Rosario Díaz-Vázquez, and Ana Iglesias-Casal. "Oil prices and economic downturns: the case of Spain." Applied Economics 49, no. 16 (August 27, 2016): 1637–54. http://dx.doi.org/10.1080/00036846.2016.1223822.

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Álvarez-Román, Laura, and Miguel García-Posada. "Are house prices overvalued in Spain? A regional approach." Economic Modelling 99 (June 2021): 105499. http://dx.doi.org/10.1016/j.econmod.2021.105499.

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Pál, Tibor. "The Effects of Monetary Policy on House Prices in Spain: the role of the economic and monetary union membership in the housing bubble prior to the great recession." Central European Review of Economics and Management 2, no. 2 (June 23, 2018): 5. http://dx.doi.org/10.29015/cerem.540.

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Aim: This paper aims to discover the evolution of monetary transmission in Spain by focusing on the short-term interest rate, credit aggregates and house prices through different stages of economic development and European integration between 1975 and 2008. In addition, the analysis devotes special attention to the interval of the last housing boom, in order to reveal the importance of the interest rate policy of the ECB.Design / Research methods: The study applies a tri-variate autoregressive model assigned to three overlapping periods outlined by regime shifts in the Spanish economy. The estimation output determines the strength and persistency of the links between interest rates, credit aggregates and house prices. Consequently, the results of the econometric analysis provide proper base for comparison in order to identify the dominating channels of monetary transmissions through a prolonged period.Conclusions / findings: It is found that the transmission mechanism in Spain essentially altered over time since 1975. At the beginning of the full analysed interval the role of the credit channel was dominant, then its importance gradually diminished. After the EMU accession the traditional interest rate channel became the leading factor with an intensified and more persistent effect on house prices.Originality / value of the article: While there are numerous researches aimed at estimating the impact of monetary policy on the real economy, empirical studies focusing exclusively on the link between interest rate policy and house prices in Spain are still rare. As the present paper concentrates solely on the Spanish characteristics through extended interval, the study provides country-specific inferences.Implications of the research: Understanding the mechanism of the monetary policy effects on the housing sector is an essential aspect of designing policy interventions aimed at keeping house price development in check.Limitations of the research: Despite the significant results of the empirical analysis, the excessively dynamic increase in the property prices suggests that the factor of irrational expectations also played important role in the latest Spanish housing bubble.Key words: Monetary policy, VAR, ECB, Housing boom, Monetary transmission mechanismJEL: E52, E58.

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Uche-Soria, Manuel, and Carlos Rodríguez-Monroy. "Special Regulation of Isolated Power Systems: The Canary Islands, Spain." Sustainability 10, no. 7 (July 23, 2018): 2572. http://dx.doi.org/10.3390/su10072572.

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As non-mainland territories, the Canary Islands represent isolated electricity systems with their own peculiarities, derived mainly from their location. They are therefore subject to a special regulatory framework governing their electricity supply activities. These systems are less stable, in terms of both electrical energy generation and its transport infrastructures, because their site limitations require production to rely on a small number of plants, multiplying the problems that arise from potential grid or generator failures. This means that power generation costs in isolated groups of islands have been intrinsically higher than those on the mainland, above all in terms of fuel, given their greater dependence on fossil fuels. These costs also have a different structure, wherein variable costs prevail over fixed costs. The entry into force of Royal Decree 738/2015 defines a new method to determine the price of demand, generation, and additional costs. In addition, it creates a new virtual market for each isolated system (or subsystem), which takes into account the prices of the mainland, moving year, and generation costs. This implies a reduction in the volatility of the electricity market in these territories (lower risk) because part of the purchase price is already known. In this regard, the Canary Islands’ subsystem that has experienced the greatest increase in generation costs is the island El Hierro, since, in systems where there is a wider diversification in the generation methods, there is also a greater variation in monthly prices—that is, greater uncertainty. The aim of this study is to analyze the operation of the Canary Islands’ electricity market and the configuration of its dispatch pool. The wind-pumped hydropower station on El Hierro is described as a specific case study to illustrate the impact of the new regulatory framework.

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Kienle, Stephan. "Residential Housing Investment In Spain." International Business & Economics Research Journal (IBER) 12, no. 12 (November 25, 2013): 1645. http://dx.doi.org/10.19030/iber.v12i12.8258.

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Over the last decade, the Spanish housing market has gained a lot of attention due to its dynamics in house prices and residential investments. Our contribution provides a general framework based on the classical user cost approach. We take an equity constraint explicitly into account when modeling a long-term equilibrium. Against the background of theoretical implications we estimate a vector error correction model and find some evidence for the existence of such a financial constraint.

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Madonado-Devis, Mónica, and Vicent Almenar-Llongo. "A Panel Data Estimation of Domestic Water Demand with IRT Tariff Structure: The Case of the City of Valencia (Spain)." Sustainability 13, no. 3 (January 29, 2021): 1414. http://dx.doi.org/10.3390/su13031414.

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In urban water provisioning, prices can improve efficiency, contributing to the achievement of the environmental objective. However, household responses to price changes differ widely based on the household characteristics. Analyses performed at the aggregate level ignore the implications of water demand incentives at the individual household level. A large data sample at the household level enables estimation of econometric models of water demand, capturing the heterogeneity in domestic consumption. This study estimated the domestic water demand in the city of Valencia and its elasticity, along with the demands of its different districts and neighbourhoods (intra-urban scale analysis). Water price structure in Valencia is completely different from that of other Spanish cities: it is a price structure of increasing volume (increasing rate tariffs, IRT). For this estimation, from a microdata panel at the household level, the demand function with average prices for the period 2008–2011 was estimated using panel data techniques including a fixed effect for each neighbourhood. The domestic water demand elasticity at the average price in Valencia was estimated at −0.88 (which is higher than that estimated for other Spanish cities). This value indicates an inelastic demand at the average price of the previous period, which can cause consumers to overestimate the price and react more strongly to changes.

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Kockaya, Guvenc, Kagan Atikeler, Esin Tuna, Pelin Kılıc, Pelin Tanyeri, Nurcan Umman, İsmail Mert Vural, et al. "Results of reference pricing and reimbursement discount rate schemes of Turkey." Farmeconomia. Health economics and therapeutic pathways 14, no. 2 (March 22, 2013): 99–103. http://dx.doi.org/10.7175/fe.v14i2.473.

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OBJECTIVES: General Directorate of Pharmaceuticals and Pharmacy (IEGM) is responsible for setting all prices for human medicinal products. The reference pricing system is used for setting these prices. Reference countries are reviewed annually and may be subject to certain alterations. There were 5 reference countries in 2009: Spain, Italy, Germany, France and Greece. The aim of this study is to show the distribution of reference countries which were used for reference pricing.METHODS: The price list of pharmaceuticals which was published by IEGM on 15.04.2011 was used for analysis. Distribution of reference countries and prices were evaluated.RESULTS: Prices of 6,251 generic and 3,703 original products were set according to the price list. 5,283 of generics and 3,306 of originals were in the positive list for reimbursement. Reference pricing was used for 2,352 generics and 2,281 originals. Prices of the remaining were set outside of reference pricing. 32 different countries were used for reference pricing. Italy was the most popular country for reference pricing. Even if it was not a reference country, Germany was used in some of the pharmaceuticals. The average reimbursement discount rate and price were 24.43% and 249 TL, respectively. There were no colerations between price and reimbursement discount rate, or reference country and reimbursement rate.CONCLUSION: It has been shown that Italy has the highest impact on the pricing of all pharmaceuticals in Turkey. Even if it was not a reference country, Germany showed to affect pharmaceuticals more than other countries which were also not used for reference pricing. Even if reimbursement discount rates are stated by the Social Security Institution (SGK), there are different discount rates for pharmaceuticals. The analysis stated that there were correlation between price, country and discount rates. This analysis is first for the literature. Further analysis is necessary in the light of price changes and newly launched pharmaceuticals.

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Abadie, Luis M. "Energy Market Prices in Times of COVID-19: The Case of Electricity and Natural Gas in Spain." Energies 14, no. 6 (March 15, 2021): 1632. http://dx.doi.org/10.3390/en14061632.

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The COVID-19 pandemic is having a strong impact on the economies of all countries, negatively affecting almost all sectors. This paper compares Spanish electricity and natural gas prices in the first half-year of 2020 with the prices expected for that period at the end of 2019. The half-year of 2020 selected coincides with the period of greatest impact of COVID-19 on Spanish society. Expected prices and their future probability distributions are calculated using a stochastic model with deterministic and stochastic parts; the stochastic part includes mean-reverting and jumps behaviour. The model is calibrated with 2016–2019 daily spot prices for electricity and with day-ahead prices for natural gas. The results show large monthly differences between the prices expected at the end of the year 2019 and the actual prices for the half-year; in May 2020, wholesale electricity prices are found to be EUR 31.60/MWh lower than expected, i.e., 60% lower. In the case of natural gas, the prices in the same month are EUR 8.96/MWh lower than expected, i.e., 62% lower. The spark spread (SS) is positive but lower than expected and also lower than in the same months of the previous year.

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Cameron, Rondo. "Earl Hamilton: un gran historiador de la economia española." Revista de Historia Económica / Journal of Iberian and Latin American Economic History 7, no. 3 (December 1989): 551–53. http://dx.doi.org/10.1017/s0212610900001555.

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Earl Jefferson Hamilton murió el 7 de mayo de 1989, diez días antes de su nonagesimo cumpleanos.Hamilton era bien conocido por sus trabajos sobre la historia de los precios y los salaries en España. Su primer libro, el más importante de todos los que escribiera, American Treasure and the Price Revolution in Spain, 1501–1650, fue publicado en 1934 y vuelto a imprimir en numerosas ocasiones (hay traducción española, Ariel). Le siguieron Money, Prices, and Wages in Valencia, Aragón, and Navarre, 1351–1500 (1936) y War and Prices in Spain, 1651–1800 (1947). También publicó numerosos artículos y ensayos, algunos de los cuales fueron recogidos y publicados en español bajo el titulo de El floreci-miento del capitalismo y otros ensayos (1948). Hamilton también investigó a fondo sobre el financiero escocés John Law y la Mississippi Buble (o Burbuja del Mississippi) en Francia, aunque tan sólo publico unos cuantos artículos sobre el tema antes de su muerte. Entre 1948 y 1954 dirigio el prestigioso Journal of Political Economy y, en distintas ocasiones, estuvo en los consejos editoriales del Journal of Modern History y del Journal of Economic History.

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Guijarro, Francisco. "Assessing the Impact of Road Traffic Externalities on Residential Price Values: A Case Study in Madrid, Spain." International Journal of Environmental Research and Public Health 16, no. 24 (December 17, 2019): 5149. http://dx.doi.org/10.3390/ijerph16245149.

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This paper describes a study of the relationship between undesired road traffic externalities and residential price values in the Spanish city of Madrid. A large database was gathered, including the price and characteristics of 21,634 flats and road traffic intensity at 3904 different points across the city. The results obtained by a hedonic model suggest that both distance from the traffic measurement point and average daily traffic are significantly related to the price of residential properties, even after controlling for structural and neighbourhood variables. Distance to traffic areas has a positive impact on dwelling prices, whilst these are negatively related to traffic intensity.

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Cáceres-Hernández, José J., and Gloria Martín-Rodríguez. "Stationarity of seasonal patterns in weekly agricultural prices." Spanish Journal of Agricultural Research 16, no. 3 (October 23, 2018): e0109. http://dx.doi.org/10.5424/sjar/2018163-12937.

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Weekly series of agricultural prices usually exhibit seasonal variations and the stationarity of these variations should be taken into account to analyse price relationships. However, unit root tests at seasonal frequencies are unlikely to have good power properties. Furthermore, movements in actual price series are often not as expected when unit roots are present. Therefore, stationarity tests at seasonal frequencies also need to be applied. In this paper, a procedure to test for the null hypothesis of stationarity at seasonal frequencies was extended to the weekly case. Once critical values were obtained by simulation exercises, unit root and stationarity tests were applied to weekly retail prices of different agricultural commodities in Spain. The most relevant finding was that many unit roots that seasonal unit root tests failed to reject did not seem to be present from the results of seasonal stationarity tests, whereas seasonal unit root tests led to the rejection of some unit roots that seemed to be present according to the results of seasonal stationarity tests. In conclusion, unit root tests should be complemented with stationarity tests before making decisions about the behaviour of seasonal patterns.

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Ben Kaabia, Monia, and José María Gil Roig. "Asimetrías en la transmisión de precios en el sector del tomate en España." Economía Agraria y Recursos Naturales 8, no. 1 (October 14, 2011): 57. http://dx.doi.org/10.7201/earn.2008.01.04.

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This paper aims to investigate the non-linear adjustments between farm and retail prices in the tomato sector in Spain. The methodology used is based on the multivariate approach to specify and estimate a Threshold Autoregressive Model. The results indicate that, in the long run, price transmission is perfect. In the short-run, price adjustments between the farm and the retail levels are asymmetric. Retailers always benefit (in terms of increasing marketing margins) from positive and negative shocks affecting supply or demand conditions. Moreover, marketing margins have been found to be main determinants of inflation in the Spanish tomato sector.

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Cespedes-Lopez, Maria-Francisca, Raul-Tomas Mora-Garcia, V. Raul Perez-Sanchez, and Pablo Marti-Ciriquian. "The Influence of Energy Certification on Housing Sales Prices in the Province of Alicante (Spain)." Applied Sciences 10, no. 20 (October 13, 2020): 7129. http://dx.doi.org/10.3390/app10207129.

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This work examines the implementation of energy labelling by the residential real estate sector. First, it considers the interest by real estate sellers in not publishing energy certification information, and then, it quantifies the impact of the housing’s energy certification on the asking price. The results are compared with those obtained from other studies conducted in distinct European countries. The study’s final sample was collected, including information from 52,939 multi-family homes placed on the real estate market in the province of Alicante (Spain). One-way analysis of variance (ANOVA) was used, as well as an ordinary least squares regression model. This study highlights the fact that, in the current market, owners and sellers have no incentive to reveal the energy certification, since this permits them to sell homes with low energy ratings at prices similar to those of more energy efficient homes. In addition, it was found that homes with better energy ratings (letters A and B) are not sold at higher prices than homes with other rating letters, unlike the case of other European countries that were examined.

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Cantavella, Manuel. "FLUCTUATIONS OF OIL PRICES AND GROSS DOMESTIC PRODUCT IN SPAIN." International Journal of Energy Economics and Policy 10, no. 2 (January 23, 2020): 57–63. http://dx.doi.org/10.32479/ijeep.8806.

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Villalbi, J. R. "Cigarette taxes and prices in Spain: government and industry initiatives." Tobacco Control 15, no. 4 (August 1, 2006): 343. http://dx.doi.org/10.1136/tc.2006.017202.

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BASARRATE, BEGONA, and GONZALO RUBIO. "Nonsimultaneous prices and the evaluation of managed portfolios in Spain." Applied Financial Economics 9, no. 3 (June 1999): 273–81. http://dx.doi.org/10.1080/096031099332348.

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McGreal, Stanley, and Paloma Taltavull de La Paz. "Implicit House Prices: Variation over Time and Space in Spain." Urban Studies 50, no. 10 (February 11, 2013): 2024–43. http://dx.doi.org/10.1177/0042098012471978.

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Abadia, Antonio. "Inflation, relative prices and welfare redistribution in Spain, 1976–1984." Economics Letters 20, no. 4 (January 1986): 387–90. http://dx.doi.org/10.1016/0165-1765(86)90019-4.

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Šimáková, Jana, Daniel Stavárek, Tomáš Pražák, and Marie Ligocká. "Macroeconomic factors and stock prices in the food and drink industry." British Food Journal 121, no. 7 (July 1, 2019): 1627–41. http://dx.doi.org/10.1108/bfj-12-2018-0839.

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Purpose The purpose of this paper is to estimate and evaluate the impact of macroeconomic fundamentals on stock prices of selected food and drink industry stocks during the period of 2005–2015, which saw the global financial crisis and its aftermath. Design/methodology/approach The paper employed correlation analysis and the Johansen cointegration test with the vector error correction mechanism for EU companies operating in the food and drink industry. The paper tested the effects of GDP, inflation and interest rates (IR) on the stock prices of companies from Austria, Croatia, Cyprus, Denmark, Finland, Germany, Ireland, Italy, Lithuania, Poland, Spain and the UK. Findings Based on the results, the authors can see that GDP has a generally positive effect on stock price development. In contrast, the relationship between stock prices and inflation and IR is negative in most cases. Originality/value Despite the fact that a majority of empirical research on companies in the food and drink sector was performed using the microeconomic approach, this paper used the macroeconomic approach and clearly demonstrated the effects of selected macro-variables on stock prices in selected EU markets. Macroeconomic factors shape the company’s performance and could potentially lead to persistent changes in supply and demand conditions in food and drink markets.

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Journal articles on the topic 'Prices, spain'

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