Annual Report 2020
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Annual Report 2020 CONTENTS 1. The Institute’s main objectives .............................................................................. 5 2. People ............................................................................................................................. 6 3. Collaboration agreements .................................................................................... 31 4. Acknowledgments .................................................................................................. 32 5. Institutional information ....................................................................................... 36 6. Publications ................................................................................................................ 41 7. Research and economic studies ........................................................................ 58 8. Databases and indicator systems ...................................................................... 89 9. Scientific meetings .................................................................................................103 10. Dissemination ....................................................................................................... 112 1. THE INSTITUTE’S MAIN OBJECTIVES The Valencian Institute of Economic Research (Instituto Valenciano de Investigaciones Económicas, Ivie) works to promote and conduct economic research and disseminate it in Spain and abroad. Created in 1990 by the Department of Economy and Finance of the Generalitat Valenciana (Valencian Regional Government), the Ivie is supported by Bankia, Ford Spain, the BBVA Foundation, the Caja Mediterráneo Foundation, the Cañada Blanch Foundation and Funcas (Fundación de las Cajas de Ahorros). The Ivie has two main aims: to create stable teams of specialists capable of producing a steady output of research in certain areas of general interest; and to help build bridges between research and the decisions made by economic agents. Many of those decisions require careful analysis of the available options, taking research findings, statistical information and the experience of specialists into account. The Ivie therefore also offers technical assistance in economic matters to institutions and companies that request it. To achieve its goals, the Ivie organizes its work in lines of theoretical and applied research, with the support of various shared services. The research activity is carried out by the Institute’s research associates, who have extensive academic experience, and its staff of economists and subject specialists. To carry out its activities and execute its projects, the Ivie has built relationships with large numbers of researchers and has entered into collaboration agreements with various universities. It supports the economic research groups in carrying out and disseminating their activities and promotes the exploitation of their research efforts for the benefit of society. The Ivie started its activities in November 1990. Throughout this period it has been sponsored by the Valencian Regional Government’s Ministry of Finance, which has allowed it to foster economic research. The rest of its activities are financed through partnership agreements and contracts with various public and private sector institutions in Spain, Europe and the Americas. The Institute’s main objectives 5 2. PEOPLE 2.1. Board of Directors President Vicent Soler i Marco Regional Minister of Finance and Economic Model Secretary Cañada Blanch Foundation: Antonio Lleó García Trustee of the Cañada Blanch Foundation Members Ford Spain: Juan Fernando Acebrón Rodicio Director of Institutional Relations Inmogestión y Patrimonios, S.A.: Carlos Aguilera Aguilera Corporate Business Director for the Valencian and Murcia Regions, Bankia Valoración y Control, S.L.: Isabel Rubio León Communication and External Relations Manager for the Valencian, Murcia and Balearic Regions, Bankia BBVA Foundation: Vicente Gutiérrez Hernando Deputy Director of the BBVA Foundation Carlos Ocaña y Pérez de Tudela General Manager of the Cajas de Ahorros Foundation Luis Manuel Boyer Cantó President of Mediterráneo Foundation Eva Martínez Ruíz Director General for Budgets of the Valencian Ministry of Finance and Economic Model People 6 2.2. Advisory Council Francesco Giavazzi Innocenzo Gasparini Institute for Economic Research, Milan Emilio Ontiveros Autonomous University of Madrid and AFI (Analistas Financieros Internacionales) Vicente Salas University of Zaragoza Joaquim Silvestre University of California-Davis José Viñals Standard Chartered Bank 2.3. Management Research Director Francisco Pérez Universitat de València Research Deputy Director Joaquín Maudos Universitat de València Director of International Projects Matilde Mas Universitat de València Managing Director Pilar Chorén People 7 2.4. Research professors Francisco Alcalá (Center for Economic Policy Research) Dr Alcalá is a graduate in Economics with special honors (1980), holds a Master in Economics from CIDE (Center for Research and Teaching in Economics, Mexico, 1983) and has a PhD from the Universitat de València (1985). At present he is Research Fellow at the Center for Economic Policy Research (London). He has been Full Professor at the Economic Analysis Department of the University of Murcia, Visiting Lecturer at the Pompeu Fabra University (Barcelona) and at the CIDE (Mexico) and Visiting Scholar for over a total of six years at the Universities of California (Berkeley), Harvard, New York and Columbia. He has been a member of the Board of Directors of the Spanish Economic Association and economic advisor for social and governmental institutions. His specialist fields are economic growth, international trade and industrial organization, topics on which he has directed several National R&D Plan projects and published articles in some of the most prestigious international academic journals and written a number of books and book chapters. (Personal webpage: sites.google.com/site/alcalapaco). Joaquín Aldás (Universitat de València) Dr Aldás graduated (1993) and obtained his PhD (1998) in Economics and Business Studies from the Universitat de València, where he is Professor in Marketing and Market Research. He has been Visiting Research Fellow at the University of Glasgow. His main research fields are quantitative methods in marketing research. He has published his research in specialized journals such as European Journal of Marketing, Journal of Services Marketing, Online Information Review, Journal of Business Ethics, Journal of Interactive Marketing and Tourism Management. He is co-author of the books Análisis Multivariante Aplicado (Thomson, 2005) and Análisis Multivariante Aplicado con R (Paraninfo, 2017). Since 2018, he is Vice-Chancellor of Strategy, Quality and Information Technologies at the Universitat de València. (Personal webpage: https://www.uv.es/persona/aldas). People 8 Santiago Carbó (Universidad de Granada) Dr Carbó graduated in Economics from the Universitat de València (1989) and took his PhD in Economics (1993) and Master in Banking and Finance at the University of Wales (1990). He is currently Professor of Economic Analysis at the University of Granada. In addition he is Head of the Financial Studies Division and Executive Director of the Observatory of Financial Digitalisation of the Cajas de Ahorros Foundation (Funcas). He has been Professor of Economics and Finance at CUNEF (University School for Financial Studies, Madrid) and at Bangor University (UK). He is independent advisor for Cecabank and President of its Audit Committee. He is Past-President (2017) of IBEFA (the International Banking, Economics and Finance Association). He was member of the Group of Economic Advisors of ESMA (European Securities and Market Authority) from 2014 to 2018. He has been, and still is, consultant and collaborator for public institutions such as the European Central Bank (ECB) and the Federal Reserve Bank of Chicago, as well as to financial institutions and international consulting firms. He is Chief Editor of the Journal of Financial Management, markets and Institutions. He is author of more than two-hundred articles and publications on the financial system, among others, in journals such as The Review of Economics and Statistics, European Economic Review, Review of Finance, Journal of Money, Credit and Banking, Journal of Corporate Finance, Journal of International Money and Finance and Journal of Banking and Finance. He also frequently collaborates with the written press, at present being regular columnist in El País and stating his views in other Spanish national dailies (El Mundo, ABC, Cinco Dias, among others), radio and television (TVE, Cadena SER, Radio Nacional de España, etc.) in Spain, as well as in foreign newspapers (Financial Times, BBC, Business Week, International Herald Tribune, among others). (Personal webpage: www.santiagocarbo.com, Twitter: @scarboval). José García-Montalvo (Pompeu Fabra University) Dr García-Montalvo is Professor of Applied Economics at the Pompeu Fabra University (UPF). He graduated in Economics from the Universitat de València in 1987 with special honors. He received the First National Graduation Prize (1988, Ministry of Education and Science), followed by a PhD in Economics from Harvard University (1993). In 2008 and 2013 he was awarded the ICREA Acadèmia distinction prize for his research work. In 2010 he received the Knowledge Transfer Award of the Board of Trustees of the UPF and in 2013 the Rector of the UPF awarded him the