February 2017 | No. 409

February 2017 | No. 409

Editorial

The future of world trade

Enric Fernandez CaixaBank Research

Enric Fernández

Key points of the month

Higher growth, higher uncertainty

Forecasts and indicators

Indicators and forecasts

Financial markets

Time for reflection in the financial markets
A sector-based view of the new macroeconomic scenario
José Suárez-Lledó Grande
The Fed’s strategy in 2017: firmer steps but still cautious
Carlos Martínez Sarnago

International economy

Global growth is on the up, with downside risks
Global trade slowdown: the role played by protectionism
Clàudia Canals
Shadow banking in China: a looming shadow
Javier García Arenas

European economy

The euro area begins 2017 with firmer growth
The impact of demographics on the labour market: tackling the challenge
Josep Mestres Domènech
Parity at last?
Roser Ferrer

Spanish economy

Spain: substantial growth in 2016 and a positive outlook for 2017
Spanish exports and world trade slowdown
Jordi Singla
Investing in human capital: the key to good quality employment
Judit Montoriol Garriga
Public debt: the elephant in the room
Anna Campos

Dossier

Liquidity in the business sector: more does not always mean better
Carlos Martínez Sarnago
Why have profit margins increased?
Roser Ferrer
On the distribution of corporate income
Judit Montoriol Garriga
The trend in listed company profits: bullish but volatile
Mathieu Jean Henri Fort

February 2017 | No. 409

Dossier

Corporate earnings on the rise

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Editorial

The future of world trade

Enric Fernandez CaixaBank Research

Enric Fernández

Key points of the month

Higher growth, higher uncertainty

Forecasts and indicators

Forecasts Key indicators financial markets Key indicators international economy Key indicators European Union Key indicators Spanish economy

Financial markets

Economic outlook

Time for reflection in the financial markets

Focus

A sector-based view of the new macroeconomic scenario

José Suárez-Lledó Grande

Focus

The Fed’s strategy in 2017: firmer steps but still cautious

Carlos Martínez Sarnago

International economy

Economic outlook

Global growth is on the up, with downside risks

Focus

Global trade slowdown: the role played by protectionism

Clàudia Canals

Focus

Shadow banking in China: a looming shadow

Javier García Arenas

European economy

Economic outlook

The euro area begins 2017 with firmer growth

Focus

Parity at last?

Focus

The impact of demographics on the labour market: tackling the challenge

Josep Mestres Domènech

Spanish economy

Economic outlook

Spain: substantial growth in 2016 and a positive outlook for 2017

Focus

Spanish exports and world trade slowdown

Jordi Singla

Focus

Investing in human capital: the key to good quality employment

Judit Montoriol Garriga

Focus

Public debt: the elephant in the room

Anna Campos

Dossier

Corporate earnings on the rise

Focus

Liquidity in the business sector: more does not always mean better

Carlos Martínez Sarnago

Focus

On the distribution of corporate income

Judit Montoriol Garriga

Focus

Why have profit margins increased?

Focus

The trend in listed company profits: bullish but volatile

Mathieu Jean Henri Fort