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Affective and cognitive factors that hinder the banking relationships of economically vulnerable consumers
(Emerald, 2022-04-06) Fernández Olit, Beatriz; Cuesta González, Marta María de la; Orenes Casanova, Isabel; Paredes Gázquez, Juan Diego
El objetivo de este artículo es explorar los factores afectivos y cognitivos que condicionan las relaciones bancarias de los consumidores económicamente vulnerables y cómo estos factores contribuyen a aumentar las dificultades financieras y la exclusión. Esta investigación, realizada en un conjunto de grupos focales, basa sus hallazgos en una combinación de métodos experimentales y de análisis del discurso. Las decisiones financieras no son racionales y pueden estar sesgadas por factores afectivos y cognitivos. Las finanzas conductuales se han centrado muy poco en analizar cómo los sesgos del consumidor influyen en las relaciones con las instituciones bancarias. Adicionalmente, estas relaciones se ven afectadas por la digitalización y transformación del negocio bancario. Así, en el caso de consumidores económicamente vulnerables, que no son rentables para la cada vez más competitiva industria bancaria y carecen de capacidades financieras, su riesgo de exclusión financiera es cada vez mayor. Los resultados muestran que la desconfianza y la vergüenza conducen a dificultades financieras en consumidores económicamente vulnerables. La desconfianza genera problemas de acceso y autoexclusión, mientras que la vergüenza genera dificultades de uso. Esta falta de confianza les hace más racionales en el trato con las máquinas que con las personas, mostrando mayores dificultades bancarias para los consumidores con perfil “persona-sospechoso”. Este hallazgo puede ayudar a los reguladores a establecer límites en el comportamiento bancario, exigir a los bancos que incorporen factores afectivos y cognitivos en sus pruebas de conveniencia y detectar nuevas variables que puedan ayudarlos a mejorar sus índices de insolvencia y reputación.
Are social and financial exclusion two sides of the same coin? An analysis of the financial integration of vulnerable people
(Springer, 2018) Fernández Olit, Beatriz; Paredes Gázquez, Juan Diego; Cuesta González, Marta María de la
The economic crisis has increased the inequality and heterogeneity of people at risk of social exclusion, and thus their financial vulnerability. This article reviews the literature on the determinants of unbanking and underbanking and proposes a model linking financial and social exclusion. We aimed to determine if people at risk of poverty and social exclusion are integrated -and to what extent- in the financial system. To answer this question, we identified the demographic and the social exclusion factors that determine both the status of financial vulnerability and the use of banking services. We used multivariate analysis methods to analyze the information from the survey on social vulnerability conducted by the Red Cross Spain in 2015. Our results show a negative relationship between the risk of social exclusion and the intensity of use of banking services. This leads to financial vulnerability and exclusion in the most extreme situations. We suggest that underbanking is the most relevant - but not previously studied- situation of financial vulnerability in Europe and discuss its implications for policymakers. This paper contributes to the measurement of the link between financial and social exclusion, and is the first quantitative study on the use of banking products by vulnerable people in a European context.
Banking system resilience and stability: constructing a composite indicator for developed countries
(Emerald, 2019-10-14) Ruza Paz-Curbera, Cristina; Cuesta González, Marta María de la; Paredes Gázquez, Juan Diego
The aim of this paper is to empirically appraise the health of banking systems by applying a new theoretical framework based on complex system theories. For doing so we propose a composite indicator for analysing the resilience and stability of banking systems for a group of advanced economies including the group of G7 countries, Spain and Portugal. The empirical results reveal quite different patterns in the aftermath of the financial crises. While some countries have improved its relative position within the ranking, we find others evolving just in the opposite direction. The main purpose of the indicator is not to make predictions of future banks’ behaviour, but rather to use it as an early warning system for policymakers and supervisors in identifying signs of weakness, as well as a useful tool to identify the best practices.
Banks and financial discrimination: what can be learnt from the spanish experience?
(Springer, 2019-04-15) Fernández Olit, Beatriz; Ruza Paz-Curbera, Cristina; Cuesta González, Marta María de la; Matilla García, Mariano
The paper analyses the phenomenon of financial discrimination that have been identified in many developed countries in the aftermath of the financial crisis. We would consider the process of quality worsening in the provision of banking products and services as part of the increasing problem of financial exclusion, which should consider not only the physical access to branches but also the difficulties of use of banking services and products. Our primary concern is focused on the collective of vulnerable customers, so we have carried out an analysis at a micro-scale (urban districts and municipalities) to identify the main determinants of the financial discrimination of territories according to their socioeconomic profile. This study constitutes a first attempt to analyse financial discrimination in the provision of banking products and services at an urban micro-scale. We have considered as good references the cases of Madrid and Barcelona in Spain, large urban territories with high level of social inequality. The methodology that had been applied is quantile regressions, useful technique for analysing the ‘extreme’ nature of the phenomenon of financial discrimination. Our results confirm that the more overloaded branches are settled in districts characterised by a lower socioeconomic profile, indicating a banking industry trend towards ‘low-cost’ retail banking to serve the group of less profitable – more vulnerable customers. Some recommendations are outlined for policymakers in line with the aims and scope of the Payment Accounts Directive of the European Union.
Does finance as usual work for circular economy transition? A financiers and SMEs qualitative approach
(Taylor & Francis Group, 2022) Morales García, Manuel; Cuesta González, Marta María de la
Transitioning to a circular economy (CE) particularly challenges small- and medium-sized enterprises (SMEs), and a deeper understanding of CE financial barriers is needed. We draw on SME and financiers’ views to qualitatively study the risks associated with CE, how such risks limit access to financial resources and how financial institutions perceive those risks. We find that transitioning to a circular economy entails regulatory, cultural and market risks and that CE business success does not depend solely on SME resources or capabilities. Contributions include combining business model perspectives with transition theories and showing that new circular business models entail major reforms to political, regulatory, and market structures, including financial markets. From a practical perspective, to accelerate CE transition, we recommend reducing fragmentation, uncertainty and incoherence in regulation of the remodeling of information and risk assessment systems and new co-financing mechanisms and alternative instruments such as blended finance or “circular finance.”
Empirical Analysis of Ethical Principles Applied to Different AI Uses Cases
(UNIR-Universidad Internacional de La Rioja, 2022-12) López Rivero, Alfonso José; Beato, M. Encarnación; Muñoz Martínez, César; Cortiñas Vázquez, Pedro Gonzalo
In this paper, we present an empirical study on the perception of the ethical challenges of artificial intelligence groups in the classification made by the European Union (EU). The study seeks to identify the ethical principles that cause the greatest concern among the population, analyzing these characteristics among different actors. The main study analyses the difference between Information and Communications Technology (ICT) professionals and the rest of the population. Along with this study, we conducted a gender study; in addition, we studied differences between university students, classified as future professionals who can work in Artificial Intelligence, and other university students. We believe that this work is a starting point for an informed debate in the scientific community and industry on the ethical implications of artificial intelligence based on the classification of ethical principles made by the EU, which can be extrapolated to any analysis carried out on the use of data to apply them in algorithms based on Artificial Intelligence.
Evaluación cualitativa de las directivas de igualdad racial y de igualdad en el empleo
(Asociación Castellano-Manchega de Sociología (ACMS), 2016-10-31) Pérez Viejo, Jesús Manuel; Muñoz Martínez, César
El objetivo es evaluar los procesos de transposición en los Estados Miembros de la Unión Europea de la Directiva 2000/43/CE relativa a la aplicación de la igualdad de trato de las personas independientemente de su origen racial o étnico y la Directiva 2000/78/CE relativa al a la igualdad de trato en el empleo y la ocupación. La protección contra la discriminación es uno de los ámbitos en los que la legislación comunitaria afecta más de cerca a los ciudadanos europeos. El marco normativo creado por las dos Directivas de la UE de lucha contra la discriminación ha configurado la legislación europea durante más de una década. Los condicionamientos derivados de los desarrollos normativos afectan a las políticas comunes y estatales y a las intervenciones sociales y modalidades del trabajo social, orientados a la erradicación de las discriminaciones de origen racial y de todas aquellas que se manifiestan en mundo laboral.
Modelling the effect of weather on tourism: does it vary across seasons?
(Taylor & Francis, 2023) Muñoz Martínez, César
Weather conditions are important determinants of tourism demand. After reviewing the main contributions of previous research on the role of climatic variables in tourism demand functions, we explore different modelling alternatives to introduce temperature and rainfall in a gravity model. The dataset used comprises interregional tourism flows by Spanish residents from 2011 to 2015. We first estimate a benchmark model with both temperature and rainfall at the destination expressed in levels, and then consider some extensions to this model. In particular, special attention is paid to analyzing whether the sensitivity that tourists may have to weather factors can change across seasons. Other modelling issues examined include the relationship between climatic variables at the destination and at home, the influence of weather in previous periods (lagged values of temperature and rain), the variability of the weather variables (captured by the standard deviation of these variables), or whether the effect of temperature varies with the climatic characteristics of the region. Our empirical results confirm that spring and summer tourism in Spain is more sensitive to weather conditions, that the number of domestic overnight stays in Spain is strongly influenced by changes in the difference in temperature between tourists’ home and destination regions, that the estimated parameters of lagged weather variables are higher than those corresponding to the travelling months, that temperature variability in the destination region reduces tourism demand, and that the effect of temperature on destination choice for residents in moderate-climate regions is lower than for residents in other types of regions.
El modelo político territorial como factor explicativo del desarrollo acelerado de la alta velocidad en España: revisión y propuesta metodológica
(Asociación Española de Geografía, 2018-06-13) Muñoz Martínez, César
Con la intención de contribuir al entendimiento de la relación entre los efectos de las infraestructuras, la evaluación económica de los proyectos de inversión y la planificación política del sistema de transporte, revisamos el estado del arte para presentar los efectos económicos, territoriales y medioambientales de la alta velocidad en España identificando las limitaciones metodológicas de los distintos enfoques de evaluación. Posteriormente, analizamos el proceso de toma de decisiones con el fin de identificar qué elementos pueden haber consolidado una política de transportes fuertemente influenciada por el acelerado desarrollo de la red de alta velocidad. Finalmente, presentamos una propuesta metodológica que incorpora instrumentos ligados a la evaluación estratégica en las fases iniciales de planificación, recomienda aumentar la participación de los agentes territoriales en las fases de concertación y sistematiza el proceso de evaluación en las fases de desarrollo del proyecto.
Next Generation European Union and the digital transformation: an opportunity for Spain
(Institute for Research and European Studies, 2021-11-23) Benedicto Solsona, Miguel Ángel; Czubala Ostapiuk, Marcin Román
The main objective of this article is to analyze the importance of digital transformation and the funds provided by way of the Next Generation EU (NGEU) plan, taking into account the Spanish case. Through the working hypothesis, it was established that the Iberian country has a wide margin for improvement in the context of digitalization. Likewise, that NGEU forms a key impulse for the recovery from the crisis caused by Covid-19, as well as for the implementation of new digital technologies in Spain. The use of the Digital Economy and Society Index, developed by the European Commission, has allowed us to carry out empirical research. The evaluation of the current situation and the progress of Spain in the field of analysis, as well as the putting it in perspective regarding the rest of the Member States, have been undertaken. Moreover, the Eurostat database has been employed, in addition to the estimations of the Spanish executive exposed through the Digital Agenda 2025, to examine investment in R&D and intangible assets and try to assess the importance of the EU recovery fund for Spain's development and progress in the digitization framework. Finally, the hypothesis and the objectives have been achieved
Nuevos instrumentos de financiación para la política común de infraestructuras de transporte: ¿Una alternativa al sistema de subvenciones tradicional?
(IUSTEL, 2018) Muñoz Martínez, César
Este trabajo tiene por objeto analizar la evolución del régimen específico para la concesión de ayudas financieras comunitarias en el ámbito de la Redes Transeuropeas de Transporte, realizando un análisis de contenido de los principales actos normativos que se han ido prorrogando y ampliando en los sucesivos periodos de programación; prestando especial atención al Mecanismo “Conectar Europa” como instrumento financiero que ha centralizado, coordinado y optimizado los recursos comunitarios de la línea presupuestaria de la RTE-T en un único fondo estructurado.
El papel de las infraestructuras públicas en la dinamización social. Sistema: revista de ciencias sociales
(Fundación Sistema, 2017) Muñoz Martínez, César
La ausencia de investigación sobre los factores sociológicos que inciden en las decisiones de elección modal estimula a emplear enfoques interdisciplinares para profundizar en las implicaciones sociales del transporte. En este sentido, este trabajo ofrece una visión global del sistema de transporte que integra la valoración de los efectos económicos, las dinámicas sociales y las motivaciones de cohesión territorial y sostenibilidad ambiental que actúan como pilares de desarrollo de las inversiones en infraestructuras de transporte y más concretamente de la planificación de la red de alta velocidad en España.
La política exterior dependiente: el caso de Ecuador
(Universidad Externado de Colombia: Facultad de Finanzas, Gobierno y Relaciones Internacionales de la Universidad Externado de Colombia, 2018) Lapeña Sanz, Ramiro; Czubala Ostapiuk, Marcin Román
La política exterior dependiente es un concepto que define la relación de un Estado con otras naciones. Dicha correlación, traducida en una estrecha vinculación de su economía frente a uno o varios países, puede ser ocasionada de manera voluntaria o contra el deseo del Estado en cuestión, incidiendo así en su política exterior. Partiendo de este supuesto, el objetivo principal del presente trabajo es analizar el caso particular de Ecuador mediante un examen en profundidad de su relación con Estados Unidos de América (ee.uu.) y República Popular China. Igualmente, el marco temporal de este artículo está centrado en el período 2007-2016, cubriendo así el mandato del presidente Rafael Correa. Para ello, en primer lugar, se expone el marco teórico y el estado de la cuestión. Posteriormente, se estudian los intercambios económicos de Ecuador con Estados Unidos de América y República Popular China, poniendo un especial énfasis en las relaciones comerciales, la inversión extranjera directa, la deuda y la ayuda oficial al desarrollo. Por último, se presentan las conclusiones obtenidas.
Rethinking strategic autonomy in times of Next Generation EU: new digital agenda
(Institute for Research and European Studies, 2023) Benedicto Solsona, Miguel Ángel; Czubala Ostapiuk, Marcin Román
The digital transformation of the global economy and society has accelerated after the Covid-19 pandemic. The European Union (EU), compared to China and the United States, is losing its capacity for innovation and control over data and fundamental raw materials and could even lose ground in the regulatory power it has in the digital realm. This paper pays special attention to the situation and progress toward a new European policy to achieve digital strategic autonomy. It also briefly outlines the Recovery Plan for Europe as a possible incentive for its promotion. Both descriptive and analytical methods were employed to gather the data from secondary sources and provide reliable research results. The major findings of this article are that strategic autonomy is an imperative requirement for sustaining and encouraging European integration, forcing the EU to advance faster toward developing critical digital technologies. There is also an urgent need to secure critical parts of supply chains and data protection, intellectual property, and defense against disinformation. Finally, the European Union must improve its resilience to face new crises and lead the digitalization of its economy.
Rethinking the Income Inequality and Financial Development Nexus. A Study of Nine OECD Countries
(MDPI, 2020-07-06) Rodríguez, José Miguel; Cuesta González, Marta María de la; Ruza Paz-Curbera, Cristina
Financial crises have devastating effects in terms of income inequality. The recent financial crisis has provoked that inequality within advanced countries has returned to the prevailing levels of a century ago. In this article we look at the relationship between financial development and income inequality from a comprehensive perspective. Our hypotheses state that not only financial depth through credit expansion or capital markets activity matter in terms of income inequality, but also the financial system resilience. We look at a group of OCDE developed countries during the period 2000-2015 and the results confirm that in terms of credit provision there is a point of until which income inequality improves, but beyond this threshold further financial deepening will lead to a reverse effect, in line with the "Too much finance hypothesis". The role of capital markets exerts a widening income inequality effect while financial system resilience helps in alleviating existing income inequality. We recommend regulators and policymakers to pay more attention to financial depth variables, the behaviour of financial intermediaries and the environment in which they operate.
Rural depopulation in Spain: Next Generation EU as a stimulus to accelerate the transformation
(Institute for Research and European Studies, 2022-12-18) Puente Regidor, Mónica; Corullón Hermosa, Carlos; Czubala Ostapiuk, Marcin Román
The main objective of this study was to examine the situation of depopulation in Spain. Also, to highlight the importance of digital transformation and the funds provided through the Next Generation EU (NGEU) to fight against this phenomenon. Based on data from the National Institute of Statistics (INE), an empirical investigation about the current state of population abandonment in Spain has been carried out. Moreover, the Digitization Index (DiGiX) has been used to obtain a territorial vision about the digitization degree of the Autonomous Communities (CCAA). Finally, the estimates of the Spanish executive set out in the National Recovery, Transformation and Resilience Plan (RTRP) have been used to underline the importance of Next Generation EU resources to fight the problem of „empty Spain‟. That was to see that mentioned country is currently at the head of the „demographic deserts‟ of the EU. Likewise, the Recovery Plan for Europe, and its digital axe, constitute one of the key factors to combat the population abandonment of the Spanish rural areas. In other words, an important approach, which addresses the wide deficiencies in the literature on the subject, is making this research highly relevant and interesting.
The competitive nature of the Arab Middle Eastern banking markets
(Springer, 2002-11) Ruza Paz-Curbera, Cristina
The competitive nature of the Arab Middle Eastern (AME) banking markets during the 1990s is the focus subject of this study. Using banks data from nine AME countries, and utilizing the so-called Rosse-Panzar test to quantitatively appraise the dominant competitive conditions in these markets between 1993–97, this study concluded that banking markets have been operating in the region under conditions of monopolistic competition. An important finding revealed by this study is that in the AME region, where two distinct economic spectrums dominate the markets, banking sector in the oil-producing countries (Gulf States) appears to be less competitive than its counterpart in non-oil countries.
The European Union and the Good Governance of Energy Resources: Practicing What It Preaches?
(Elsevier, 2020) Escribano Francés, Gonzalo; Paredes Gázquez, Juan Diego; San Martín González, Enrique
The good governance of energy resources and its role in the development of oil and gas producing countries is an area of growing interest in the global agenda. The European Union (EU), as an actor that has the double condition of being a major importer of oil and gas as well as a so-called “normative power”, promotes the development of resource governance standards in the Global South. This article analyzes the role of the EU in improving the governance of energy resources, not only from an institutional perspective but also regarding the practical implications that such a normative approach has on European oil and gas import patterns. The paper explores whether EU’s oil and gas imports have been affected by the policies of improving transparency and good resource governance in the oil and gas extractive sector, or if these policies have been ineffective in shaping their geographical origin. It tries to address empirically the link between the level of resource governance in oil and gas exporting countries and the EU’s oil and gas geographical import pattern.
The non-linear impact of financial development on environmental quality and sustainability: evidence from G7 countries
(MDPI, 2022-07) Caro Carretero, Raquel; Ruza Paz-Curbera, Cristina
This paper analyses the impact of financial development on the environmental quality and sustainability for the group of G7 countries over the period 1990–2019 based on static panel data-fixed effect models. The objective is to explore if there exists a non-linear relationship between the whole financial system development and a wide array of measures of environmental sustainability and degradation, namely adjusted net savings, greenhouse gas, CO2, methane, nitrous oxide emissions and ecological footprint. We define a new Financial Environmental Kuznets Curve (FEKC) by introducing the square term of financial development on the environment-finance relationship. Empirical results prove the existence of non-linear relationships between the composite index of financial development and environmental degradation for the group of advanced economies. In the case of methane, we validate the presence of an inverted-U shape association in line with the FEKC hypothesis, while for greenhouse gas and CO2 the link follows a U-shaped pattern. The impact of financial development on environmental sustainability is monotonically positive and statistically significant while the ecological footprint is not statistically linked with the level of financial development within G7 countries. Economic growth, human capital, population density and primary energy consumption appear as significant drivers of environmental quality and sustainability.
The relationship between vulnerable financial consumers and banking institutions. A qualitative study in Spain
(Elsevier, 2021-01-05) Fernández Olit, Beatriz; Cuesta González, Marta María de la; Paredes Gázquez, Juan Diego; Ruza Paz-Curbera, Cristina
The financial exclusion phenomenon has been approached from different perspectives. After reviewing the recent literature, we adopt a financial ecology approach and propose a comprehensive framework to analyse the different types of difficulties (access, use and perception) that vulnerable financial consumers face in relationships with banking institutions as well as their underlying causes. We consider financial inclusion as the sustainable provision of financial services and products and an adjustment to individual needs. We examine a special group of urban vulnerable consumers: underbanked people facing poverty and social exclusion. Data were obtained from focus groups and were coded and analysed using qualitative data analysis software. The results show that use difficulties predominate, followed by perception difficulties. Bank pressure and lack of financial training stood out among the main causes of these financial difficulties. We conclude that poorer neighbourhoods constitute a distinctive financial ecology produced by the ‘discrimination’ of a significant number of their inhabitants in the use of mainstream financial services. The study provides evidence of the socio-spatial nature of the exclusion process and calls for further research on the role of policy responses to restrict abusive practices.

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