Economic & Financial Report #36

Every six months, with the support of Banco Sabadell, Esade publishes the Informe Económico y Financiero (Economic and Financial Report), which on this occasion celebrates its 36th edition. Through it, Esade maintains its commitment to contributing to public debate with rigorous and plural analysis which, as a prestigious school and with the involvement of its entire academic community, reinforces its commitment to economic and social progress.

In his welcome article, the director of the Report and of EsadeEcPol, Toni Roldán, highlights the context of economic resilience in Spain and the trends that will shape the global economy in this first half of 2025, with special attention to the challenges facing the eurozone. Next, the first economic outlook note, written by Esade professor Josep M. Comajuncosa, explores developments in the international environment and the easing of inflation following the geopolitical and financial tensions of recent years. For his part, Manuel Hidalgo, professor of Economics at Universidad Pablo de Olavide and senior fellow at EsadeEcPol, focuses on the situation and prospects of the Spanish economy, highlighting factors such as the labour market and the role of investment in a context of social change.

In the monographic analysis section, this edition focuses on the housing market, an area undergoing profound transformations and generating growing concern in society. Four articles delve into this reality from complementary perspectives: (1) “The housing market: the perfect storm”, by Joan Monràs (CREI-UPF; BSE), analyses the forces straining supply and prices; (2) “The new rental market: new formulas, old objectives”, by José María Raya (Tecnocampus UPF), describes the growing segmentation of renting; (3) “Home ownership and mortgage debt of Spanish families over the last twenty years”, by Cristina Barceló and Laura Crespo (Banco de España), addresses the changes in household ownership and indebtedness; and (4) “Alternatives to traditional residential housing. Effect on housing demand”, by Jordi Fabregat (Esade), examines new residential formulas and their impact on supply and affordability.

Finally, the report is completed with reviews by Antonio García Maldonado, who analyses the books Underground Empire: How America Weaponized the World Economy by Abraham Newman and Henry Farrell, and Madrid DF. Por qué Madrid debe consolidarse como la gran ciudad global del sur de Europa by Fernando Caballero. These recently published works offer new reflections that engage with current economic and geopolitical affairs, thus completing a multidisciplinary view of the major issues of the moment.