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The Cambridge-INET Institute


The COVID-19 Crisis Through the Lens of 1.4 Billion Transactions

Professor Vasco Carvalho working with economists at University of Edinburgh, Imperial College and at the Spanish bank BBVA, one of the largest financial institutions in the world, studies the “real time evolution” of economic activity during the COVID-19 pandemic.

The researchers leverage from access to the universe of BBVA client transactions during the first three months of 2020, a period covering the COVID-19 pandemic in Spain and the ensuing lockdown policies adopted by the Spanish Government. This real time, high resolution dataset, provides a first economic assessment of how mobility restrictions have impacted the economy. It uncovers a large, abrupt and persistent decline in economic activity: a broad measure of expenditure has declined by 50% during the lockdown.

Published on: Wednesday 15th April 2020



Financial Data

Economic Activity