Endeudamiento familiar y crecimiento económico: un patrón de crecimiento insostenible
AbstractThe Spanish economy experienced a period of substantial prosperity from 1997 to mid 2007, driven by household spending on residential investment and durable consumer goods, funded out of bank debt. However, this pattern of growth was unsustainable: any given rate of growth of output required growing household indebtedness, because of rising house prices which, in turn, led to heavier debt burden service thus subtracting funds which would otherwise have gone to sustaining aggregate demand at a higher level. When household indebtedness stops growing, because its currently rocketing level, plus the rise of the interest rates, the high house prices, the saturation of the dwelling market, and the tightening of credit standards required by banks, GDP and employment shrink because of a lack of effective demand: forced saving to settle debt service is not offset by new household borrowing.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Gobierno Vasco / Eusko Jaurlaritza / Basque Government in its journal EKONOMIAZ.
Volume (Year): 72 (2009)
Issue (Month): 03 ()
Contact details of provider:
Postal: C/Donostia-San Sebastián, 1, 01010 Vitoria-Gasteiz
Phone: + 34 945019038
Fax: + 34945019062
Web page: http://www.euskadi.net/economia
More information through EDIRC
Postal: Dpto. de Economía y Hacienda, Gobierno Vasco, C/Donostia-San Sebastián, 1, 01010 Vitoria-Gasteiz, Spain
Find related papers by JEL classification:
- E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Iñaki Treviño).
If references are entirely missing, you can add them using this form.