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Causes and Consequences of the Spanish Economic Crisis: Why the Recovery is Taken so Long?

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Author Info

  • Francisco Carballo-Cruz

    ()
    (NIPE and School of Economics and Business, University of Minho, Portugal)

Abstract

Spain is currently facing its worst crisis in the last fifty years. The crisis began as an extension of the international financial crisis, but the internal imbalances accumulated in the pre-crisis period aggravated the situation. At present their incomplete adjustment is making difficult the economic recovery. This paper describes the evolution of the economic crisis in Spain. The real estate sector and the banking sector are analysed in detail, as they played a key role in the detonation and the deepening of the crisis. The results of the main reforms carried out so far are also carefully examined. It also discusses the main factors that have delayed the economic recovery up to now (unemployment and indebtedness), and present some alternatives to define an exit strategy.

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Bibliographic Info

Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

Volume (Year): 58 (2011)
Issue (Month): 3 (September)
Pages: 309-328

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Handle: RePEc:voj:journl:v:58:y:2011:i:3:p:309-328

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Web page: http://www.panoeconomicus.rs/

Related research

Keywords: Crisis; Real estate; Banking; Debt problems; Unemployment; Public debt;

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References

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  1. Kosta Josifidis & Alpar Lošonc & Novica Supić, 2010. "Neoliberalism: Befall or Respite?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(1), pages 101-117, March.
  2. Edda Zoli & Silvia Sgherri, 2009. "Euro Area Sovereign Risk During the Crisis," IMF Working Papers 09/222, International Monetary Fund.
  3. João Sousa Andrade & Adelaide Duarte, 2011. "The Fundamentals of the Portuguese Crisis," GEMF Working Papers 2011-16, GEMF - Faculdade de Economia, Universidade de Coimbra.
  4. Samuel Bentolila & Juan Jose Dolado & Juan F. Jimeno, 2008. "Two-tier Employment Protection Reforms: The Spanish Experience," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 6(4), pages 49-56, December.
  5. Jesús Fernández-Villaverde & Lee Ohanian, 2010. "The Spanish Crisis from a Global Perspective," Working Papers 2010-03, FEDEA.
  6. Georgios P. Kouretas & Prodromos Vlamis, 2010. "The Greek Crisis: Causes and Implications," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(4), pages 391-404, December.
  7. Jean Pisani-Ferry, 2010. "Euro area governance: What went wrong in the euro area? How to repair it?," Policy Contributions 410, Bruegel.
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Cited by:
  1. Wall, Larry D., 2012. "Central Banking for Financial Stability: Some Lessons from the Recent Instability in the United States and Euro Area," ADBI Working Papers 379, Asian Development Bank Institute.
  2. Jesús Ferreiro & Carmen Gómez, 2014. "Implementing a Voluntary Wage Policy: Lessons from the Irish and Spanish Wages Policies before the Crisis," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(1), pages 107-127, Februar.
  3. Philip Arestis & Ana Rosa González, 2014. "The Housing Market-Bank Credit Relationship: Some Thoughts on Its Causality," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(2), pages 145-160, March.
  4. Molina, Oscar & Miguélez, Fausto, 2013. "From negotiation to imposition : social dialogue in austerity times in Spain," ILO Working Papers 483344, International Labour Organization.

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