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Mistakes in the Fiscal Policy in Spain before the Crisis

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Author Info

  • Jesús Ferreiro

    ()
    (Department of Applied Economics V, University of the Basque Country UPV-EHU, Spain)

  • Carmen Gómez

    ()
    (Department of Applied Economics V, University of the Basque Country UPV-EHU, Spain)

  • Felipe Serrano

    ()
    (Department of Applied Economics V, University of the Basque Country UPV-EHU, Spain)

Abstract

The paper analyses the mistakes made in the management of the fiscal policy in Spain before the crisis. The authors argue that the low size of the public expenditures, the adoption of a procyclical expansionary fiscal policy the years before the crisis, and the lack of a correct coordination between the Spanish fiscal policy and the ECB’s monetary policy, are key elements to understand the depth and length of the economic crisis and the current high fiscal imbalances in Spain.

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Bibliographic Info

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

Volume (Year): 60 (2013)
Issue (Month): 5 (September)
Pages: 577-592

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Handle: RePEc:voj:journl:v:60:y:2013:i:5:p:577-592

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

Related research

Keywords: Economic crisis; Fiscal policy; Macroeconomic policy; Spain; Stabilization policy distribution;

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References

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  1. Anja Baum & Marcos Poplawski-Ribeiro & Anke Weber, 2012. "Fiscal Multipliers and the State of the Economy," IMF Working Papers 12/286, International Monetary Fund.
  2. Fatás, Antonio & Mihov, Ilian, 1999. "Government Size and Automatic Stabilizers: International and Intranational Evidence," CEPR Discussion Papers 2259, C.E.P.R. Discussion Papers.
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  4. Hein, Eckhard & Truger, Achim, 2010. "Finance-dominated capitalism in crisis: The case for a Global Keynesian New Deal," IPE Working Papers 06/2010, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
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  7. Luc Eyraud & Anke Weber, 2013. "The Challenge of Debt Reduction during Fiscal Consolidation," IMF Working Papers 13/67, International Monetary Fund.
  8. Perotti, Roberto, 2011. "The "Austerity Myth": Gain without Pain?," CEPR Discussion Papers 8658, C.E.P.R. Discussion Papers.
  9. Felipe Serrano, 2010. "The Spanish fiscal policy during the recent "great recession"," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 32(3), pages 371-388, April.
  10. Rafael Domenech & Javier Andres & Antonio Fatas, 2006. "The Stabilizing Role of Government Size," Working Papers 0603, International Economics Institute, University of Valencia, revised Jan 2007.
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  13. Philip Arestis, 2011. "Fiscal Policy Is Still an Effective Instrument of Macroeconomic Policy," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(2), pages 143-156, June.
  14. repec:mes:postke:v:35:y:2012:i:2:p:187-213 is not listed on IDEAS
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  16. Michael Bergman, 2011. "Best in Class: Public Finances in Sweden during the Financial Crisis," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(4), pages 431-453, December.
  17. Derek Anderson & Ben Hunt & Mika Kortelainen & Michael Kumhof & Douglas Laxton & Dirk Muir & Susanna Mursula & Stephen Snudden, 2013. "Getting to Know GIMF," IMF Working Papers 13/55, International Monetary Fund.
  18. Roberto Perotti, 2011. "The "Austerity myth": Gain Without Pain?," BIS Working Papers 362, Bank for International Settlements.
  19. Philip Arestis, 2012. "Fiscal policy: a strong macroeconomic role," Review of Keynesian Economics, Edward Elgar, vol. 1(0), pages 93-108.
  20. Roberto Perotti, 2011. "The "Austerity Myth": Gain without Pain?," Working Papers 430, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
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Cited by:
  1. 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.

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