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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. Philip Arestis, 2012. "Fiscal policy: a strong macroeconomic role," Review of Keynesian Economics, Edward Elgar, vol. 1(0), pages 93-108.
  2. Yiannis Kitromilides, 2011. "Deficit reduction, the age of austerity, and the paradox of insolvency," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 33(3), pages 517-536, April.
  3. 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.
  4. Alan J. Auerbach & Yuriy Gorodnichenko, 2010. "Measuring the Output Responses to Fiscal Policy," NBER Working Papers 16311, National Bureau of Economic Research, Inc.
  5. 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.
  6. 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.
  7. Lawrence J. Christiano & Martin Eichenbaum & Sergio Rebelo, 2010. "When is the government spending multiplier large?," CQER Working Paper 2010-01, Federal Reserve Bank of Atlanta.
  8. 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.
  9. Hein, Eckhard & Truger, Achim, 2010. "Finance-dominated capitalism in crisis – the case for a Global Keynesian New Deal," MPRA Paper 21175, University Library of Munich, Germany.
  10. Roberto Perotti, 2012. "The "Austerity Myth": Gain without Pain?," NBER Chapters, in: Fiscal Policy after the Financial Crisis, pages 307-354 National Bureau of Economic Research, Inc.
  11. Luc Eyraud & Anke Weber, 2013. "The Challenge of Debt Reduction during Fiscal Consolidation," IMF Working Papers 13/67, International Monetary Fund.
  12. Young Lee & Taeyoon Sung, 2007. "Fiscal Policy, Business Cycles and Economic Stabilisation: Evidence from Industrialised and Developing Countries," Fiscal Studies, Institute for Fiscal Studies, vol. 28(4), pages 437-462, December.
  13. repec:mes:postke:v:35:y:2012:i:2:p:187-213 is not listed on IDEAS
  14. Anja Baum & Marcos Poplawski-Ribeiro & Anke Weber, 2012. "Fiscal Multipliers and the State of the Economy," IMF Working Papers 12/286, International Monetary Fund.
  15. Perotti, Roberto, 2011. "The "Austerity Myth": Gain without Pain?," CEPR Discussion Papers 8658, C.E.P.R. Discussion Papers.
  16. Roberto Perotti, 2011. "The "Austerity myth": Gain Without Pain?," BIS Working Papers 362, Bank for International Settlements.
  17. Giovanni Callegari & Giovanni Melina & Nicoletta Batini, 2012. "Successful Austerity in the United States, Europe and Japan," IMF Working Papers 12/190, International Monetary Fund.
  18. Philip Arestis & Malcolm Sawyer, 2013. "Moving from Inflation Targeting to Prices and Incomes Policy," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(1), pages 1-17, March.
  19. 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.
  20. Fatás, Antonio & Mihov, Ilian, 1999. "Government Size and Automatic Stabilizers: International and Intranational Evidence," CEPR Discussion Papers 2259, C.E.P.R. Discussion Papers.
  21. 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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