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The Spanish Crisis: Background And Policy Challenges

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  • Javier Suarez

    ()
    (CEMFI, Centro de Estudios Monetarios y Financieros)

Abstract

This paper reviews the background and key policy challenges of the current situation of the Spanish economy. It describes the strengths and weaknesses of Spain's recent long growth cycle, the real and financial imbalances accumulated towards its end, and the troubles faced at the current stage. Particular attention is paid to the developments in private and public sector finances and, specifically, to their implications for the banking sector. Attention is also paid to the political-economy background, especially in regards to the undertaking of structural reforms. It is argued that recent external pressure, partly initiated by unjustified catastrophic expectations about Spain, provides an opportunity for accelerating the reforms needed to resumen strong growth.

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File URL: http://www.cemfi.es/ftp/wp/1005.pdf
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Bibliographic Info

Paper provided by CEMFI in its series Working Papers with number wp2010_1005.

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Date of creation: Jul 2010
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Handle: RePEc:cmf:wpaper:wp2010_1005

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  1. Andrés Fuentes, 2009. "Raising Education Outcomes in Spain," OECD Economics Department Working Papers 666, OECD Publishing.
  2. Juan José Dolado & Florentino Felgueroso & Marcel Jansen, 2010. "El conflicto entre la demanda de flexibilidad laboral y la resistencia a la reforma del mercado de trabajo en España," Economic Reports 06-2010, FEDEA.
  3. Sara Rica & Amaia Iza, 2005. "Career Planning in Spain: Do Fixed-term Contracts Delay Marriage and Parenthood?," Review of Economics of the Household, Springer, vol. 3(1), pages 49-73, November.
  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. Clara Isabel González & J. Ignacio Conde-Ruiz & Michele Boldrin, 2008. "Immigration and Social Security in Spain," Working Papers 2008-36, FEDEA.
  6. Angel de la Fuente, 2010. "El nuevo sistema de financiación regional: Un análisis crítico y proyecciones para 2009," Economic Reports 05-2010, FEDEA.
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Cited by:
  1. Giavazzi, Francesco & Spaventa, Luigi, 2010. "Why the current account may matter in a monetary union: Lessons from the financial crisis in the Euro area," CEPR Discussion Papers 8008, C.E.P.R. Discussion Papers.
  2. Tobias Knedlik & Gregor von Schweinitz, 2011. "Macroeconomic Imbalances as Indicators for Debt Crises in Europe," IWH Discussion Papers 12, Halle Institute for Economic Research.
  3. Volz, Ulrich, 2012. "Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia," ADBI Working Papers 347, Asian Development Bank Institute.
  4. Bleich, Dirk & Fendel, Ralf, 2012. "Monetary Policy Conditions in Spain Before and After the Changeover to the Euro: A Taylor Rule Based Assessment," Review of Applied Economics, Review of Applied Economics, vol. 8(1).
  5. Gehringer, Agnieszka, 2012. "Another look at the determinants of current account imbalances in the European Union: An empirical assessment," Center for European, Governance and Economic Development Research Discussion Papers 142, University of Goettingen, Department of Economics.
  6. Costain, James & de Blas, Beatriz, 2012. "The role of fiscal delegation in a monetary union: a survey of the political economy issues," Working Papers in Economic Theory 2012/11, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
  7. Francesco Giavazzi & Luigi Spaventa, 2011. "Why the current account may matter in a monetary union. Lesson from the financial crisis in the Euro area," Working Papers 426, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  8. Beniamino Moro, 2013. "The Run On Repo and the Liquidity Shortage Problems of the Current Global Financial Crisis: Europe vs. The US," Ekonomi-tek - International Economics Journal, Turkish Economic Association, vol. 2(1), pages 41-77, January.

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