The Spanish Crisis: Background and Policy Challenges
AbstractThis 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 resume strong growth.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 7909.
Date of creation: Jul 2010
Date of revision:
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Other versions of this item:
- Javier Suarez, 2010. "The Spanish Crisis: Background And Policy Challenges," Working Papers wp2010_1005, CEMFI.
- E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
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