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Chapter 4: Spain

Author

Listed:
  • Giancarlo Corsetti
  • Michael P. Devereux
  • John Hassler
  • Gilles Saint-Paul
  • Hans-Werner Sinn
  • Jan-Egbert Sturm
  • Xavier Vives

Abstract

Spain has suffered a lot from the current crisis and is the first large economy that may find itself in need of fiscal rescue. If this happens it may prove quite damaging to the euro. Yet, since the mid-1990s, Spain was a champion of growth and fiscal stability; its unemployment had fallen rapidly to the levels that prevailed in the rest of the European Union. This chapter discusses the reasons why such a virtuous initial situation deteriorated so sharply since the start of the crisis. Was this just bad luck or were the booming years just a mirage?

Suggested Citation

  • Giancarlo Corsetti & Michael P. Devereux & John Hassler & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2011. "Chapter 4: Spain," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 127-145, February.
  • Handle: RePEc:ces:eeagre:v::y:2011:i::p:127-145
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    File URL: http://www.cesifo-group.de/DocDL/eeag_report_chap4_2011.pdf
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    References listed on IDEAS

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    1. Gilles Saint-Paul, 1993. "On the Political Economy of Labor Market Flexibility," NBER Chapters,in: NBER Macroeconomics Annual 1993, Volume 8, pages 151-196 National Bureau of Economic Research, Inc.
    2. Samuel Bentolila & Juan Jose Dolado & Juan F. Jimeno, 2008. "Two-tier Employment Protection Reforms: The Spanish Experience," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 6(4), pages 49-56, December.
    3. Carlos Garriga, 2010. "The Role of Construction in the Housing Boom and Bust in Spain," Working Papers 2010-09, FEDEA.
    4. Bentolila, Samuel & Dolado, Juan J., 1993. "Who Are the Insiders? Wage Setting in Spanish Manufacturing Firms," CEPR Discussion Papers 754, C.E.P.R. Discussion Papers.
    5. Bentolila, Samuel & Saint-Paul, Gilles, 1992. "The macroeconomic impact of flexible labor contracts, with an application to Spain," European Economic Review, Elsevier, vol. 36(5), pages 1013-1047, June.
    6. Saint-Paul, Gilles, 2000. "The Political Economy of Labour Market Institutions," OUP Catalogue, Oxford University Press, number 9780198293323.
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