Endeudamiento familiar y crecimiento económico: un patrón de crecimiento insostenible
The Spanish economy experienced a period of substantial prosperity from 1997 to mid 2007, driven by household spending on residential investment and durable consumer goods, funded out of bank debt. However, this pattern of growth was unsustainable: any given rate of growth of output required growing household indebtedness, because of rising house prices which, in turn, led to heavier debt burden service thus subtracting funds which would otherwise have gone to sustaining aggregate demand at a higher level. When household indebtedness stops growing, because its currently rocketing level, plus the rise of the interest rates, the high house prices, the saturation of the dwelling market, and the tightening of credit standards required by banks, GDP and employment shrink because of a lack of effective demand: forced saving to settle debt service is not offset by new household borrowing.
Volume (Year): 72 (2009)
Issue (Month): 03 ()
|Contact details of provider:|| Postal: |
Phone: + 34 945019038
Fax: + 34945019062
Web page: http://www.euskadi.net/economia
More information through EDIRC
|Order Information:|| Postal: Dpto. de Hacienda y Finanzas, Gobierno Vasco, C/Donostia-San Sebastián, 1, 01010 Vitoria-Gasteiz, Spain|
When requesting a correction, please mention this item's handle: RePEc:ekz:ekonoz:2009308. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Iñaki Treviño)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.