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The economic crisis and its management in Spain

  • Andrea ÉLTETÕ

    ()

    (The Institute for World Economics of the Hungarian Academy of Sciences, Budapest, Hungary)

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    The long pre-crisis period of growth and employment creation in Spain was based mainly on the construction sector. This, facilitated by cheap bank loans created jobs for the millions of immigrants arriving in the country. The crisis made the Spanish economy sink into a deep recession in 2008. The aim of this article is to describe the Spanish crisis-management in the past years. The extremely high unemployment rate and the indebtedness made policy-makers to adopt austerity measures and realise the necessity of profound reforms. The biggest transformation processes began among the savings banks and on the labour market. The article concludes that these reforms should continue while it is necessary to find a new model for long-term growth. Endowments like the excellent infrastructure and successful companies, stronger export activity, international presence and innovation can provide the bases for such a durable growth.

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    File URL: http://www.ejes.uaic.ro/articles/EJES2011_0201_ELT.pdf
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    Article provided by Centre for European Studies, Alexandru Ioan Cuza University in its journal Eastern Journal of European Studies.

    Volume (Year): 2(1) (2011)
    Issue (Month): (June)
    Pages: 41-55

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    Handle: RePEc:jes:journl:y:2011:v:2:p:41-55
    Contact details of provider: Web page: http://cse.uaic.ro

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    1. Roberto Bande & Melchor Fernandez & Víctor Manuel Montuenga, 2005. "Regional Unemployment in Spain - Disparities, Business Cycle and Wage Setting," ERSA conference papers ersa05p489, European Regional Science Association.
    2. Vicente Cuñat & Luis Garicano, 2010. "Did Good Cajas Extend Bad Loans? Governance, Human Capital and Loan Portfolios," Working Papers 2010-08, FEDEA.
    3. José Ignacio Conde Ruiz & Florentino Felgueroso & Jose Ignacio García Pérez, 2011. "Reforma Laboral 2010: Una primera evaluación y propuestas de mejora," Economic Reports 01-2011, FEDEA.
    4. José Ignacio Conde Ruiz & Florentino Felgueroso & Jose Ignacio García Pérez, 2010. "Las reformas laborales en España: un modelo agotado," Economic Reports 11-2010, FEDEA.
    5. 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.
    6. Anita Wölfl & Juan S. Mora-Sanguinetti, 2011. "Reforming the Labour Market in Spain," OECD Economics Department Working Papers 845, OECD Publishing.
    7. Florence Jaumotte, 2011. "The Spanish Labor Market in a Cross-Country Perspective," IMF Working Papers 11/11, International Monetary Fund.
    8. Carlos Garriga, 2010. "The Role of Construction in the Housing Boom and Bust in Spain," Working Papers 2010-09, FEDEA.
    9. 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.
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