Some Thoughts On The Spanish Economy After Five Years Of Crisis
This paper briefl y describes some features of the situation of the Spanish economy after five years of crisis, a task which is easier now that this period can be analysed from a certain perspective. The crisis prompted a substantial readjustment of the main Spanish macroeconomic aggregates, affecting the level and composition of GDP, employment and the balance sheet position of the institutional sectors. During this period some of the imbalances that built up during the upturn have been corrected and several key variables are currently at around the average European levels. All told, the legacy of the crisis, in terms of the magnitude of unemployment and of the still high levels of indebtedness, makes for a complex outlook and suggests that the recovery will be gradual and not free of uncertainty. This uncertainty mainly affects the functioning of the economy’s adjustment mechanisms, particularly those working through the channels of competitiveness and of private sector balance sheets. Despite the depth of the crisis in Spain, the progress made in the reforms on various fronts is, on balance, significant. From the perspective provided by the analysis of the crisis in this paper, supply-side policies will have to play a major role in the current phase of the cycle to enable the recovery to proceed firmly.
|Date of creation:||Dec 2013|
|Contact details of provider:|| Web page: http://www.bde.es/|
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Luis Julián Álvarez & Alberto Urtasun, 2013. "Variation in the cyclical sensitivity of Spanish inflation: an initial approximation," Economic Bulletin, Banco de España;Economic Bulletin Homepage, issue JUL, July-Augu.
- repec:mtp:titles:026201761x-01 is not listed on IDEAS
- Blanchard, Olivier, 2012. "Monetary Policy in the Wake of the Crisis," MIT Press Book Chapters,in: In the Wake of the Crisis: Leading Economists Reassess Economic Policy, edition 1, volume 1, chapter 1, pages 7-13 The MIT Press.
- Silvia Merler & Jean Pisani-Ferry, 2012.
"Sudden Stops in the Euro Area,"
Review of Economics and Institutions,
Università di Perugia, vol. 3(3).
- Silvia Merler & Jean Pisani-Ferry, 2012. "Sudden stops in the euro area," Policy Contributions 718, Bruegel.
- Pablo Hernández de Cos & Mario Izquierdo & Alberto Urtasun, 2011. "An estimate of the potential growth of the Spanish economy," Occasional Papers 1104, Banco de España;Occasional Papers Homepage.
- Daniel Gros & Cinzia Alcidi, 2015. "Country adjustment to a ‘sudden stop’: does the euro make a difference?," International Economics and Economic Policy, Springer, vol. 12(1), pages 5-20, March.
- Daniel Gros & Cinzia Alcidi, 2013. "Country adjustment to a ‘sudden stop’: Does the euro make a difference?," European Economy - Economic Papers 2008 - 2015 492, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
- Pablo Hernández de Cos & Javier J. Pérez, 2013. "The new budgetary stability law," Economic Bulletin, Banco de España;Economic Bulletin Homepage, issue APR, April.
- De Grauwe, Paul, 2011. "Governance of a Fragile Eurozone," CEPS Papers 5523, Centre for European Policy Studies. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:bde:opaper:1304. 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: (María Beiro. Electronic Dissemination of Information Unit. Research Department. Banco de España)
If references are entirely missing, you can add them using this form.