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La croissance espagnole est-elle soutenable ?

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  • Sabine Le Bayon

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

This article aims to explain why Spanish growth has been so high since the mid-90s (with a significant reduction in public deficit and the unemployment rate), but also why it is not sustainable in the long term. Indeed, growth has recently been greatly dependent on European structural funds and an expansive monetary policy. Furthermore, it has induced severe imbalances (increasing current deficit and household debt, thus generating a house price bubble). For the catching-up towards the European Union to continue, higher productivity growth is necessary.

Suggested Citation

  • Sabine Le Bayon, 2006. "La croissance espagnole est-elle soutenable ?," SciencePo Working papers Main hal-03459160, HAL.
    • Handle: RePEc:hal:spmain:hal-03459160
    DOI: 10.3917/reof.097.0203
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03459160
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    References listed on IDEAS

    as
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