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The economy of Spain in the eurozone before and after the crisis of 2008

Author

Listed:
  • Neal, Larry
  • Garcia-Iglesias, Concepcion

Abstract

In common with the other periphery countries that joined the euro-zone in 1998-2000, Spain enjoyed ten years of economic prosperity, essentially debt-financed. The financial crisis of 2008 has revealed deep structural problems in the euro-zone, but also among Spain’s fiscally autonomous regions, which differ from the financial problems faced by the other European periphery countries. But the Spanish problems with de-leveraging suggest further difficulties for the euro-zone as it attempts to implement sterner budgetary controls over member states.

Suggested Citation

  • Neal, Larry & Garcia-Iglesias, Concepcion, 2012. "The economy of Spain in the eurozone before and after the crisis of 2008," MPRA Paper 37008, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:37008
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    File URL: https://mpra.ub.uni-muenchen.de/37008/1/MPRA_paper_37008.pdf
    File Function: original version
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    References listed on IDEAS

    as
    1. Aizenman, Joshua & Hutchison, Michael & Jinjarak, Yothin, 2013. "What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of risk," Journal of International Money and Finance, Elsevier, vol. 34(C), pages 37-59.
    2. Neal,Larry, 2007. "The Economics of Europe and the European Union," Cambridge Books, Cambridge University Press, number 9780521683012, September.
    3. El-Agraa,Ali (ed.), 2007. "The European Union," Cambridge Books, Cambridge University Press, number 9780521874434.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. S. Pásztor & N. Szijartó, 0. "Internal devaluation and its macroeconomic consequences in the EU periphery - a comparison of the Iberian and Baltic countries," International Trade and Trade Policy, ФГБОУ ВО "Ð Ð¾Ñ Ñ Ð¸Ð¹Ñ ÐºÐ¸Ð¹ Ñ ÐºÐ¾Ð½Ð¾Ð¼Ð¸Ñ‡ÐµÑ ÐºÐ¸Ð¹ ÑƒÐ½Ð¸Ð²ÐµÑ€Ñ Ð¸Ñ‚ÐµÑ‚ им. Г.Ð’. Плеханова".

    More about this item

    Keywords

    autonomous regions; Balassa-Samuelson effect; de-leveraging; euro; sovereign bonds;

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G01 - Financial Economics - - General - - - Financial Crises

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