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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
    as

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    File URL: https://mpra.ub.uni-muenchen.de/37008/1/MPRA_paper_37008.pdf
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    References listed on IDEAS

    as
    1. Gorton, Gary B., 2010. "Slapped by the Invisible Hand: The Panic of 2007," OUP Catalogue, Oxford University Press, number 9780199734153.
    2. Neal,Larry, 2007. "The Economics of Europe and the European Union," Cambridge Books, Cambridge University Press, number 9780521864510.
    3. 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.
    4. 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)

    Citations

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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", issue 4.

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    More about this item

    Keywords

    autonomous regions; Balassa-Samuelson effect; de-leveraging; euro; sovereign bonds;
    All these keywords.

    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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