Neal, Larry and Garcia-Iglesias, Concepcion (2012): The economy of Spain in the eurozone before and after the crisis of 2008. Forthcoming in:
Download (772kB) | Preview
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.
|Item Type:||MPRA Paper|
|Original Title:||The economy of Spain in the eurozone before and after the crisis of 2008|
|Keywords:||autonomous regions; Balassa-Samuelson effect; de-leveraging; euro; sovereign bonds|
|Subjects:||G - Financial Economics > G1 - General Financial Markets > G15 - International Financial Markets
G - Financial Economics > G1 - General Financial Markets > G18 - Government Policy and Regulation
F - International Economics > F3 - International Finance > F33 - International Monetary Arrangements and Institutions
G - Financial Economics > G0 - General > G01 - Financial Crises
|Depositing User:||Larry Neal|
|Date Deposited:||29. Feb 2012 16:27|
|Last Modified:||12. Feb 2013 00:58|
Aizenman, J. Hutchison, M. M., & Jinjarak, Y. (2011), “What is the risk of European sovereign debt defaults? Fiscal Space, CDS spreads and market pricing of risk,” NBER Working Paper 17407, Cambridge, MA: NBER, September.
Banco de España (2011), Financial Stability Report, Madrid: May.
Banco de Bilbao y Vizcaya Argentaria (BBVA) (2011), “Financial Restructuring in Spain. Aid received from FROB,” Madrid: 30 September.
Consejo Empresarial para la Competitividad (2011), Spain’s Equity Story: Strengths and forecasts of the Spanish economy, Madrid: Consejo Empresarial para la Competitividad, June.
Datamonitor (2010), Country Analysis Report: Spain, April.
De Guindo, Luis (2012), “Our plan for reviving Spain,” Wall Street Journal, January 19.
Economist Intelligence Unit (2011), Country Report: Spain. London: EIU, September.
Economist Intelligence Unit (2011), Country Forecast: Spain, London: EIU, May.
Economist Intelligence Unit (2010), Country Finance: Spain, London: EIU, September.
Economist Intelligence Unit (2011), Country Commerce: Spain, London: EIU, February.
European Commission (2011), “Communication from the Commission, A roadmap to stability and growth,” COM(2011) 669, Brussels, 21 July.
European Banking Authority (2011), 2011 EU-Wide Stress Test Aggregate Report, London, July 15.
Fabre, A. (2011), “The Euro and the Debt Crisis: towards greater political integration,” Fondation Robert Schuman Policy Paper, European Issues, no. 215, 3 October.
Financial Times (2011), “Spain set to miss deficit reduction target,” October 13.
Financial Times (2011), “Investing in Spain: Special Report,” October 6.
Gorton, G. (2010). Slapped by the Invisible Hand: The Subprime Panic of 2007. New York: Oxford University Press.
Guirao, F. (2007), “Una reflexión crítica a propósito de la evolución de la integración europea desde la adhesión de España a la Comunidad hasta la Unión de hoy (1986-2007),” Nota d’Economia, (Departament d’Economia I Finaces de la Generalitat de Catalunya), no. 88, pp. 41-57.
International Monetary Fund (2011), Global Financial Stability Report: Durable Financial Stability, Getting There from Here, Washington, DC: IMF, April.
Jimeno, J. F. (2009), ed., Spain and the euro: the first ten years, Madrid: Banco de España.
Kilponen, J. (2011), “Sovereign risks and elements of crisis resolution for the euro area,” Bank of Finland Seminar presentation, April 5.
Krugman, P. (2011), “Can Europe Be Saved?” The New York Times Magazine, January 12, pp. 26-40.
Lewis, M. (2011), Boomerang: Travels in the New Third World, New York: W. W. Norton & Company.
Neal, L., The Economics of Europe and the European Union, Cambridge: Cambridge University Press, 2007.
Neal, L. & García-Iglesias, M. C. (2003), “The economy of Spain without and within the European Union: 1945-2002,” Quarterly Review of Economics and Finance, 43, pp. 755-773.
Serna, J. (2011), “European Credit Markets: On Thin Ice,” Madrid: BBVA, October.
Spain, Ministerio de Fomento (2011), The adjustment of the Spanish Real Estate Sector, Madrid: Gobierno de España, July.