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

Neal, Larry and Garcia-Iglesias, Concepcion (2012): The economy of Spain in the eurozone before and after the crisis of 2008. Forthcoming in:

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.

• Item Type: MPRA Paper
• Language: English
• 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

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