Job losses from the credit crunch during the Great Recession

Samuel Bentolila, Marcel Jansen, 1 February 2014

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Policymakers in both Europe and the US are concerned about the economic implications of the current shortage of credit. As the International Monetary Fund put it recently, “policymakers want to support markets because the decline in lending is seen to be a primary factor in the slow recovery” (IMF 2013).

Topics: Global crisis
Tags: Credit crunch, Great Recession, job losses, Spain

The new sustainability factor of the public pension system in Spain

Rafael Doménech, Víctor Pérez-Díaz, 11 December 2013

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As in many other European countries, long-term trends in population growth and life expectancy in Spain make the current pay-as-you-go pension system unsustainable. A later baby boom and a recent immigration wave help explain why Spain has postponed the implementation of reforms already introduced in other European countries in the 1990s (see, for example, Chapter 1 of OECD 2012).

Topics: Europe's nations and regions, Welfare state and social Europe
Tags: accountability, democracy, pensions, Spain, Sustainability, transparency

War of attrition between the parliament and the executive in 1575

Carlos Álvarez-Nogal, Christophe Chamley, 21 October 2013

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The recent showdown between the parliament and the executive in the US began when a faction in the Republican Party tried to stop the implementation of the healthcare law of President Obama. They refused to raise the legislatively determined ceiling on the federal public debt – a ceiling that has to be raised with the growth of the economy.

Topics: Economic history, Financial markets
Tags: credit freeze, financial crises, sovereign debt, Spain

Unity in diversity: Protecting the common market with divergent macroprudential policies

Aerdt Houben, Jan Kakes, 30 July 2013

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The credit crisis and ensuing sovereign crisis powerfully illustrate the limitations of traditional macroeconomic policies to contain financial imbalances. Despite debate on the desirability to dampen credit cycles and asset-price fluctuations, countries have long been reluctant to include this in policy objectives.

Topics: Global crisis, International finance
Tags: Eurozone crisis, GIIPS, Greece, Ireland, Italy, macroprudential tools, Portugal, Spain

When good intentions go wrong: Effects of bank deregulation and governance on risk taking

Manuel Illueca, Lars Norden, Gregory F Udell, 26 June 2013

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The motivation of economic liberalisation is to foster competition in order to increase allocative efficiency, economic growth and social welfare. This paradigm hinges on the assumption that firms maximise value and that more competitors in a market automatically leads to more competition.

Topics: Europe's nations and regions, International finance
Tags: banking, liberalisation, Spain

Are Germans poorer than other Europeans? The principal Eurozone differences in wealth and income

Giovanni D'Alessio, Romina Gambacorta, Giuseppe Ilardi, 24 May 2013

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The Household Survey (European Central Bank 2013) is a joint project of the ECB and all the Eurozone central banks providing harmonised information on the balance sheets of 62,000 households in 15 Eurozone countries (all except Ireland and Estonia).1

Topics: Europe's nations and regions
Tags: Eurozone crisis, Germany, Greece, household income, household wealth, Italy, Spain

Budget balance, structural unemployment and fiscal adjustments: The Spanish case

Javier Andrés, Rafael Doménech, 5 April 2013

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One of the most important questions in the current process of fiscal consolidation in many developed economies concerns the size and the pace of the adjustment. An excessive and/or too-fast fiscal retrenchment can have dramatic effects on unemployment and growth, while if it is too slow, it can prove to be ineffective and lack credibility in the eyes of the financial markets.

Topics: Europe's nations and regions
Tags: Eurozone crisis, fiscal policy, Spain, structural adjustment, unemployment

Another look at Ricardian equivalence: The case of the European Union

Thomas Grennes, Andris Strazds, 28 February 2013

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The so-called Ricardian equivalence suggests that a government will have the same effect on private spending whether it raises taxes or takes on additional debt to finance higher government spending. The logic behind it is that as the government gets more indebted, people would put aside more money in expectation of higher taxes in the future.

Topics: Europe's nations and regions
Tags: Eurozone crisis, Germany, Greece, Ricardian equivalence, Spain, UK

Winners of a European banking union

Dirk Schoenmaker, Arjen Siegmann, 27 February 2013

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The aim of the prospective banking union is to foster financial stability in Europe. The euro sovereign debt crisis has shown that financial stability cannot be managed effectively at the national level, because of the diabolic loop between national governments and banks (Alter and Schüler 2012).

Topics: EU institutions, EU policies, Europe's nations and regions
Tags: Bailouts, banking union, Eurozone crisis, Netherlands, Spain, Sweden, UK

Export shares, price competitiveness and the ‘Spanish paradox’

Miguel Cardoso, Mónica Correa-López, Rafael Doménech, 24 November 2012

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Since the launch of the euro, Spanish exporters have been successful in containing the loss of their export share in world markets. This is in contrast to several advanced economies that have experienced significant losses as a result of globalisation and the gain of exports shares by many emerging countries.

Topics: Europe's nations and regions, International trade
Tags: competitiveness, export market shares, Spain

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