Spanish public finances through the financial crisis

Francisco Martí () and Javier Pérez
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Francisco Martí: Banco de España

No 1620, Working Papers from Banco de España

Abstract: Spain’s public finances have been under significant stress during the crisis, despite pre-crisis fiscal surpluses and low levels of public debt. The impact of the crisis and an initial phase of counter-cyclical activism exacerbated the existing (structural) fiscal vulnerabilities. To correct the fiscal imbalances, a significant number of bold policy actions were taken, affecting taxation, public spending, national fiscal rules and the structure of the public sector. In this paper we discuss the evolution of public finances in Spain during the financial crisis, framing crisis-related fiscal policy measures within medium-term economic trends and focusing on policy responses to the financial crisis. We also touch upon the main policy challenges ahead.

Keywords: fiscal policy; Great Recession; public deficit; public debt; Spanish economy (search for similar items in EconPapers)
JEL-codes: E60 H12 H50 H60 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2016-10
New Economics Papers: this item is included in nep-eec, nep-mac and nep-pbe
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Spanish Public Finances through the Financial Crisis (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:1620

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