From Miracle to Crash? The Impact of the Global Financial Crisis on Spain

Ramon Pacheco Pardo

Chapter 9 in Europe and the Financial Crisis, 2011, pp 165-182 from Palgrave Macmillan

Abstract: Abstract The financial crisis that struck in 2007 affected developed countries more than emerging and developing markets, and European economies more than those in other regions. Yet, the effects of the crisis on developed members of the EU were uneven. Some were hit as a result of their over-reliance on banking, finance and trade, suffering a temporary set-back but with positive long-term prospects due to their competitiveness. Germany and the United Kingdom are examples of this. Differently, the crisis exposed the deficiencies of a number of EU economies which benefited from the sustained period of economic growth that began in the mid-1990s but which did not result in an improvement of their competitiveness. Hence, countries such as Greece, Ireland and Spain were hit by the crisis much harder than other EU economies. Even as they left the worst of the crisis behind in 2010 their economic prospects remained poor.

Keywords: Financial Crisis; Public Debt; Global Financial Crisis; Budget Deficit; European Economic Community (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-30500-7_10

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DOI: 10.1057/9780230305007_10

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