Spain: Selected Issues

International Monetary Fund

No 2009/129, IMF Staff Country Reports from International Monetary Fund

Abstract: Spain’s housing boom was supported by rapid economic expansion, strong employment growth, an immigration boom, and low real interest rates. With the abrupt drying up of funding since mid-2007, these factors have eroded quickly. Through 2010, employment and value added in construction are projected to halve as peak housing starts are completed. The authorities have launched efforts to help limit foreclosures and to activate the underdeveloped rental market. In the medium term, housing market cyclicality could be reduced by fading out generous home ownership incentives.

Keywords: ISCR; CR; GDP; Spain; leverage ratio; a number of bank; banking industry; bank activity; high-productivity sector; free market; housing price; fixed-term contracts assist productivity; Productivity; Housing; Housing prices; Total factor productivity; Credit; Global; Eastern Europe; Europe; North Africa; Northern Europe (search for similar items in EconPapers)
Pages: 93
Date: 2009-04-22
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Citations: View citations in EconPapers (3)

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