Panoeconomicus 2011 Volume 58, Issue 3, Pages: 309-328
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Causes and consequences of the Spanish economic crisis: Why the recovery is taken so long?
Spain is currently facing its worst crisis in the last fifty years. The
crisis began as an extension of the international financial crisis, but the
internal imbalances accumulated in the pre-crisis period aggravated the
situation. At present their incomplete adjustment is making difficult the
economic recovery. This paper describes the evolution of the economic crisis
in Spain. The real estate sector and the banking sector are analyzed in
detail, as they played a key role in the detonation and the deepening of the
crisis. The results of the main reforms carried out so far are also carefully
examined. It also discusses the main factors that have delayed the economic
recovery up to now (unemployment and indebtedness), and present some
alternatives to define an exit strategy.
Keywords: crisis, real estate, banking, debt problems, unemployment, public debt
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