Download or read book Cyclical Patterns of the Spanish Economy written by Juan José Dolado and published by . This book was released on 1993 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Cyclical Patterns of the Spanish Economy in Europe written by Luis J. Álvarez and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Cyclical Patterns and Sustainability of Fiscal Policy at Regional Level the Spanish Case written by Joan Maria Mussons and published by . This book was released on 2018 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concerns over sustainability and the cyclical pattern of public finances have been especially great since the onset of the global financial crisis. This thesis comprises four essays which aim to examine those concerns with regard to the Spanish Autonomous Communities (ACs). The first paper analyses fiscal policy responsiveness of Spanish ACs over the cycle. We estimate fiscal reaction functions to analyze the response of ACs' fiscal impulse and fiscal stance. On the one hand, an analysis of the change in the primary balance (the fiscal impulse) suggests counter-cyclicality over the period 1987-2008, but afterwards an a-cyclical impulse until 2012. Foral ACs stand out from other ACs, as their response is much more counter-cyclical. We do not find evidence regarding any asymmetric behaviour of ACs in good or bad periods. On the other hand, the response of ACs' fiscal stance indicates that ACs' discretionary fiscal behaviour has been pro-cyclical. This pro-cyclicality has sharpened since the last crisis, which is especially worrisome as health, education and social services expenditures are within regional responsibilities. The second paper addresses the primary balance response to the debt of Spanish ACs from 1987 to 2015. Overall, the results of this study provide evidence of a nonlinear relationship between these variables, which points to a situation of fiscal fatigue and reduced fiscal space. The empirical framework builds mainly on the works of Bohn (1998) and Gosh et al. (2013), thereby also focusing on uncertainty issues. In 2015 the regional debt ratio stood at 26.8% of Gross Value Added, slightly above our lower estimate for the debt limit (24%) and well below the upper estimate (36%). A reduced fiscal space in ACs calls for measures to ensure a sustainable debt trajectory and regain some room to deal with potential negative shocks. The third paper deals with personal income tax (PIT) revenue elasticities, which is the most important revenue source for Spanish ACs. We apply an error correction model to estimate PIT revenue elasticities in common regime ACs. The stability of these elasticities is checked and short-run asymmetries are identified. A tax overreaction is identified when PIT revenue is above the long-run equilibrium while a typical error correction model response is obtained when PIT revenue is below. Some simulations are provided to evaluate the dynamic adjustment between short and long-run elasticities and their consequences for fiscal pressure. Some findings regarding cross-sectional variability should also be noted: short and especially long-run elasticities present a decreasing pattern in respect to per capita income. Another noteworthy contribution is the analysis of forecasting performance in the presence of an endogeneity relationship. Despite the OLS estimator bias, its superiority is made clear (analytically and empirically) in comparison to the IV estimator. The forth paper examines potential GDP and structural budget balances at regional level, following the methodology of the European Commission (EC). These are instruments used to guide economic policy, widespread at state level but much less at regional level. Measuring the cyclical position enables us to make an appraisal of the Catalan fiscal stance since 2004. In short, the fiscal policy of the Generalitat of Catalonia has been pro-cyclical, except for the first budgetary response to the crisis and the recovery period beginning in the second half of 2013. In years to come, the available fiscal space (in terms of debt) can condition the fiscal stance. This paper also points out the main limitations of the EC methodology. Finally, alternative estimates of Catalan potential GDP based on unobserved components models are presented, as well as an assessment based on their reliability and usefulness for inflation and GDP growth forecasting performance.
Download or read book An Approach to the Reference Cycle of the Spanish Economy 1965 1975 Application of the Cyclical Indicator Method to Spain written by Julio Rodriguez and published by . This book was released on 1977 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Heterodox Views of Finance and Cycles in the Spanish Economy written by Manuel Roman and published by Ashgate Publishing. This book was released on 2002 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do endogenous cycles persist in Spain? Manuel Roman demonstrates a highly novel approach to the study of finance and the persistence of endogenous growth cycles, providing a balanced account of the Post Keynesian, Classical and Neo-classical political economy paradigms as he examines the Spanish economy in unprecedented detail.
Download or read book The Spanish Economy written by J. Boscá and published by Springer. This book was released on 2011-05-26 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the pattern of growth of the Spanish economy in the last few decades, and studies the causes of its labour productivity, and the special features characterising business cycles in Spain.
Download or read book Measuring Business Cycles in Economic Time Series written by Regina Kaiser and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book outlines and demonstrates problems with the use of the HP filter, and proposes an alternative strategy for inferring cyclical behavior from a time series featuring seasonal, trend, cyclical and noise components. The main innovation of the alternative strategy involves augmenting the series forecasts and back-casts obtained from an ARIMA model, and then applying the HP filter to the augmented series. Comparisons presented using artificial and actual data demonstrate the superiority of the alternative strategy.
Download or read book Heterodox Views of Finance and Cycles in the Spanish Economy written by Manuel Roman and published by Routledge. This book was released on 2017-11-22 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2002: Why do endogenous cycles persist in Spain? Manuel Roman demonstrates a highly novel approach to the study of finance and the persistence of endogenous growth cycles, providing a balanced account of the Post Keynesian, Classical and Neo-classical political economy approaches. Finding key propositions from a representative set of heterodox cycles' models, he rigorously tests their chief claims, grounding his research in empirical data. The endogenous forces behind persistent fluctuations in the Spanish economy are also identified and explored in this theoretically rich text, the first of its kind to examine the Spanish economy in such great detail.
Download or read book IBSS Economics 1993 Vol 42 written by and published by Psychology Press. This book was released on 1994 with total page 660 pages. Available in PDF, EPUB and Kindle. Book excerpt: This bibliography lists the most important works published in economics in 1993. Renowned for its international coverage and rigorous selection procedures, the IBSS provides researchers and librarians with the most comprehensive and scholarly bibliographic service available in the social sciences. The IBSS is compiled by the British Library of Political and Economic Science at the London School of Economics, one of the world's leading social science institutions. Published annually, the IBSS is available in four subject areas: anthropology, economics, political science and sociology.
Download or read book Explaining Unemployment in Spain written by Mr.Jeffrey R. Franks and published by International Monetary Fund. This book was released on 1994-09-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spain has the most serious and persistent unemployment problem in Europe, with an unemployment rate that reached 24.6 percent in early 1994. This paper explores the characteristics of this unemployment problem, its causes, and provides a brief discussion of recent labor market reform measures and their likely Impact. A demographic shift in recent years has produced a large rise in female labor force participation and a decrease in agricultural jobs to which the economy has been unable to adjust. The effects of generous unemployment benefits and the large underground economy may explain 6–12 percentage points of the resulting unemployment, but the remainder must be explained by failures and rigidities in the labor market. The paper presents econometric evidence that unemployment displays hysteresis, and that wages are not responsive to changes in the unemployment rate. This evidence supports the claim that insider-outsider factors and rigidities in the legal structure of the labor market are responsible for much of the high unemployment rate. Recent reforms have improved the functioning of the labor market, but they are unlikely to be sufficient to reduce unemployment to single digit rates without further action.
Download or read book Why Banks Fail written by Sebastián Royo and published by Springer Nature. This book was released on 2020-06-27 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the political roots of banking crises in Spain. It focuses on the process of political bargains in which parties with different interests come together to form coalitions, and it shows how these coalitions have determined banking outcomes and caused banking crises in Spain. In particular, it analyzes the 2008 Spanish banking crisis and shows how Spanish banks and related savings institutions contributed significantly to the challenges that led to the crisis, including the fueling of a large property bubble – by channeling tremendous credits to the construction and real estate sectors, while starving the country’s productive sectors. Accordingly, the book links banking crises to the country’s larger institutional malaise, placing the solution not only in the hands of the banks, but also the political institutions that influence them.
Download or read book The Monetary Economics of Europe written by Christopher Johnson and published by Fairleigh Dickinson Univ Press. This book was released on 1994 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on research commissioned by the European Parliament, this volume allows the economists contributing to offer their own explanations for the collapse of the European Monetary System, with the use of economic models.
Download or read book Time Series Analysis and Adjustment written by Haim Y. Bleikh and published by CRC Press. This book was released on 2016-02-24 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Time Series Analysis and Adjustment the authors explain how the last four decades have brought dramatic changes in the way researchers analyze economic and financial data on behalf of economic and financial institutions and provide statistics to whomsoever requires them. Such analysis has long involved what is known as econometrics, but time series analysis is a different approach driven more by data than economic theory and focused on modelling. An understanding of time series and the application and understanding of related time series adjustment procedures is essential in areas such as risk management, business cycle analysis, and forecasting. Dealing with economic data involves grappling with things like varying numbers of working and trading days in different months and movable national holidays. Special attention has to be given to such things. However, the main problem in time series analysis is randomness. In real-life, data patterns are usually unclear, and the challenge is to uncover hidden patterns in the data and then to generate accurate forecasts. The case studies in this book demonstrate that time series adjustment methods can be efficaciously applied and utilized, for both analysis and forecasting, but they must be used in the context of reasoned statistical and economic judgment. The authors believe this is the first published study to really deal with this issue of context.
Download or read book Economic History of Spain written by Jaime Vicens Vives and published by Princeton University Press. This book was released on 2015-12-08 with total page 840 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive account of the economic development of Spain, available for the first time in English, is generally regarded as a major achievement in Spanish historiography. It covers the entire history of Spain's economic and social evolution from prehistoric times to the end of the nineteenth century. The book originated from lectures given at the University of Barcelona by Jaime Vicens Vives, who has been called Spain’s greatest historian in recent decades. Aware of all the major interpretations of Spanish history, the author draws upon the recent research of Spanish, French, and American historians; yet to the overall picture he gives his own imprint. Originally published in 1969. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Download or read book The Political Economy of Contemporary Spain written by Luis Buendía and published by Routledge. This book was released on 2018-02-05 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: The so-called ‘Spanish miracle’, beginning in the mid-1990s, eventually became a nightmare for the majority of the population, culminating in the present-day economic and political crisis. This book explores the main features of the Spanish political-economic model during both the growth and crisis periods. Analyzing the causes and consequences of the continuing economic crisis in Spain, this book delves into five analytical axes: the evolution of the growth model; the role of Spain in the international division of labor; the financial sector and its influence on the rest of the economy; changes in the labor market; and the distributional consequences of both the expansive phase and the later crisis. Furthermore, contributors examine the formation of a triangle of actors (the government sector, building sector, and financial capital) that shaped the Spanish growth model, together with the effects of Spain’s membership in the Economic and Monetary Union. Also considering ecological problems, gender issues, and the immigration question, this book challenges the alleged recovery of living conditions during recent years, as well as the explanation of the crisis as the result of irrational behaviors or the greedy nature of certain actors. The Political Economy of Contemporary Spain provides a coherent explanation of the Spanish economic crisis based on a pluralistic approach, while proposing several measures that could contribute to a transformation of Spain’s economic and social models.
Download or read book Handbook of Safeguarding Global Financial Stability written by and published by Academic Press. This book was released on 2012-12-31 with total page 547 pages. Available in PDF, EPUB and Kindle. Book excerpt: Political and social forces exert pressure on our globalized economy in many forms, from formal and informal policies to financial theories and technical models. Our efforts to shape and direct these forces to preserve financial stability reveal much about the ways we perceive the financial economy. The Handbook of Safeguarding Global Financial Stability examines our political economy, particularly the ways in which these forces inhabit our institutions, strategies, and tactics. As economies expand and contract, these forces also determine the ways we supervise and regulate. This high-level examination of the global political economy includes articles about specific countries, crises, and international systems as well as broad articles about major concepts and trends. Substantial articles by top scholars sets this volume apart from other information sources Diverse international perspectives result in new opportunities for analysis and research Rapidly developing subjects will interest readers well into the future
Download or read book Business Cycles in a Small Open Economy written by Isabel Correia and published by . This book was released on 1994 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
