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Has Austerity Worked in Spain?

Author

Listed:
  • David Rosnick
  • Mark Weisbrot

Abstract

This paper examines Spain’s recent economic history, both before and after its recession, with a focus on employment, contributions to GDP growth, and the current account balance. The paper notes that Spain has pursued a set of economic policies since 2011 based on internal currency devaluation, labor market reform, fiscal consolidation, and structural and deregulatory reforms aimed at boosting growth through increased efficiency. It concludes that the economic recovery that began in the second half of 2013 is not the result of austerity policies, and is unlikely to rescue Spain from mass unemployment in the foreseeable future.

Suggested Citation

  • David Rosnick & Mark Weisbrot, 2015. "Has Austerity Worked in Spain?," CEPR Reports and Issue Briefs 2015-27, Center for Economic and Policy Research (CEPR).
    • Handle: RePEc:epo:papers:2015-27
    as

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    File URL: http://cepr.net/documents/Spain-2015-12.pdf
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    References listed on IDEAS

    as
    1. David Rosnick & Mark Weisbrot, 2013. "Policy Alternatives for a Return to Full Employment in Spain," CEPR Reports and Issue Briefs 2013-17, Center for Economic and Policy Research (CEPR).
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Gómez-Puig, Marta & Sosvilla-Rivero, Simón, 2017. "Heterogeneity in the debt-growth nexus: Evidence from EMU countries," International Review of Economics & Finance, Elsevier, vol. 51(C), pages 470-486.
    2. Fernando López‐Castellano & Fernando García‐Quero, 2019. "The Euro System as a Laboratory for Neoliberalism: The Case of Spain," American Journal of Economics and Sociology, Wiley Blackwell, vol. 78(1), pages 167-193, January.
    3. Javier Bilbao‐Ubillos & Ana‐Isabel Fernández‐Sainz, 2022. "The results of internal devaluation policy as a crisis exit strategy: The case of Spain," Global Policy, London School of Economics and Political Science, vol. 13(5), pages 767-781, November.

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    1. Juan R. Cuadrado-Roura & Andrés Maroto, 2016. "Unbalanced regional resilience to the economic crisis in Spain: a tale of specialisation and productivity," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 9(1), pages 153-178.
    2. Uxó González, Jorge & Álvarez, Ignacio & Febrero, Eladio, 2017. "Fiscal space on the eurozone periphery: The case of Spain," IPE Working Papers 84/2017, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

    More about this item

    Keywords

    austerity; Spain; unemployment; euro; European Central Bank; International Monetary Fund; current account balance; labor force participation; construction; eurozone; recession;
    All these keywords.

    JEL classification:

    • E - Macroeconomics and Monetary Economics
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F - International Economics
    • N - Economic History
    • N9 - Economic History - - Regional and Urban History
    • N94 - Economic History - - Regional and Urban History - - - Europe: 1913-

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