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The Spanish fiscal policy during the recent "great recession"

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  • Felipe Serrano

Abstract

This paper examines the fiscal strategy followed by the Spanish government in order to stop the fall of aggregate demand induced by the financial crisis. The Spanish economy provides the best example among the countries of the European Monetary Union of the contradictions between the discretionary fiscal policy in the crisis and the fiscal rules. The intensity of the crisis and some initial badly designed fiscal stimulus shortened the fiscal space, raising the deficit over the limit established in the Stability and Growth Pact. As a consequence of the enforcement of the rule, the Spanish administration has to apply a restrictive fiscal policy without having left the recession, while keeping one of the lowest indebtedness levels in the euro zone countries.

Suggested Citation

  • Felipe Serrano, 2010. "The Spanish fiscal policy during the recent "great recession"," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 32(3), pages 371-388, April.
    • Handle: RePEc:mes:postke:v:32:y:2010:i:3:p:371-388
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Advocates of Reason: 8 October 2012
      by Jonathan Finegold in Economic Thought on 2012-10-08 14:00:08

    Citations

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    Cited by:

    1. Mercè Sala-Rios & Teresa Torres-Solé & Mariona Farré-Perdiguer, 0. "Can a Multi-Criteria Methodology Fit with Non-Profit Institutions’ Decision-Making? An Application in a Spanish Non-Profit Association," International Review on Public and Nonprofit Marketing, Springer;International Association of Public and Non-Profit Marketing, vol. 0, pages 1-27.
    2. Cheng, Jin & Dai, Meixing & Dufourt, Frédéric, 2017. "Banking and sovereign debt crises in a monetary union without central bank intervention," Journal of Mathematical Economics, Elsevier, vol. 68(C), pages 142-151.
    3. Kakade, Ameya & Roongta, Dhruv & Haribalaraman, Shravan, 2020. "A case-study oriented analysis of the demand-side policies to reduce cyclical unemployment in the 2008 financial crisis and their potential effectiveness in a post-COVID US economy," MPRA Paper 103747, University Library of Munich, Germany.
    4. Jesús Ferreiro & Carmen Gómez & Felipe Serrano, 2013. "Mistakes in the Fiscal Policy in Spain before the Crisis," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(5), pages 577-592, September.
    5. Piotr Nowaczyk & Joanna Hernik, 2020. "Adopting the Euro will Cause an Increase in Prices: A Study on Inflationary Processes in Euro Area Member States," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 377-403.
    6. Mercè Sala-Rios & Teresa Torres-Solé & Mariona Farré-Perdiguer, 2020. "Can a Multi-Criteria Methodology Fit with Non-Profit Institutions’ Decision-Making? An Application in a Spanish Non-Profit Association," International Review on Public and Nonprofit Marketing, Springer;International Association of Public and Non-Profit Marketing, vol. 17(3), pages 289-315, September.
    7. Andrea ÉLTETÕ, 2011. "The economic crisis and its management in Spain," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 2, pages 41-55, June.

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