Spain is in the throes of its deepest economic slump since the early eighties. Its economy suffers from weak productivity and is reliant on cheap credit. Its “dead” housing sector needs to shrink, but housing subsidies and a highly regulated labour market impede adjustment. This column proposes a series of reforms to improve the Spanish economy.
Antonio Cabrales, Juan Dolado, José García-Montalvo, 08 December 2008
Samuel Bentolila, 28 November 2008
Reviving the Spanish economy will require more that macroeconomic stimulus. This column says a sizeable reallocation of labour, brought about by increased labour market flexibility, is the only responsible course of action.
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