Search results for "Great Recession"
showing 10 items of 27 documents
Financial and fiscal shocks in the great recession and recovery of the Spanish economy
2020
In this paper we develop and estimate a new Bayesian DSGE model for the Spanish economy that has been designed to evaluate different structural reforms. The small open economy model incorporates a banking sector, consumers and entrepreneurs who accumulate debt, and a rich fiscal structure and monopolistic competition in products and labor markets, for a country in a currency union, with no independent monetary policy. The model can be used to evaluate ex-ante and ex-post policies and structural reforms and to decompose the evolution of macroeconomic aggregates according to different shocks. In particular, we estimate the contribution of financial and fiscal shocks to both the crisis of the …
Great Recession and club convergence in Europe: A cross‐country, cross‐region panel analysis (2000–2015)
2020
The paper aims at investigating the impact of the Great Recession on per capita GDP convergence process across European regions and countries. Using the time-varying factor model developed by Phillips and Sul for the period 2000–2015 and two different merging procedures to identify clubs, we provide evidence of the diverging impact of the Great Recession “between” the higher and the lower convergence clubs at both regional and country levels as well as of the strengthening of the convergence process “within” most clubs. In addition, we add further evidence to the common belief of a “multi-speed” Europe by contrasting Eastern European countries' and regions' behavior vis-à-vis original Europ…
The PSOE's deliberation and democratic innovations in turbulent times for the social democracy
2020
In the midst of the great recession, the Spanish Socialists Worker's Party (PSOE) lost the Government and experienced a process of instability while trying to reconnect with its electorate. The party's strategic response was embracing highly inclusive deliberations on both key institutional and policy issues that eventually sparked tensions and division. These internal debates led to the introduction and implementation of other democratic innovations, such as direct votes and consultations that substantially transformed key features of the PSOE's organizational model. The article discusses the main features and problems of such deliberations and democratic innovations, and their wider conse…
Economic crisis and child maltreatment in Spain: the consequences of the recession in the child protection system
2021
Purpose This study aims to examine the consequences of the last great recession on the child protection system (CPS) in Spain, to estimate whether there is any kind of relationship between the conditions of socio-economic crisis and its protective activity. Design/methodology/approach Data on child protection legal measures issued by the CPS and socio-economic data from 8 of the 17 regions of the country were cross-checked. Using the chi-square test, it was possible to determine the significance and intensity of the relationship between the different variables in each of the regions of the study. Findings During the crisis, the number of recorded cases fell most sharply in those regions wi…
Well-being and the Great Recession in Spain
2018
This is an original manuscript / preprint of an article published by Taylor & Francis in Applied Economics Letters on 2019, available online: https://doi.org/10.1080/13504851.2018.1545076 This letter assesses the impact of the Great Recession on well-being in Spanish provinces using two alternative composite indicators of objective well-being that include somewhat different dimensions. Whereas the crisis notably eroded economic well-being, its impact on overall well-being – which in addition to economic dimensions also includes non-economic ones – was imperceptible. This result points to the need to carefully define and assess well-being in empirical analyses.
The effect of the great recession on foreign direct investment: global empirical evidence with a gravity approach
2013
This article estimates the effect of the present global systemic banking crisis on foreign direct investment (FDI) using the gravity equation on a sample of 161 countries over the period 2003 to 2010. Systemic banking crises, through demand shocks and credit constraints, may impact FDI in two ways: aggregate monetary flows and individual projects count. Since gravity equations account for output variations, our research relies on the financial constraints channel. We find that the great recession, through credit constraints on home supply markets, has reduced the number of FDI projects, but not their size, forcing investors to become more selective on their international endeavours.
Forecasting US Growth During the Great Recession: Is the Financial Volatility the Missing Ingredient?
2012
The Great Recession endured by the main industrialized countries during the period 2008-2009, in the wake of the financial and banking crisis, has pointed out the major role of the financial sector on macroeconomic fluctuations. In this respect, many researchers have started to reconsider the linkages between financial and macroeconomic areas. In this paper, we evaluate the leading role of the daily volatility of two major financial variables, namely commodity and stock prices, in their ability to anticipate the output growth. For this purpose, we propose an extended MIDAS model that allows the forecasting of the quarterly output growth rate using exogenous variables sampled at various high…
Exploring Countercyclical Fiscal Policy in Local Government: Moving Beyond an Aggregated Approach
2014
There is a renewed interest in the fiscal health of local governments in the United States, which is being driven in part by academic research, professional organizations, and the economy. This renewed interest also includes how local governments use their cash reserves for countercyclical fiscal policy, which is a stream of research that has received minimal attention in the literature. We respond in this article by exploring how 97 North Carolina counties used their cash reserves from 2005 to 2012, which includes the great recession of 2008 and 2009. Our findings provide some evidence of countercyclical fiscal policy in local government when exploring the use of cash reserves from an aggr…
The effects of export and R&D strategies on firms’ markups in downturns: The Spanish case
2020
The Spanish economy was one of those most hit by the Great Recession in the euro area. It suffered a huge decrease in gross domestic product (GDP), affecting especially internal demand, and in busi...
A Growing Sector After the Impact of the Great Recession in Spain
2020
In Spain, fitness has developed into a sector that offers a series of services associated with an active and healthy lifestyle for the body transformation, recreation and physical exercise of its users. This chapter examines the evolution of fitness in Spain parallel to the changes in the population’s sports habits. The study examines the popularity of fitness and its position in the Spanish sports system and the organisational and economic characteristics of the sector (main operators, types of gyms, activities offered, infrastructures, employment, membership fees, revenues), as well as the sociodemographic profile of the practitioners. To do so, a large number of studies and reports carri…