Perturbaciones financieras y fiscales en España en la Gran Recesión

  1. José E. BOSCÁ 1
  2. Rafael DOMÉNECH 1
  3. Javier FERRI 1
  4. Rodolfo MÉNDEZ 2
  5. Juan RUBIO-RAMÍREZ 3
  1. 1 Universitat de València
    info

    Universitat de València

    Valencia, España

    ROR https://ror.org/043nxc105

  2. 2 BBVA Research
  3. 3 Emory University
    info

    Emory University

    Atlanta, Estados Unidos

    ROR https://ror.org/03czfpz43

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Journal:
Papeles de economía española

ISSN: 0210-9107

Year of publication: 2018

Issue Title: El negocio bancario tras las expansiones cuantitativas

Issue: 155

Pages: 46-59

Type: Article

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More publications in: Papeles de economía española

Sustainable development goals

Abstract

This paper assesses the quantitative importance of the different channels through which financial shocks have affected Spanish GDP during the crisis that began in 2007 and the subsequent recovery from the end of 2013. It also evaluates the capacity of expansionary fiscal policies to counteract the negative impact of financial tensions. The results show the relevance of these channels in the decomposition of per capita GDP growth, the procyclicality of private sector debt ratios, the value of credit collateral, bank leverage, risk premiums or agent confidence, and the amplification of the business cycle. In this economic context, together with the structural reforms implemented, ECB’s policies since 2012 were crucial in reducing financial tensions and facilitating the economic recovery that began at the end of 2013.

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Funding information

El apoyo de BBVA Research, la Fundación Rafael del Pino, MINHAFP, MINECO y de los proyectos de MINECO CICYT ECO2014-53150 y Generalitat Valenciana PROMETEO 2016-097.

Funders

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