Publications
Publications
- January 2009 (Revised March 2012)
- HBS Case Collection
Spain: Can the House Resist the Storm?
By: Diego A. Comin
Abstract
On September 16, 2008, President Rodriguez Zapatero recognized the severity of Spain's macroeconomic situation and clearly pointed to the culprit in front of the Spanish Congress: "Let nobody doubt it; there is already a wide consensus about the origin of the crisis: [It is] in the U.S. and its subprime mortgages." During the last eight years, Spain had gone through a phenomenal expansion that has had many important ingredients: immigration, housing boom, banking and financial market regulation, current account deficit, and productivity growth. This case analyzes how they interacted during the period 2000-2007 and what drove the Spanish recession in 2008.
Keywords
Citation
Comin, Diego A. "Spain: Can the House Resist the Storm?" Harvard Business School Case 709-021, January 2009. (Revised March 2012.)