September 16, 2008 President Rodriguez Zapatero acknowledged the seriousness of the macroeconomic situation in Spain, and clearly pointed out the culprit before the Spanish Congress: "Let there be no doubt, there is already a broad consensus about the origin of the crisis: [This is] in the United States and sub-prime loans." For the last eight years, Spain has experienced phenomenal expansion, which was a lot of important ingredients: immigration, housing boom, the banking and financial market regulation, the current account deficit and the growth of labor productivity. This case examines how they have interacted in the period 2000-2007 years, and what made the Spanish recession in 2008. "Hide
by Diego Comin Source: Harvard Business School 35 pages. Publication Date: January 8, 2009. Prod. #: 709021-PDF-ENG
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