UK, Italy and Spain. Furthermore, policy proposals which could change the role of the financial system to better serve …

years, 1983 proved to be the long-awaited turnaround year for the world economy. In fact, the upswing came earlier and with …

Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and … busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial …

wages adjusted when the economy slowed down. But in some countries real wage growth stayed too high for too long. The result … this context, the paper discusses the different experiences of the UK (where employment increased) and Spain (where it fell … sharply), and finds that almost two thirds of the employment losses in Spain resulted from the failure of real wages to adjust …

the UK, Poland, Germany and Spain. It also examines a number of its aspects that have important political and …

only transitory effects on output and it is identified as a demand shock. Spain seems to have long business cycles, of …