such as Ireland or Spain. However, fiscal policy can and should be used to achieve the same effect. This paper shows that … the advent of EMU relaxed existing financial constraints in Ireland and Spain, allowing a more rapid expansion of the …

European periphery. This essay will focus on two countries, which were affected particularly severely: Spain and Italy. In … Spain, the global financial crisis was worsened by the burst of the housing bubble, which had inflated the cost of housing … "bust" - , whereas Spain is still recovering from it. This paper attempts to analyze the reason for this discrepancy. …

Over the last decade, France and Spain have experienced property price and residential investment increases which were …, our estimates imply that residential property prices in France and Spain were approximately 20% above the level explained … degree of overvaluation is drastically reduced. The adjustment path to equilibrium is slightly faster in France than in Spain …

make the limited liability for mortgages the default rule for mortgages in Spain …