Back Matter
  • 1 https://isni.org/isni/0000000404811396, International Monetary Fund
  • | 2 https://isni.org/isni/0000000404811396, International Monetary Fund

Abstract

Spain's participation in European integration has strengthened its policymaking credibility and created an enviroment conducive to sustainable economic growth. Over the last decade, Spain has seen improvements in inflation, output, employment, and its balance of payments, and it has substantially reformed its product, labor, and financial markets. This paper reviews Spain's past economic performance and sees good prospects for further rises in living standards

Bibliography

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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
  • Andres, J., and others, La Inversion en España: Un Enfoque Macroeconómico,” in Moneda y Crédito, Segunda Epoca (1989), pp. 6797.

    • Search Google Scholar
    • Export Citation
  • Artus, J. R., Exchange Rate Stability and Managed Floating: The Experience of the Federal Republic of Germany,” Staff Papers, International Monetary Fund (Washington), Vol. 83 (July 1976), pp. 31234.

    • Search Google Scholar
    • Export Citation
  • Baldwin, Richard, On the Growth Effects of 1992,” NBER Working Paper, No. 3119 (Cambridge, Massachusetts: National Bureau of Economic Research, September 1989).

    • Search Google Scholar
    • Export Citation
  • Bentolila, S., and J. BlanchardSpanish Unemployment,” Economic Policy: A European Forum, (April 1990), pp. 23481.

  • Bergés, A., E. Ontiveros, and F. J. ValeroEstructura Comparada de la Gran Banca de la CEE,” Suplementos del Sistema Financiero, No. 28, Fundación Fondo para la Investigatión Ecónomica y Social (1989).

    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
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  • Cecchini, Paulo, Michel Catinat, and Alex Jacquemin The European Challenge, 1992: The Benefits of a Single Market (Aldershot, Hants, England, 1988).

    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
  • Fama, Eugene F., Foward and Spot Exchange Rates,” Journal of Monetary Economics, Vol. 14 (November 1984), pp. 31938.

  • Galy, Michel, Le Marché des changes est-il efficient?Revue Economique, Vol 39 (September 1988), pp. 91320.

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    • Search Google Scholar
    • Export Citation
  • Garcia Diez, J.A., Política de Ajuste,” Información Comercial Española, No. 676–677 (December 1989-January 1990).

  • Giavazzi, Francesco, and Alberto Giovannini Limiting Exchange Rate Flexibility: The European Monetary System (Cambridge, Massachusetts: MIT Press, 1989).

    • Search Google Scholar
    • Export Citation
  • Gonzalez-Paramo, J. M., La Autarqía Económica Bajo el Regimen del General France: Una Visión desde la Teoria de los Derechos de Propiedad,” Revista de Economía, Información Comercial Española, No. 676–677 (December 1989January 1990).

    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
  • Gordon, James, Structural Funds and the 1992 Program in the European Community,” IMF Working Paper, WP/91/65 (Washington: International Monetary Fund, 1991).

    • Search Google Scholar
    • Export Citation
  • Hansen, L. P., and R. J. HodrickForward Exchange Rates as Optimal Predictors of Future Spot Rates: An Econometric Analysis,” Journal of Political Economy, Vol. 88 (October 1980).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, World Economic Outlook, May 1992, World Economic and Financial Surveys (Washington, 1992).

  • International Monetary Fund, Government Finance Statistics Yearbook (Washington, various issues).

  • Judge, G.G., and others, The Theory and Practice of Econometrics (New York: Wiley, 1980).

  • Kouri Pentti, J. K., and M. G. PorterInternational Capital Flows and Portfolio Equilibrium,” Journal of Political Economy, Vol. 82 (May-June 1974).

    • Search Google Scholar
    • Export Citation
  • Lazaro Araujo, L., Política Regional Comunitaria, Evolution y Reforma del Feder,” Ministerio de Economía y Hacienda, Documentos de Trabajo, No:SGFEDERD-91006, 1992.

    • Search Google Scholar
    • Export Citation
  • Lopez-Claros, A., The Search for Efficiency in the Adjustment Process: Spain in the 1980s,” IMF Occasional Paper, No. 57 (Washington: International Monetary Fund, February 1988).

    • Search Google Scholar
    • Export Citation
  • Malo de Molina, J.L., and E. OrtegaEstructuras de Ponderación y de Precios Relativos entre los Deflactores de la Contabilidad National,” Banco de Espana, Research Memoranda, No. 8505 (1985).

    • Search Google Scholar
    • Export Citation
  • Manas, Luis A., The Impact of 1992 Financial Liberalization on the Spanish Financial Industry,” CEPR-European Commission Project on Integration in an Enlarged Community (mimeo, 1989).

    • Search Google Scholar
    • Export Citation
  • Mendel Camara, Braulio, La Dimension Autonómica de la Deuda Pública,” in Papeles de Economía Española, No. 33 (Madrid: Fundación Fondo para la Investigatión Ecónomica y Social, 1987), pp. 32937.

    • Search Google Scholar
    • Export Citation
  • Ministerio de Industria y Energía, Informe sobre la Industria Española, 1989,” Centro de Publicaciones del Ministerio de Industria y Energía (1991).

    • Search Google Scholar
    • Export Citation
  • Ministry of Economy and Finance, Informe sobre la Reforma de la Impositión Personal sobre la Renta y el Patrimonio (Madrid, June 1990).

    • Search Google Scholar
    • Export Citation
  • Ministry of Economy and Finance, “La Negotiatión Colectiva en las Grandes Empresas,” Direction General de la Politica Economica (1990).

    • Search Google Scholar
    • Export Citation
  • Molinas, C., and others, MOISSES: Un Modelo de Investigation y Simulation de la Economia Espanola (1990).

  • Obstfeld, M., Exchange Rates, Inflation, and the Sterilization Problem,” European Economic Review, Vol. 21 (1983).

  • Pietrefesa, N.L’armonizzazione delle imposte dirette a la tassazione dele attivita finanziaria: analisi giuridica,” paper presented at the conference on “Le imposte del 1992,” held in Pavia, Italy on October 1415, 1988.

    • Search Google Scholar
    • Export Citation
  • Plummer, Michael O., Efficiency Effects of the Accession of Spain and Portugal to the EC,” Journal of Comparative Economics, Vol. 29 (March 1991), pp. 31725.

    • Search Google Scholar
    • Export Citation
  • Sanz, R., Efectos de Variaciones en los Precios Energeticos Sobre los Precios Sectorales y de la Demanda Final de Nuestra Economía,” Banco de Espana, Research Memoranda No. 8605 (1986).

    • Search Google Scholar
    • Export Citation
  • Spitäller, Erich, and Michel GalySpain: Landmarks in Economic Development, 1939–92,” IMF Working Paper, WP/92/78 (Washington, 1992).

    • Search Google Scholar
    • Export Citation
  • Termes, Rafael, Los Resultados de la Banca en 1989,” in Papeles de Economía Española, Fundación para la Investigatión Económica y Social, No. 44 (1990), pp. 7392.

    • Search Google Scholar
    • Export Citation
  • Tobin, J., A General Equilibrium Approach to Monetary Theory,” Journal of Money, Credit and Banking, Vol. 1 (February 1989).

  • Trujillo, J. A., C. Cuervo-Arango, and F. VargasEl Sistema Finánciero Español,” Ariel Economía (1988).

  • Viñals, J., and others, Spain and the ‘EC cum 1992’ Shock,” in Unity with Diversity in the European Economy: The Community’s Southern Frontier, ed. by C. Bliss and J. B. de Macedo (Cambridge; New York: Cambridge University Press, 1990).

    • Search Google Scholar
    • Export Citation
  • Zellner, A.An Efficient Method of Estimating Seemingly Unrelated Regression and Tests of Aggregation Bias,” Journal of the American Statistical Association, Vol. 57 (1962).

    • Search Google Scholar
    • Export Citation

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Cited By

Converging with the European Community
  • Adams, Charles, and David T. CoeA Systems Approach to Estimating the Natural Rate of Unemployment and Potential Output for the United States,” Staff Papers, International Monetary Fund (Washington), Vol. 37 (June 1990), pp. 23293.

    • Search Google Scholar
    • Export Citation
  • Albarracin, J., and C. ArtolaEl Crecimiento de los Salarios y el Deslizamiento Salarial en el Periodo 1981 a 1988,” Banco de España, Research Memoranda No. 9001 (1990).

    • Search Google Scholar
    • Export Citation
  • Andres, J., and others, La Inversion en España: Un Enfoque Macroeconómico,” in Moneda y Crédito, Segunda Epoca (1989), pp. 6797.

    • Search Google Scholar
    • Export Citation
  • Artus, J. R., Exchange Rate Stability and Managed Floating: The Experience of the Federal Republic of Germany,” Staff Papers, International Monetary Fund (Washington), Vol. 83 (July 1976), pp. 31234.

    • Search Google Scholar
    • Export Citation
  • Baldwin, Richard, On the Growth Effects of 1992,” NBER Working Paper, No. 3119 (Cambridge, Massachusetts: National Bureau of Economic Research, September 1989).

    • Search Google Scholar
    • Export Citation
  • Bentolila, S., and J. BlanchardSpanish Unemployment,” Economic Policy: A European Forum, (April 1990), pp. 23481.

  • Bergés, A., E. Ontiveros, and F. J. ValeroEstructura Comparada de la Gran Banca de la CEE,” Suplementos del Sistema Financiero, No. 28, Fundación Fondo para la Investigatión Ecónomica y Social (1989).

    • Search Google Scholar
    • Export Citation
  • Bird, Richard M., Federal Finance in Comparative Perspective, Financing Canadian Federation: 6, Canadian Tax Foundation (1986).

  • Borrell, José, and Antonio Zabalza Marti El Nuevo FCI: Un Instrumentode Politica Regional, D–90010 (Madrid: Ministry of Economics and Finance, Spain, September 1990).

    • Search Google Scholar
    • Export Citation
  • Bruneel, D., and others, Nominal and Real Interest Rates in France, Recent Development, Determinants and Macroeconomic Effects,” Bank for International Settlements, CB384, March 1985.

    • Search Google Scholar
    • Export Citation
  • Caminal, R., J. Gual, and X. VivesCompetition in Spanish Banking,” Discussion Paper Series, No. 314 (London: Center for Economic Policy Research, July 1989).

    • Search Google Scholar
    • Export Citation
  • Cecchini, Paulo, Michel Catinat, and Alex Jacquemin The European Challenge, 1992: The Benefits of a Single Market (Aldershot, Hants, England, 1988).

    • Search Google Scholar
    • Export Citation
  • Cuervo, Alvaro, La Crisis Bancaria en España, 1975–85,” Ariel Economía (1988).

  • De Pinies Bianchi, J., La Regularización de la Liberalizatión Financiera Española,” Economistas, 40 (October-November 1989).

  • De La Dehesa, G., J.J. Ruiz, and A. TorresSpain,” in Liberalizing Foreign Trade, Vol. 6, Part II, ed. by A. Choksi, M. Michaely and D. Papageorgiou (Oxford; New York: Basil Blackwell, 1989).

    • Search Google Scholar
    • Export Citation
  • Dolado, J. J., J. L. Malo de Molina, and E. OrtegaRespuestas en el Deflactor del Valor Añadido en la Industria ante Variaciones en los Costos Laborales Unitarios,” Banco de España, Research Memoranda, No. 8513 (1985).

    • Search Google Scholar
    • Export Citation
  • Dooley, M. P., and P. IsardThe Portfolio Balance Model of Exchange Rates,” International Finance Discussion Papers, No. 141, Board of Governors of the Federal Reserve System (1979).

    • Search Google Scholar
    • Export Citation
  • Fama, Eugene F., Foward and Spot Exchange Rates,” Journal of Monetary Economics, Vol. 14 (November 1984), pp. 31938.

  • Galy, Michel, Le Marché des changes est-il efficient?Revue Economique, Vol 39 (September 1988), pp. 91320.

  • Gamir, L., Política Arancelaria,” Revista de Economía, Información Comercial Española, No. 676–677 (December 1989January 1990).

    • Search Google Scholar
    • Export Citation
  • Garcia Diez, J.A., Política de Ajuste,” Información Comercial Española, No. 676–677 (December 1989-January 1990).

  • Giavazzi, Francesco, and Alberto Giovannini Limiting Exchange Rate Flexibility: The European Monetary System (Cambridge, Massachusetts: MIT Press, 1989).

    • Search Google Scholar
    • Export Citation
  • Gonzalez-Paramo, J. M., La Autarqía Económica Bajo el Regimen del General France: Una Visión desde la Teoria de los Derechos de Propiedad,” Revista de Economía, Información Comercial Española, No. 676–677 (December 1989January 1990).

    • Search Google Scholar
    • Export Citation
  • Gonzalez-Paramo, J. M., The Role of the Public Sector in Spain: Structural Characteristics and Policy Adjustment on the Road to the EEC Internal Market,” Universidad Complutense de Madrid, Fundacion FIES-CECA (October 1989).

    • Search Google Scholar
    • Export Citation
  • Gordon, James, Structural Funds and the 1992 Program in the European Community,” IMF Working Paper, WP/91/65 (Washington: International Monetary Fund, 1991).

    • Search Google Scholar
    • Export Citation
  • Hansen, L. P., and R. J. HodrickForward Exchange Rates as Optimal Predictors of Future Spot Rates: An Econometric Analysis,” Journal of Political Economy, Vol. 88 (October 1980).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, World Economic Outlook, May 1992, World Economic and Financial Surveys (Washington, 1992).

  • International Monetary Fund, Government Finance Statistics Yearbook (Washington, various issues).

  • Judge, G.G., and others, The Theory and Practice of Econometrics (New York: Wiley, 1980).

  • Kouri Pentti, J. K., and M. G. PorterInternational Capital Flows and Portfolio Equilibrium,” Journal of Political Economy, Vol. 82 (May-June 1974).

    • Search Google Scholar
    • Export Citation
  • Lazaro Araujo, L., Política Regional Comunitaria, Evolution y Reforma del Feder,” Ministerio de Economía y Hacienda, Documentos de Trabajo, No:SGFEDERD-91006, 1992.

    • Search Google Scholar
    • Export Citation
  • Lopez-Claros, A., The Search for Efficiency in the Adjustment Process: Spain in the 1980s,” IMF Occasional Paper, No. 57 (Washington: International Monetary Fund, February 1988).

    • Search Google Scholar
    • Export Citation
  • Malo de Molina, J.L., and E. OrtegaEstructuras de Ponderación y de Precios Relativos entre los Deflactores de la Contabilidad National,” Banco de Espana, Research Memoranda, No. 8505 (1985).

    • Search Google Scholar
    • Export Citation
  • Manas, Luis A., The Impact of 1992 Financial Liberalization on the Spanish Financial Industry,” CEPR-European Commission Project on Integration in an Enlarged Community (mimeo, 1989).

    • Search Google Scholar
    • Export Citation
  • Mendel Camara, Braulio, La Dimension Autonómica de la Deuda Pública,” in Papeles de Economía Española, No. 33 (Madrid: Fundación Fondo para la Investigatión Ecónomica y Social, 1987), pp. 32937.

    • Search Google Scholar
    • Export Citation
  • Ministerio de Industria y Energía, Informe sobre la Industria Española, 1989,” Centro de Publicaciones del Ministerio de Industria y Energía (1991).

    • Search Google Scholar
    • Export Citation
  • Ministry of Economy and Finance, Informe sobre la Reforma de la Impositión Personal sobre la Renta y el Patrimonio (Madrid, June 1990).

    • Search Google Scholar
    • Export Citation
  • Ministry of Economy and Finance, “La Negotiatión Colectiva en las Grandes Empresas,” Direction General de la Politica Economica (1990).

    • Search Google Scholar
    • Export Citation
  • Molinas, C., and others, MOISSES: Un Modelo de Investigation y Simulation de la Economia Espanola (1990).

  • Obstfeld, M., Exchange Rates, Inflation, and the Sterilization Problem,” European Economic Review, Vol. 21 (1983).

  • Pietrefesa, N.L’armonizzazione delle imposte dirette a la tassazione dele attivita finanziaria: analisi giuridica,” paper presented at the conference on “Le imposte del 1992,” held in Pavia, Italy on October 1415, 1988.

    • Search Google Scholar
    • Export Citation
  • Plummer, Michael O., Efficiency Effects of the Accession of Spain and Portugal to the EC,” Journal of Comparative Economics, Vol. 29 (March 1991), pp. 31725.

    • Search Google Scholar
    • Export Citation
  • Sanz, R., Efectos de Variaciones en los Precios Energeticos Sobre los Precios Sectorales y de la Demanda Final de Nuestra Economía,” Banco de Espana, Research Memoranda No. 8605 (1986).

    • Search Google Scholar
    • Export Citation
  • Spitäller, Erich, and Michel GalySpain: Landmarks in Economic Development, 1939–92,” IMF Working Paper, WP/92/78 (Washington, 1992).

    • Search Google Scholar
    • Export Citation
  • Termes, Rafael, Los Resultados de la Banca en 1989,” in Papeles de Economía Española, Fundación para la Investigatión Económica y Social, No. 44 (1990), pp. 7392.

    • Search Google Scholar
    • Export Citation
  • Tobin, J., A General Equilibrium Approach to Monetary Theory,” Journal of Money, Credit and Banking, Vol. 1 (February 1989).

  • Trujillo, J. A., C. Cuervo-Arango, and F. VargasEl Sistema Finánciero Español,” Ariel Economía (1988).

  • Viñals, J., and others, Spain and the ‘EC cum 1992’ Shock,” in Unity with Diversity in the European Economy: The Community’s Southern Frontier, ed. by C. Bliss and J. B. de Macedo (Cambridge; New York: Cambridge University Press, 1990).

    • Search Google Scholar
    • Export Citation
  • Zellner, A.An Efficient Method of Estimating Seemingly Unrelated Regression and Tests of Aggregation Bias,” Journal of the American Statistical Association, Vol. 57 (1962).

    • Search Google Scholar
    • Export Citation