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Spain: Selected Issues
Author:
International Monetary Fund. European Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2013: Issue 245
Language:
English
Publication Date:
02 Aug 2013
DOI:
https://doi.org/10.5089/9781484371312.002
ISBN:
9781484371312
ISSN:
1934-7685
Pages:
31
Keywords:
ISCR; CR; insolvency; saving; Spain; household saving; AIReF; insolvency regime; financial market spillover; AIReF staffing; AIReF president; Solvency; Disposable income; Pension spending; Fiscal law; Personal income; Global; Europe; North America; Africa
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This Selected Issues paper analyzes household savings ratio in Spain. The household savings ratio has fallen to its lowest historical rate in 2012, as households cut back savings to support consumption in response to negative income shocks. Household savings fell across all households, but the declines were likely more material among lower income and highly indebted groups. Declining household income and savings slowed deleveraging and put household balance sheets under pressure. Looking ahead, households may need to restrain consumption further to free resources for repaying debt. Household savings rates will likely stay below historical levels for some time then slowly increase.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund