The Causes and Legacy of the Great Recession in Spain

2020 ◽  
pp. 115-131
Author(s):  
Sebastián Royo
Keyword(s):  
Economic Growth ◽  
Great Recession ◽  
Political System ◽  
Economic Consequences ◽  
The Political ◽  
The European Union ◽  
New Parties ◽  
Political Consequences ◽  
The Great Recession

After over two decades of prolonged economic growth, Spain suffered its worst economic crisis in decades between 2008 and 2014. The political, social, and economic consequences of this crisis were very severe: unemployment increased sharply reaching over 27 per cent; inequalities deepened; and the two-party political system was transformed by the emergence of new parties. The implementation of structural reforms, which intensified as a result of the European Union financial sector bailout of 2012, led to economic recovery. As a result, credit was restored, strong economic growth resumed, and the political system did not implode. Yet, persistently high unemployment (particularly as regards youth and long-term) as well as inequality (and to a certain extent poverty) still persist a decade after the crisis. This chapter looks at the genesis of the crisis and examines the responses to the crisis, as well as its economic, social, and political consequences.

The transformative impact of the Great Recession on the political system

2021 ◽  
pp. 152-160
Author(s):  
Eva H. Önnudóttir ◽  
Agnar Freyr Helgason ◽  
Ólafur Th. Hardarson ◽  
Hulda Thórisdóttir
Keyword(s):  
Great Recession ◽  
Political System ◽  
The Political ◽  
The Great Recession ◽  
Transformative Impact

scholarly journals The populist politics of Euroscepticism in times of crisis: A framework for analysis

Politics ◽  
2018 ◽  
Vol 38 (3) ◽  
pp. 253-262 ◽  
Author(s):  
Andrea LP Pirro ◽  
Paul Taggart
Keyword(s):  
European Union ◽  
Great Recession ◽  
Political Process ◽  
The Political ◽  
The European Union ◽  
The Great Recession ◽  
Introductory Article ◽  
Multiple Shocks ◽  
Analytical Tools

The European Union has been recently exposed to the multiple shocks of the Great Recession, the migrant crisis, and Brexit. Populist parties have been, either directly or indirectly, considered the principal beneficiaries of these crises in light of their Eurosceptic profiles. In this introductory article, we lay out the conceptual and analytical tools necessary to identify populist Eurosceptic actors, and systematically tackle the under-explored link between populist Eurosceptic framing and the unfolding of the different European crises. While we provide a framework to assess (alleged) changes in the framing of these parties, we also contend that these parties may have released effects in the political process by conditioning shifts in the positions on Europe of their mainstream competitors. In doing so, we define a set of possible interactive scenarios.

scholarly journals Could the Recession have Been Shortened in Romania after the 2009 Crisis? A Short Answer Given by Fiscal Multipliers during Recessions

2015 ◽  
Vol 7 (11) ◽  
pp. 170
Author(s):  
Radu Soviani
Keyword(s):  
European Union ◽  
Great Recession ◽  
The European Union ◽  
Simple Method ◽  
Fiscal Multipliers ◽  
The Great Recession ◽  
Fiscal Adjustment ◽  
Fiscal Adjustments ◽  
One Year

<p>The experience of the large fiscal adjustments shows their efficiency depends mainly on how much is to be adjusted, the factors that contributed to the fiscal disequilibrium and their structure (discretionary or imposed by the economic environment), the size and the quality of the adjustment measures and the pace of reaction of the fiscal authorities. In this paper we analyze the size of the fiscal adjustment of the Romanian economy during the recession of 2009-2012 relatively to previous large fiscal adjustments in the European Union before the Great Recession. We determine if the measures that were taken in Romania were properly sized by using a simple method for determining the fiscal multipliers for the Romanian economy, based on recent findings of the international literature. Our findings show that the fiscal adjustment made in Romania between 2009-2012 was the fastest in the European Union with the highest yearly pace (we use as reference the adjustments prior to the Great Recession) and that the Romanian recession could have been shortened by at least one year. Our findings provide an argument that the austerity measures might cure an economy but if their size is improper, it might lower their long term potential.</p>

Corruption and Transparency

2020 ◽  
pp. 630-647
Author(s):  
Manuel Villoria
Keyword(s):  
Great Recession ◽  
Critical Analysis ◽  
Epistemic Community ◽  
Open Government ◽  
The Political ◽  
Advocacy Coalition ◽  
Political Consequences ◽  
Know How ◽  
The Great Recession ◽  
Incremental Change

According to different surveys, corruption has become the second-most significant problem for Spaniards since the beginning of 2013. This article tries to demonstrate that corruption in present-day Spain is a consequence of institutional deficits that stem from the democratic transition. However, despite a certain path of dependence, the political consequences of the Great Recession economic crisis and the numerous scandals have fostered the emergence of a pro-integrity advocacy coalition. Using the know-how of the anti-corruption epistemic community, this coalition aims to modify social perception of the problem and introduce radical policy change. This chapter ends by offering a critical analysis of the incremental change in the anti-corruption policy made by the national government, particularly regarding transparency and open government outputs.

The European Union in search of systemic balance. An analysis involving the concept of resilience

2018 ◽  
pp. 10-38
Author(s):  
Anna Wierzchowska
Keyword(s):  
European Union ◽  
Political System ◽  
The Political ◽  
The European Union ◽  
Theoretical Assumption ◽  
Research Perspective ◽  
Internal Balance ◽  
The Eu

The article deals with the issue of EU political system seen as a set of institutional and legal mechanisms and solutions looking for a way to lead and maintain its internal balance. This problem is included in line with the assumptions of the resilience concept, which is a fundamental theoretical assumption at work. Resilience, or flexibility, the ability to adapt and “bounce off the bottom”, to recuperate, is referred to the EU as a prospect of a research perspective indicating the paths of thinking about the regularity of the development of the EU system in the long term. Recourse to such a framework is implied in the EU by the nature of the integration structure and the political system whose creation was initiated in 1957 with the establishment of the EEC. Analysis carried out in the article leads to conclusion that the EU political system is characterised by resilience- -specific properties, which makes it flexible in responding to emerging difficulties and tensions. At the same time, the solutions and mechanisms implemented on this basis lead to the deepening of differences. Achieving a system balance becomes difficult.

scholarly journals Responsiveness, Performance and Corruption: Reasons for the Decline of Political Trust

2021 ◽  
Vol 3 ◽  
Author(s):  
Mariano Torcal ◽  
Pablo Christmann
Keyword(s):  
Political Parties ◽  
Great Recession ◽  
Political System ◽  
Political Trust ◽  
The Political ◽  
Panel Survey ◽  
Sharp Decline ◽  
Cross Sectional ◽  
Individual Level ◽  
The Great Recession

We test the importance of responsiveness, performance and corruption to explain the evolution of political trust in Spain between 1997 and 2019. To this end, the study analyses two longitudinal datasets, namely, a repeated cross-sectional dataset from the Spanish samples of Eurobarometer and an individual-level panel survey conducted during a period of economic recovery in 2015. The study finds that perceptions about political corruption and responsiveness matter greatly in shaping political trust and to a lesser extent economic performance. Although the Great Recession is likely responsible for the sharp decline in trust towards political parties and the parliament between 2008 and 2012, the analysis suggests that trust in representative institutions remains low even after the Recession because of a series of devastating corruption incidents and a perceived lack of responsiveness of the political system. On the other hand, the study finds indications that trust in the judicial system might have been mainly affected by perceptions of corruption.

Disruptive Soft Law and Post-Crisis US Reform

2018 ◽  
Author(s):  
Abraham L. Newman ◽  
Elliot Posner
Keyword(s):  
Financial Markets ◽  
Great Recession ◽  
Regulatory Reform ◽  
The United States ◽  
Soft Law ◽  
Long Term Effects ◽  
The Great Recession ◽  
The Us ◽  
International Interaction

Chapter 6 examines the long-term effects of international soft law on policy in the United States since 2008. The extent and type of post-crisis US cooperation with foreign jurisdictions have varied considerably with far-reaching ramifications for international financial markets. Focusing on the international interaction of reforms in banking and derivatives, the chapter uses the book’s approach to understand US regulation in the wake of the Great Recession. The authors attribute seemingly random variation in the US relationship to foreign regulation and markets to differences in pre-crisis international soft law. Here, the existence (or absence) of robust soft law and standard-creating institutions determines the resources available to policy entrepreneurs as well as their orientation and attitudes toward international cooperation. Soft law plays a central role in the evolution of US regulatory reform and its interface with the rest of the world.

scholarly journals The European Union Green Deal: Clean Energy Wellbeing Opportunities and the Risk of the Jevons Paradox

Energies ◽  
2021 ◽  
Vol 14 (14) ◽  
pp. 4148
Author(s):  
Estrella Trincado ◽  
Antonio Sánchez-Bayón ◽  
José María Vindel
Keyword(s):  
Climate Change ◽  
European Union ◽  
Great Recession ◽  
International Institutions ◽  
Smart Cities ◽  
Clean Energy ◽  
The European Union ◽  
The Great Recession ◽  
Financial Framework ◽  
The Common

After the Great Recession of 2008, there was a strong commitment from several international institutions and forums to improve wellbeing economics, with a switch towards satisfaction and sustainability in people–planet–profit relations. The initiative of the European Union is the Green Deal, which is similar to the UN SGD agenda for Horizon 2030. It is the common political economy plan for the Multiannual Financial Framework, 2021–2027. This project intends, at the same time, to stop climate change and to promote the people’s wellness within healthy organizations and smart cities with access to cheap and clean energy. However, there is a risk for the success of this aim: the Jevons paradox. In this paper, we make a thorough revision of the literature on the Jevons Paradox, which implies that energy efficiency leads to higher levels of consumption of energy and to a bigger hazard of climate change and environmental degradation.

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