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Spanish Property Bubble
The Spanish property bubble is the collapsed overshooting part of a long-term price increase of Spanish real estate prices. This long-term price increase has happened in various stages from 1985 up to 2008. The housing bubble can be clearly divided in three periods: 1985–1991, in which the price nearly tripled; 1992–1996, in which the price remained somewhat stable; and 1996–2008, in which prices grew astonishingly again. Coinciding with the financial crisis of 2007–08, prices began to fall. In 2013, Raj Badiani, an economist at IHS Global Insight in London, estimated that the value of residential real estate has dropped more than 30 percent since 2007 and that house prices would fall at least 50 percent from the peak by 2015. Alcidi and Gros note; “If construction were to continue at the still relatively high rate of today, the process of absorption of the bubble would take more than 30 years”. Existence of the bubble During the years of the generation of the rea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Spain
The economy of Spain is a Developed country, highly developed social market economy. It is the world's List of countries by GDP (nominal), sixteenth-largest by nominal GDP and the List of sovereign states in Europe by GDP (nominal), sixth-largest in Europe. Spain is a member of the European Union and the eurozone, as well as the OECD, Organization for Economic Co-operation and Development and the World Trade Organization. In 2021, Spain was the List of countries by exports, twentieth-largest exporter in the world and the List of countries by imports, sixteenth-largest importer. Spain is listed List of countries by Human Development Index, 27th in the United Nations Human Development Index and List of countries by GDP (PPP) per capita, 37th in GDP per capita by the World Bank. According to ''The Economist'' in 2005, Spain had the world's 10th highest quality of life. Some of the main areas of economic activity are the automotive industry, medical device, medical technology, chemicals ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of Spain
This article covers the development of Spain's economy over the course of its history. Ancient era Iberians, roughly located in the South and East, and Celts in the North and West of the Iberian Peninsula were the major earliest groups in what is now Spain (a third, so-called Celtiberian culture seems to have developed in the inner part of the Peninsula, where both groups were in contact). Carthaginians and Greeks also traded with Spain and established their own colonies on the coast. Spain's mineral wealth and access to metals made it an important source of raw material during the early metal ages. Carthage conquered parts of Iberia after the First Punic War. After defeating Carthage in the Second Punic War, the Romans governed all of the Iberian Peninsula for centuries, expanding and diversifying the economy and extending Hispanic trade with the greater Republic and Empire. Middle Ages While most of western Europe fell into a Dark Age after the decline of the Roman Empire ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unemployment In Spain
Unemployment rates in Spain vary across different regions of the country, but they tend to be higher when compared to other Western European countries. Unemployment rates in Spain rose sharply during the late 2000s and early 2010s. Unemployment was at 8% between 2006 and 2007. Starting in 2008, the Spanish economic crisis caused the rate to rise past 20% in 2010 and 25% in 2012. Introduction Spain has one of the highest unemployment rates compared to other OECD countries. The Q2 2021 unemployment rate was 15.3% of labor force. There has been an upward trend since the 1990s, and this trend has historic roots. Unemployment began rising in Francoist Spain during the 1970s. During the Francoist Spain, trade union activism was prohibited and social security benefits of the modern welfare state were lacking. In 1972, 2.7 million jobs in agriculture were replaced by 1.1 million jobs in the public sector, further increasing unemployment. Although unemployment is a problem in other OE ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Savings Bank (Spain)
In Spain, a savings bank ( es, caja de ahorros or informally just ''caja'', ca, caixa d'estalvis, gl, caixa de aforros, informally caixa, eu, aurrezki kutxa) is a financial institution that specializes in accepting savings deposit account, deposits and granting loans. Spanish banks fall into two categories: Privately owned banks (''bancos'') and government owned banks (''cajas''—literally pay office, or pay desk). The original aim was to encourage thrift among the very poor, but they evolved to compete with and rival commercial banks. Over time, most cajas colluded with regional political establishments to create a self-serving system of unscrupulous financing for regional governments provided by politically stuffed savings banks' boards which, in turn, thrived in what has been defined as "a culture of greed, cronyism and political meddling". This system was exposed in the aftermath of the global financial crisis. As a result, out of the 45 cajas in existence at the start of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Recession In Spain
, image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_motto = ''Plus ultra'' (Latin)(English: "Further Beyond") , national_anthem = (English: "Royal March") , image_map = , map_caption = , image_map2 = , capital = Madrid , coordinates = , largest_city = Madrid , languages_type = Official language , languages = Spanish , ethnic_groups = , ethnic_groups_year = , ethnic_groups_ref = , religion = , religion_ref = , religion_year = 2023 , demonym = , government_type = Unitary parliamentary constitutional monarchy , leader_title1 = Monarch , leader_name1 = Felipe VI , leader_title2 = Prime Minister , leader_name2 = Pedro Sánchez , leader_title3 = First Deput ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Household Debt
Household debt is the combined debt of all people in a household, including consumer debt and mortgage loans. A significant rise in the level of this debt coincides historically with many severe economic crises and was a cause of the U.S. and subsequent European economic crises of 2007–2012. Several economists have argued that lowering this debt is essential to economic recovery in the U.S. and selected Eurozone countries. Overview Household debt can be defined in several ways, based on what types of debt are included. Common debt types include home mortgages, home equity loans, auto loans, student loans, and credit cards. Household debt can also be measured across an economy, to measure how indebted households are relative to various measures of income (e.g., pre-tax and disposable income) or relative to the size of the economy (GDP). The burden of debt can also be measured in terms of the amount of interest it generates relative to the income of the borrower. For example, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nonrecourse Debt
Nonrecourse debt or a nonrecourse loan (sometimes hyphenated as non-recourse) is a secured loan (debt) that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable. If the borrower defaults, the lender can seize and sell the collateral, but if the collateral sells for less than the debt, the lender cannot seek that deficiency balance from the borrower—its recovery is limited only to the value of the collateral. Thus, nonrecourse debt is typically limited to 50% or 60% loan-to-value ratios, so that the property itself provides "overcollateralization" of the loan. The incentives for the parties are at an intermediate position between those of a full recourse secured loan and a totally unsecured loan. While the borrower is in first loss position, the lender also assumes significant risk, so the lender must underwrite the loan with much more care than in a full recourse loan. This typically requires that the lender have sign ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Extremadura
Extremadura (; ext, Estremaúra; pt, Estremadura; Fala: ''Extremaúra'') is an autonomous community of Spain. Its capital city is Mérida, and its largest city is Badajoz. Located in the central-western part of the Iberian Peninsula, it is crossed from east to west by the Tagus and Guadiana rivers. The autonomous community is formed by the two largest provinces of Spain: Cáceres and Badajoz. Extremadura is bordered by Portugal to the west and by the autonomous communities of Castile and León (north), Castilla–La Mancha (east) and Andalusia (south). It is an important area for wildlife, particularly with the major reserve at Monfragüe, which was designated a National Park in 2007, and the International Tagus River Natural Park (''Parque Natural Tajo Internacional''). The regional executive body, led by the President of Extremadura, is called Junta de Extremadura. The Day of Extremadura is celebrated on 8 September. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Catalonia
Catalonia (; ca, Catalunya ; Aranese Occitan: ''Catalonha'' ; es, Cataluña ) is an autonomous community of Spain, designated as a ''nationality'' by its Statute of Autonomy. Most of the territory (except the Val d'Aran) lies on the northeast of the Iberian Peninsula, to the south of the Pyrenees mountain range. Catalonia is administratively divided into four provinces: Barcelona, Girona, Lleida, and Tarragona. The capital and largest city, Barcelona is the second-most populated municipality in Spain and the fifth-most populous urban area in the European Union.Demographia: World Urban Areas – Demographia, April 2018 Current day Catalonia comprises most of the medieval and early modern Principality o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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