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Spain's economic expansion and social modernization ended abruptly in 2008 when the turbulence of the US economy spread … to international financial markets. This chapter analyses the impact of the international crisis in Spain, where the … problems were to be deeper and longer-lasting, given the large imbalances accumulated. Spain's membership in the EMU is …
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Using household survey data, we document evidence of a loosening of credit standards in Euro area countries that experienced a property price boom-and-bust cycle. Borrowers in these countries exhibited significantly higher loan-to-value (LTV) and loan-to-income (LTI) ratios in the run up to the...
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