Spain : Selected Issues.

Format:

Book

Government document

Author/Creator:

International Monetary Fund.

Contributor:

International Monetary Fund, Contributor.

Series:

IMF Staff Country Reports; Country Report ; No. 2009/129

IMF Staff Country Reports

Language:

English

Physical Description:

1 online resource (94 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2009.

Language Note:

English

Summary:

Spain’s housing boom was supported by rapid economic expansion, strong employment growth, an immigration boom, and low real interest rates. With the abrupt drying up of funding since mid-2007, these factors have eroded quickly. Through 2010, employment and value added in construction are projected to halve as peak housing starts are completed. The authorities have launched efforts to help limit foreclosures and to activate the underdeveloped rental market. In the medium term, housing market cyclicality could be reduced by fading out generous home ownership incentives.

Contents:

Cover; Contents; Abstracts; I. Developments in the Spanish Housing Sector; A. Summary; B. The Boom; Figures; 1. Run-up to EMU and Convergence; 2. Demographic Developments; 3. Supply Rigidities, House Prices and Debt Dynamics; C. The Correction; 4. Demographic Housing Need; Tables; 1. Demographic Housing Needs, 2007-2015; 5. Building Permits, Housing Starts and Completions; 6. Projected Scenario for Housing Starts, Completions and Value at Work; 7. Projected Scenario for Housing Investment and Employment; 2. Construction Sector Dynamics; 3. Construction Activity: Regression Results

4. Recent House Price DevelopmentsBoxes; 1. Data on House Prices in Spain; 8. Housing Slumps in International and Historical Perspective; D. Policy Conclusions; 2. Recent Housing Market Policies; References; II. The Spanish Banking Sector; A. Market Structure and Competition; Figures; 1. Economic and Financial Catching-up; 1997-2007; Boxes; 1. Spanish Credit Institutions; 2. Financial Sector Breakdown; Tables; 1. Mergers and Acquisitions of Credit Institutions; 1999-2007; 3. Market Share of Credit Institutions; 1999-2007; 2. Market Concentration and Competition; B. Main Trends

4. Credit and Deposit Developments 1997-2008; 3. Foreign Business of Consolidated Groups and Individual Institutions; 2000-2007; 5. Distribution of Domestic Credit; 1997-2008; 6. Securitization; 2000-2007; 7. Banking Sector Profitability; 2003-2007; 2. Breakdown of Banks' Return on Equity; 8. Banks' Return on Equity Breakdown; 2002-2008 (H1); 9. Banking Sector's Soundness Indicators; 2003-2007; 10. Credit Growth, Non-Performing Loans and Loan-Loss Provisions; 1999-2008; C. The Impact of the Financial Turmoil; 11. Refinancing Operations with the Euro-System; 2006-2008

12. Non-Performing Loans Developments 1999-2008; 13. Santander and BBVA; 2007-2009; 14. Small Banks and Cajas; 2007-2009; D. A Simple Macro Stress Test of the Spanish Banking Sector; 15. Residential Mortgage Backed Securities; 3. Spanish Government Assistance to Banks; 4. Pricing of the Government Guarantee; 5. Results of the Regression on Non-Performing Loans; 16. NPLs Regression Result and Stability; 17. Macro Assumptions; 2008Q3-2009Q4; 18. Non-Performing Loans Projections; 19. Comparing Crises (1994 vs. 2008); 6. Loss Given Default Estimates for Different Portfolios

7. Hypothesis on Loss Given DefaultsE. Conclusions; 8. Stress Test Results; III. The Long-Run Fiscal Outlook and the Public Sector Balance Sheet; A. Introduction; B. Long-Run Fiscal Outlook; Tables; 1. General Government Operations 2005-2060; C. A Preliminary Public Sector Balance Sheet; 2. Public Sector Balance Sheet (Preliminary); D. Concluding Remarks; References; IV. Productivity Growth and Structural Reforms; A. Introduction; Figures; 1. Output and Productivity Growth; B. What Are the Facts?; 2. Labor Productivity Growth; 3. Hours Worked by High-Skilled Labor

4. Contributions to Labor Productivity Growth by Sectors

Notes:

Description based upon print version of record.

Description based on publisher supplied metadata and other sources.

ISBN:

9786613727640

9781462308071

1462308074

9781452733340

1452733341

9781280886331

1280886331

9781451879643

1451879644

OCLC:

870947354