000125229 001__ 125229
000125229 005__ 20230519145629.0
000125229 0247_ $$2doi$$a10.1093/cje/beab010
000125229 0248_ $$2sideral$$a132070
000125229 037__ $$aART-2021-132070
000125229 041__ $$aeng
000125229 100__ $$aBarba, J. C.
000125229 245__ $$aThe timely overestimation of Spanish GDP in the great recession
000125229 260__ $$c2021
000125229 5060_ $$aAccess copy available to the general public$$fUnrestricted
000125229 5203_ $$aThe inefficient institutional design of the Euro allowed guaranteed bank liabilities to be converted into government debt, deepening the Great-Recession in Southern European countries. A recessive feedback process occurred through an increase in sovereign debt risk premiums in a cycle of global risk aversion. However, there was one fact that limited these negative effects. We refer to the overestimation of Spanish gross domestic product (GDP) in the public accounts for the period 2007–2013. We quantified the unexplained overestimation of Spain’s GDP for the period 2007–2013 using three different methodologies, which leads us to a similar conclusion: Spain’s GDP was overestimated by between 17% and 18%. We demonstrate that this overestimation allowed for significant savings in interest payments through a lower risk premium. This overestimation, unknown to investors, shows that markets are not efficient, and that information is incomplete. It is necessary to understand the role of debt under Hyman Minsky financial instability hypothesis.
000125229 540__ $$9info:eu-repo/semantics/openAccess$$aAll rights reserved$$uhttp://www.europeana.eu/rights/rr-f/
000125229 590__ $$a2.273$$b2021
000125229 591__ $$aECONOMICS$$b175 / 382 = 0.458$$c2021$$dQ2$$eT2
000125229 592__ $$a1.102$$b2021
000125229 593__ $$aEconomics and Econometrics$$c2021$$dQ1
000125229 594__ $$a3.9$$b2021
000125229 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion
000125229 700__ $$0(orcid)0000-0002-2132-2151$$aLaborda, J.
000125229 700__ $$aLaborda, R.
000125229 773__ $$g45, 3 (2021), 427-456$$pCamb. j. econ.$$tCAMBRIDGE JOURNAL OF ECONOMICS$$x0309-166X
000125229 8564_ $$s622318$$uhttps://zaguan.unizar.es/record/125229/files/texto_completo.pdf$$yVersión publicada
000125229 8564_ $$s1933811$$uhttps://zaguan.unizar.es/record/125229/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada
000125229 909CO $$ooai:zaguan.unizar.es:125229$$particulos$$pdriver
000125229 951__ $$a2023-05-18-16:19:58
000125229 980__ $$aARTICLE