In this paper we review the experience of the last Spanish boom and bust to cast some reflections on macroprudential policy. These reflections take place in a country, Spain that is a (relatively small) member of a larger monetary union, which also has a single banking microsupervisor as well as a central bank, the ECB that can top-up national macroprudential decisions. Beyond the euro zone, the experience of the Spanish lending boom-bust maybe also interesting for other policy makers, with a full array of tools to tame the lending cycle.
Artículo de revista
Revista de estabilidad financiera. Nº 30 (mayo 2016), p. 35-61