Here is to another crisis like this one!
Paper co-authored with Esteban Pérez that was a Levy Institute working paper is published. From the abstract:
The Spanish crisis is generally portrayed as resulting from excessive spending
by households associated to a housing bubble and/or an excessive welfare spending beyond
the economic possibilities of the country. We put forward a different hypothesis. We argue
that the Spanish crisis resulted, in the main, from a widening deficit position in the non-
financial corporate sector and a declining trend in profitability under a regime of financial
liberalization and loose and unregulated lending practices.
Full paper available here.