Spain’s monetary policy could not have prevented housing bust: IMF
A paper published by the International Monetary Fund on Friday says the boom-and-bust cycle of Spain's housing market during the past decade would not have been avoided had the country retained autonomy of monetary policy.
Oriol Aspachs-Bracons and Pau Rabanal, the paper's authors, study the cost of losing monetary autonomy in Spain as a result of the currency union. Spanish housing prices have soared since it joined the euro.
Aspachs-Bracons and Rabanal find evidence that suggests the behaviour
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