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Carlos Rodríguez, Carmen Gomez and Jesus Ferreiro

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Jesus Ferreiro, Maribel García del Valle and Carmen Gómez

The objective of the paper is to test the existence of a relationship between the composition of public expenditures and the macroeconomic outcomes (GDP rate of growth, and unemployment and inflation rates) of the European Union member states during the period 1995–2007. We study the existence of clusters of countries with similar structures of public expenditure using multiple factorial analysis and principal component analysis techniques, and we compare the macroeconomic outcomes of the clusters obtained using statistics test of equality of means. The outcomes show that there is no evidence of the existence of a relationship between the structures of the public expenditure and the macroeconomic performances. This leads us to conclude that there is no single optimum model of public spending that warrants the best macroeconomic performance.

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Carlos A. Carrasco, Jesús Ferreiro, Catalina Gálvez, Carmen Gomez and Ana González

Although the Great Recession is a global phenomenon, with roots outside the European Union (EU), its impact has been deeper and longer lasting in the EU than elsewhere. However, the impact of the Great Recession has not been the same in all the European countries. The objective of this chapter is to analyse the different effects of the economic and financial crisis among the European Union member states, focusing on the behaviour of a number of real and financial variables since the year 2003 to evaluate the impact of the crisis. Thus, we will analyse the performance of 17 economic variables grouped into seven categories: economic activity, labour market, income distribution, inflation, balance of payments, public finances, and financial balance sheets of total economy and sectors.