What s wrong with spain

The Spanish housing bubble

Most commentators focus on house prices, usually in real terms, as the gauge the housing bubble and its own developments (e.g. M√ľnchau 2012). Data claim that house prices have indeed adjusted, however, not enough. Figure 1 shows the home price index for Spain (measured as in accordance with rents) at roughly the same level as in 2003 but still much above its pre-2000 levels. We favour the price-to-rent index to the true price because it shouldn’t be suffering from immigration; any upsurge in demand for housing from that source should manifest itself in upwards pressure on both rents and prices. On the other hand, immigration should put more pressure on rents than on house prices since most immigrants will tend to be short of capital and therefore apt to be renting, instead of buying.[2]


Marshall was wrong nothing is in the air

We answer these questions with a unique, tailor-made survey of 542 firms in Norway, where entrepreneurs and firm managers are explicitly asked about their most significant relationship for the introduction of services and processes during the last three years and about how exactly this relationship emerged. We distinguish between purpose-built relationships, caused by research done in-house or on advice of other partner organizations, and serendipitous or casual relationships, resulting either from trade fairs, professional events or similar venues for networking, or from pure casual encounters outside a work relationship.