{'fraction_non_alphanumeric': 0.015236567762630313, 'fraction_numerical': 0.0, 'mean_word_length': 5.24, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Spain: Evaluating the Effects of Macro Policy an Econometric Model

In recent years Spain has experienced rapid economic development during a period of increasing European integration. Spanish policymakers have enhanced their credibility by becoming a member of both the EC and the ERM. A strong commitment to Spanish participation in a future European Economic and Monetary Union confirms Spain's determination to ‘catch-up’ and converge towards the model of the more advanced economies of Europe. The National Institute's Global Econometric Model (NIGEM) now contains a detailed econometric model of Spain. This note begins with an overview of economic events and policy in Spain over the last twenty years. This is followed by sections which describe in more detail the reforms and economic outcomes regarding the labour market, price and wage determination, the balance of payments and the finances of the public sector. The econometric model is then described and the effects of the structural reforms upon the individual equations evaluated. The penultimate section uses the model to simulate the effects of macroeconomic policies which the Spanish authorities have either implemented or may be considering. This is followed by a conclusion.