... 1991.(3) Includes crisis episodes in Finland, Spain and Sweden.(4) Includes crisis episodes in Finland, Norway, Sweden, Japan and Spain.(5) Includes crisis episodes in Argentina (2001), Indonesia, ... years was associated inter alia with growth of tax rich activity in housing and construction markets. The unwinding of these windfalls in the wake of the crisis, along with the fiscal stimulus ... the substantial widening in sovereign risk spreads and the downgrading of the credit ratings of some Member States. This may mirror concerns about the fiscal solvency in the face of the financial...