Reyes Calderón, dean of the School of Economics, submission the award to Teresa Santos. PHOTO: Manuel Castell

result Teresa Santos, a third year student of Economics bilingual, has won the award CAUCE of research. The work for which she has been awarded is entitled "Escaping from a Real-Estate Bubble: Evidence from Spain". "My research is mainly about the demand drivers that caused the real estate boom and the consequences of the bubble that was created between 1997 and 2007. Three demand factors have been the object of study: the immigration that Spain has been receiving during the last few years; the population structure during these years and the influence of the baby-boom generation; and the interest rates that we have had in our country as a consequence of leaving monetary policy in the hands of the European Central Bank," explains Teresa Santos.

The student received the award, endowed with 750 euros, during the celebration of the day of the patron saint of the School of Economic and Business Sciences of the University of Navarra.

"It has been a work that I was going to do regardless of the call for this award, since it was part of my work as a Macroeconomics II student intern," Teresa confesses. "The fact that it was called simply accelerated the essay of it. Of course, receiving the award has been very gratifying, as I have seen my research work recognized." He adds: "It all started in the summer, when Professor Antonio Moreno Ibáñez advised me to read "Irrational Exuberance" by Robert J. Shiller. From there, trying to see what has happened in Spain, I was looking for data on different indicators: population, inflation, interest rates, Gross Domestic Product... and analyzing them. After that, it was all about writing up what I had researched and the conclusions I had drawn".

This is the first edition of these awards from research granted thanks to the business CAUCE, whose aim is goal to study the causes of the crisis in the construction sector in Spain.