Does Economic Crisis Always Harm International Migrants? Longitudinal Evidence from Ecuadorians in Barcelona C. O. N. Moser* and Philipp Horn* ABSTRACT Current research on the impacts of the 2007 global economic crisis on international migration takes two different positions. Some studies emphasize the negative impacts while others are more positive. This article argues that these two positions offer simplistic interpretations which fail to take account of the complex micro-level realities that determine migrant experiences. The article discusses how a small group of migrants from Guayaquil, Ecuador, accumulate and consolidate a complex portfolio of assets both before and during the economic crisis in Spain. Conceptualized in terms of an asset accumulation framework, and based on micro-level longi- tudinal trend data, rather than the more generally used macro-level snapshots or anecdotal evi- dence, the study highlights the fact that the formalization of legal status or citizenship is a crucial pre-condition, which sets in motion a ‘virtuous’ cycle of consolidation of an inter- related portfolio of assets, regardless of the wider macro-economic environment. Even if this turns into a ‘vicious’ cycle, for those losing jobs, to date Spanish welfare benefits have acted as a social protection mechanism. INTRODUCTION The impact of the global economic crisis, starting in 2007, on international migration has been vari- ously interpreted in recent research. Spain, heavily affected by the economic crisis and with a large migrant population, provides a useful example. While some studies on Spain have emphasized the negative effects of the crisis on migration (Cebri  an et al., 2010), others have presented a more posi- tive picture (Castles and Vezzoli, 2009). To date, most studies have been based on quantitative sta- tistical migration trend surveys (Castles and Miller, 2010, Papademetriou and Terrazas, 2009) or qualitative anecdotal data (Wright and Black, 2011). Such alternative views have contradicting implications for migration policies, especially those focusing on return migrants. This article contributes to this debate from a longitudinal perspective, as such challenging short- term ‘snapshots’ of the impacts of the economic crisis on migration. Despite the limitations of a small sample size, trend data can explore in depth a range of changes in capital assets. These include changes in the physical (housing), financial (income, remittances sent back home) human (occupation and education) and civic (citizenship status) assets of migrants before, and during, the economic crisis in Spain. * Global Urban Research Centre, University of Manchester. doi: 10.1111/imig.12047 © 2013 The Authors Published by Blackwell Publishing Ltd., International Migration © 2013 IOM 9600 Garsington Road, Oxford OX4 2DQ, UK, International Migration and 350 Main Street, Malden, MA 02148, USA. ISSN 0020-7985