Relatively sanguine stock markets around the world, despite a fierce constitutional crisis raging in Spain, has left analysts contemplating why investor sentiment hasn't been hit by Catalonia's quest for independence.
Spanish stocks rose 1.7 percent Monday morning despite the political unrest in Catalonia. Spain's IBEX is only down by 0.7 percent since the independence referendum that took place on October 1 and it is up by 9 percent year-to-date. Other European bourses have been unaffected too.
Claus Vistesen, chief euro zone economist at Pantheon Macroeconomics, believes that Catalonia's inability to push through with independence is a key reason for the optimism.
"Markets deem it unlikely that Catalonia will go full rogue and try to engineer some kind of hard break from Spain. After all, they don't have the support of government structure to do that," he told CNBC via email on Monday.