El análisis económico de las crisis financieras: una visión retrospectiva

There have been multiple situations of financial instability in many countries. These situations could be characterised by the presence of increasing indebtedness levels, increase of speculative phenomena, declining risk premia, asset price volatility, high uncertainty, credit rationing, and bankruptcies in the banking sector. There is a significant interest in this field, given the relevance of the issue in itself, and its negative repercussions on the economy. This has encouraged the concern of the economists, who have researched their origins, propagation processes, and available solutions to the problem. The objective of this article is to analyze retrospectively the different approaches that economic analysis has formulated to explain these phenomena.