Financial crises and financial reforms in Spain: What have we learned?
AbstractLike the rest of the world, Spain has suffered frequent financial crises and undergone several changes in its regulatory framework. There have been crises that have been followed by reforms of the financial structure, and also troubled financial times with no modification of the regulatory and supervisory regime. In various instances, regulatory changes have predated financial crises, but in others banking crises have occurred without reference to changes in the regulatory regime. Regulation and supervision has been usually absent in the XIXth century, while in the XXth century policy makers have been more active and diligent. Moreover, all major financial crises have been followed by intense financial restructuring, although as elsewhere banking restructuring and interventions not always have been successful (in fact, the cases of failures and mixed results overcome the successful cases). The paper provides a short history of the major financial crises in Spain from 1856 to the present, and also reviews the main financial reforms and the distinctive regulatory regimes that have been in place in this last 150 years time span.
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Bibliographic InfoPaper provided by Universidad Carlos III, Departamento de Historia Económica e Instituciones in its series Working Papers in Economic History with number wp10-01.
Date of creation: Jan 2010
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Spanish banking; Financial crisis; Financial regulations; Banking reforms;
Find related papers by JEL classification:
- N2 - Economic History - - Financial Markets and Institutions
- N4 - Economic History - - Government, War, Law, International Relations, and Regulation
- G01 - Financial Economics - - General - - - Financial Crises
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-01-30 (All new papers)
- NEP-BAN-2010-01-30 (Banking)
- NEP-HIS-2010-01-30 (Business, Economic & Financial History)
- NEP-REG-2010-01-30 (Regulation)
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Financial crises and financial reforms in Spain: What have we learned?
by bbatiz in NEP-HIS blog on 2010-02-01 10:36:01
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