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Financial crises and financial reforms in Spain: What have we learned?

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  • Pablo Martín-Aceña

    ()

  • Ángeles Pons

    ()

  • Concepción Beltrán

    ()

Abstract

Like 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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Paper provided by Universidad Carlos III, Departamento de Historia Económica e Instituciones in its series Working Papers in Economic History with number wp10-01.

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Date of creation: Jan 2010
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Handle: RePEc:cte:whrepe:wp10-01

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Keywords: Spanish banking; Financial crisis; Financial regulations; Banking reforms;

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  1. Asli Demirgüç-Kunt & Enrica Detragiache, 1998. "The Determinants of Banking Crises in Developing and Developed Countries," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 81-109, March.
  2. Larry D. Neal & Marc D. Weidenmier, 2003. "Crises in the Global Economy from Tulips to Today," NBER Chapters, National Bureau of Economic Research, Inc, in: Globalization in Historical Perspective, pages 473-514 National Bureau of Economic Research, Inc.
  3. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 544, Board of Governors of the Federal Reserve System (U.S.).
  4. Kris James Mitchener, 2006. "Are Prudential Supervision and Regulation Pillars of Financial Stability? Evidence from the Great Depression," NBER Working Papers 12074, National Bureau of Economic Research, Inc.
  5. Goodhart, Charles & Delargy, P J R, 1998. "Financial Crises: Plus ca Change, Plus C'est La Meme Chose," International Finance, Wiley Blackwell, Wiley Blackwell, vol. 1(2), pages 261-87, December.
  6. Gary Gorton, 1986. "Banking panics and business cycles," Working Papers 86-9, Federal Reserve Bank of Philadelphia.
  7. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 1065-1188, November.
  8. Diaz-Alejandro, Carlos, 1985. "Good-bye financial repression, hello financial crash," Journal of Development Economics, Elsevier, Elsevier, vol. 19(1-2), pages 1-24.
  9. Gerard Caprio & Patrick Honohan, 2008. "Banking Crises," Department of Economics Working Papers, Department of Economics, Williams College 2008-07, Department of Economics, Williams College.
  10. Prados de la Escosura Leandro, 2003. "El progreso económico de España (1850-2000)," Books, Fundacion BBVA / BBVA Foundation, Fundacion BBVA / BBVA Foundation, edition 1, number 201136.
  11. Martín-Aceña, Pablo & Pons, María A., 1994. "Spanish banking after the Civil War, 1940–1962," Financial History Review, Cambridge University Press, Cambridge University Press, vol. 1(02), pages 121-138, October.
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As found by EconAcademics.org, the blog aggregator for Economics research:
  1. 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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