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Capital Flow Bonanzas as a Fundamental Ingredient in Spain’s Financial Crises, 1850-2015

Author

Listed:
  • Concha Betrán

    (University of Valencia)

  • Maria A. Pon

    (University of Valencia)

Abstract

Among the characteristics of Spanish financial crises over the last 165 years, we highlight their relatively high frequency and, since 1973, their severity (including 2008, the most severe crisis yet). By analysing monetary policy regimes, financial structure, and the main crisis determinants (factors associated with crises), as well as the resolution to the crises, we can conclude that capital flow bonanzas are a key factor in most financial crises; when a capital flow bonanza occurred, it increased both the probability of a subsequent crisis and its severity.

Suggested Citation

  • Concha Betrán & Maria A. Pon, 2019. "Capital Flow Bonanzas as a Fundamental Ingredient in Spain’s Financial Crises, 1850-2015," Working Papers 0164, European Historical Economics Society (EHES).
    • Handle: RePEc:hes:wpaper:0164
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    References listed on IDEAS

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    More about this item

    Keywords

    Spain; income per person; productivity; inequality; living standards;
    All these keywords.

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General

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