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Lending Calling. Recession by Over-Indebtedness: Description and Specific Features of the Spanish Case

Author

Listed:
  • Antonio Sanabria Martín
  • Bibiana Medialdea García

Abstract

Following the approaches of Fisher, Koo, and in particular Minsky, this article describes recent developments in the Spanish economy. These authors’ theories of financial fragility, and the extension of analysis of the recession to also include the expansionary period, are very useful when it comes to understanding the boom (1994-2008) and subsequent collapse of the Spanish economy. Both processes are part of the same phenomenon: the binomial relation between debt and the asset bubble, amplified by the use of external financing, and the subsequent process of slow deleveraging. Alongside said analytical elements, and considering Spain’s membership in the Eurozone monetary union system, this characterisation of the euphoria and subsequent balance-sheet recession further identifies specific features of the Spanish economy that informed current outcomes. Key words: Over-indebtedness, Recession, Deleveraging, Spain.JEL: E6, F4, F5.

Suggested Citation

  • Antonio Sanabria Martín & Bibiana Medialdea García, 2016. "Lending Calling. Recession by Over-Indebtedness: Description and Specific Features of the Spanish Case," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(2), pages 195-210.
    • Handle: RePEc:voj:journl:v:63:y:2016:i:2:p:195-210:id:383
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    Keywords

    Over-indebtedness; Recession; Deleveraging; Spain;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F5 - International Economics - - International Relations, National Security, and International Political Economy

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