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Financial Crises In Spain: Lessons From The Last 150 Years

Author

Listed:
  • Concha Betrán

    (Universidad de Valencia)

  • Pablo Martín-Aceña

    (Universidad de Alcalá-Madrid)

  • María Angeles Pons

    (Universidad de Valencia)

Abstract

The financial disturbances that originated in the US in the second half of 2007 are the latest in a series of episodes in various regions of the world in recent years. However, financial crises are not unique to current financial systems, history being full of banking and exchange rate crises. Are crises alike? Do they share similar features or, on the contrary, are they strikingly distinct? Have they become more frequent, longer-lasting and more severe since the 20th century? Are we now living in a more vulnerable financial world? What does history tell us when comparing past and present crises? This paper chooses to address some of these questions for the case of Spain. The objective of this paper is to study the financial crises that have occurred in Spain over the last 150 years. Data are revised and different indicators constructed to identify financial crises. We consider all types of crises, namely currency, banking, stock market and debt crises and all their possible combinations, estimate their frequency by period and measure their length and depth. The Spanish case is compared to the results obtained for multi-country analyses in order to test whether the general conclusions obtained in those papers hold for one sole country. Finally, we perform an analysis of the main financial crises in order to establish hypotheses that could be tested in future research.

Suggested Citation

  • Concha Betrán & Pablo Martín-Aceña & María Angeles Pons, 2011. "Financial Crises In Spain: Lessons From The Last 150 Years," Documentos de Trabajo (DT-AEHE) 1106, Asociación Española de Historia Económica.
    • Handle: RePEc:ahe:dtaehe:1106
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    References listed on IDEAS

    as
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Spain: an eventful history of economic crises
      by Economic Logician in Economic Logic on 2011-10-17 19:48:00

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    2. Betrán, Concepción & Huberman, Michael, 2024. "Unintended consequences: International trade shocks and electoral outcomes during the Second Spanish Republic, 1931–1936," Explorations in Economic History, Elsevier, vol. 92(C).
    3. Christie Swanepoel & Philip T. Fliers, 2021. "The fuel of unparalleled recovery: Monetary policy in South Africa between 1925 and 1936," Economic History of Developing Regions, Taylor & Francis Journals, vol. 36(2), pages 213-244, May.
    4. Afonso, António & Morão, Hugo, 2024. "Commonalities and heterogeneity in the Iberian business cycle," The Journal of Economic Asymmetries, Elsevier, vol. 30(C).
    5. Maixé-Altés, J. Carles & Iglesias, Emma M., 2015. "Banking, Currency, Stock Market and Debt Crises: Revisiting Reinhart & Rogoff Debt Analysis in Spain, 1850-1995," MPRA Paper 68199, University Library of Munich, Germany.
    6. del Río, Fernando & Lores, Francisco-Xavier, 2023. "Accounting for spanish economic development 1850–2019," Economic Modelling, Elsevier, vol. 121(C).
    7. Comín, Francisco & Cuevas, Joaquim, 2017. "The Deadly Embrace Between The Banks And The State In Spain, 1850-2015," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 35(3), pages 387-414, December.
    8. Concha Betrán & María A. Pons, 2013. "Understanding Spanish Financial crises, 1850-2000: What determined their severity?," Working Papers 0048, European Historical Economics Society (EHES).

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    JEL classification:

    • N2 - Economic History - - Financial Markets and Institutions
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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