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Springer Professional. Back to the search result list. Table of Contents. Hint Swipe to navigate through the chapters of this book Close hint. Abstract Certainly, the crisis in Spain has had a very obvious financial dimension.

Scholars from different currents emphasize that banks have been protagonists of the housing boom, the interest rates were very low during the boom, the credit increased exponentially and there has been a problem of private over-indebtedness before the crisis—and of public debt afterward.

All of this being true, however, the author carries out a critical analysis of these proposals that explain the crisis from finances.

In the chapter, he analyzes the financial dynamics based on profitability and the place that Spain occupies in the Eurozone. According to the theoretical framework, it is not finances that originate the crisis.

Reversing causality, the author argues that it is first necessary to ask for the reasons that explain the increase of the debt.

And in a complementary way, the functionality of finance during the crisis itself and in the European context is evaluated.

Please log in to get access to this content Log in Register for free. To get access to this content you need the following product:. Springer Professional "Wirtschaft" Online-Abonnement. It is at least curious—and illustrative—that these authors make reference to the State when it comes to irresponsible indebtedness, as during the housing boom debt has been massively carried out by the private sector, as will be seen later.

For these authors, there are two imbalances in the same level, private debt and the deficit of the current account balance, with the same origin, the construction boom.

Although there is a second factor in the external element: the loss of competitiveness. Endeudamiento, crisis y recortes sociales. Clave Intelectual, Madrid.

Bagnai A Unhappy families are all alike: Minskyan cycles, Kaldorian growth and the Eurozone peripheral crisis. Borio C, Disyatat P Capital flows and the current account: taking financing more seriously. Bank of Spain, Madrid.

BoS Annual report BoS Report on the financial and banking crisis in Spain, — Statistical bulletin. BoS a. Economic indicators. BoS b. Central balance sheet data office. BoS c. Summary indicators. BoS d. Financial accounts of the Spanish economy.

BoS e. Panoeconomicus 58 3 — CrossRef Carballo-Cruz F Causes and consequences of the Spanish economic crisis: why the recovery is taken so long?

Gaceta Sindical — Occasional Papers , Bank of Spain, Madrid. Teetering on the brink of collapse. Routledge, London, p — Spain during the Great Financial Crisis. The Journal of Economic Perspectives 27 3 — Country Studies.

Edward Elgar, Cheltenham, p 89— The Spanish financial sector. Debt crisis and bailout. Routledge, London, p 77— Cambridge University Press, New York, p 81— Working Paper —7, Swiss National Bank. Hott Ch, Jokipii T Housing bubbles and interest rates. Destino, Madrid. Jorge Juan Nada es gratis. Real-World Economics Review — Koo R The world in balance sheet recession: causes, cure, and politics. The financialization as a theory of crisis in a historical perspective: nothing new under the sun.

Mateo JP Annual Spanish National Accounts. Base Accounting series — National Statistics Institute, Madrid. NSI Quarterly Spanish national accounts. Organisation for Economic Co-operation and Development, Paris.

OECD Brazilian Journal of Political Economy 38 2 — Recarte A El Informe Recarte. In: Foessa Foundation. Recession by over-indebtedness: description and specific features of the Spanish case.

Panoeconomicus 63 2 — Oxford University Press, New York. Shaikh A Capitalism: competition, conflict, crises. Panoeconomicus 58 5 — CrossRef Vara O Publisher Springer International Publishing.


El Desmoronamiento de Espana: La Salida de La Crisis y La Politica de Reformas

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10. Financialization and Crisis: From Low Interest Rates to a Credit Boom and Over-indebtedness


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