Financial Crises and Financial Reforms in Spain – What Have We Learned?

Financial Market Regulation in the Wake of Financial Crises: The Historical Experience Conference p. 119, 2009

48 Pages Posted: 8 Jul 2012

See all articles by Pablo Martín-Aceña

Pablo Martín-Aceña

University of Alcala

Angeles Pons

University of Valencia

Concepción Betrán

University of Valencia

Date Written: April 16, 2009

Abstract

Like the rest of the world, Spain has suffered from 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.

JEL Classification: G01, G18, N20, N40

Suggested Citation

Martín-Aceña, Pablo and Pons, Angeles and Betrán, Concepción, Financial Crises and Financial Reforms in Spain – What Have We Learned? (April 16, 2009). Financial Market Regulation in the Wake of Financial Crises: The Historical Experience Conference p. 119, 2009, Available at SSRN: https://ssrn.com/abstract=2101717

Pablo Martín-Aceña (Contact Author)

University of Alcala ( email )

Angeles Pons

University of Valencia ( email )

Concepción Betrán

University of Valencia ( email )

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