Banques, caisses d'épargne, immobilier et politiques publiques Une lecture historienne de la crise financière espagnole: l'Espagne toujours diferente ?

Gérard Chastagnaret

Revue d'économie financière, 2013, vol. N° 110, issue 2, 207-244

Abstract: The present crisis of the Spanish financial system is mainly to be found in a real estate crisis, appeared in 2007 with the outburst of a speculative bubble grounded in hazardous expectations about a two-tiered market, national and international. The building frenzy had been increasingly supported by banking institutions and above all by savings and loans institutions, active in collecting households savings and granting mortgage loans. Badly managed, lacking equity, they proved very sensible to private interests and political pressures. The real estate crisis inflated their balance sheets with overvalued and illiquid assets. The political remedy, the ?bankarization? of savings and loans, avoids bankruptcies but shifts the crisis consequences to new entities, such as Bankia. The collapse of real estate and the financial crisis have broadened the spectrum of the crisis with regard to public budgets,the Spanish economy and society. Politicians appear as powerless as unable to renew their thinking on the economic growth. Classification JEL: G01, G21, G30, N14, R30.

JEL-codes: G01 G21 G30 N14 R30 (search for similar items in EconPapers)
Date: 2013
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=ECOFI_110_0207 (application/pdf)
http://www.cairn.info/revue-d-economie-financiere-2013-2-page-207.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:refaef:ecofi_110_0207

Access Statistics for this article

More articles in Revue d'économie financière from Association d'économie financière
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().