TWO GREAT BANKING CRISES AND THEIR ECONOMIC IMPACT COMPARED: SPAIN 1976/1977 AND 2008*

Concha Betrán and María A. Pons

Revista de Historia Económica / Journal of Iberian and Latin American Economic History, 2017, vol. 35, issue 2, 241-274

Abstract: The 1976/1977 crisis was the most severe in Spanish history, but the losses associated with the 2008 crisis are huge. This paper compares these two great banking crises and identifies the main parallels and differences between them. Is the current crisis as severe as that of 1976? What is the impact on the banking and financial sectors? We show that the 1976 crisis is being surpassed by the 2008 crisis in terms of the decline in GDP, industrial production and unemployment, and that these two events have had at least a similar impact in terms of output gap and output loss. Finally, the financial impact measured by different financial indicators confirms the greater severity of the 2008 crisis.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:cup:reveco:v:35:y:2017:i:02:p:241-274_00

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