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Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis

Esteban Perez Caldentey and Matías Vernengo

Brazilian Journal of Political Economy, 2018, vol. 38, issue 2, 304-323

Abstract: The Spanish Crisis is generally portrayed as resulting from excessive spending by households associated to a housing bubble and/or an excessive welfare spending beyond the economic possibilities of the country. We put forward a different hypothesis. We argue that the Spanish crisis resulted, in the main, from a widening deficit position in the non-financial corporate sector and a declining trend in profitability under a regime of financial liberalization and loose and unregulated lending practices. JEL Classification: F33; F45; O52.

Keywords: Euro; macroeconomic crisis; Spain (search for similar items in EconPapers)
Date: 2018
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Working Paper: Integration, Spurious Convergence, and Financial Fragility: A Post-Keynesian Interpretation of the Spanish Crisis (2015) Downloads
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