Understanding Spanish financial crises severity, 1850–2015

Concha Betrán and Maria A Pons

European Review of Economic History, 2019, vol. 23, issue 2, 175-192

Abstract: Although many factors impinge upon financial crises, their depth and macroeconomic impact have varied throughout history. What might explain the reasons for these differences? This article examines the main factors behind the severity of Spanish financial crises over the last 165 years. We complete an in-depth analysis of all types of crises (banking, currency, stock market, and debt) considering a long-term series of external imbalances (with an estimation of the current account balance for the period 1914–1930). Using modern methods of statistical analysis (local projections), we find that current account is a key variable in determining the severity of Spain’s financial crises.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ereveh:v:23:y:2019:i:2:p:175-192.

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