Voltar a Empezar: Crisis and the Renationalization of the Iberian Financial Systems

Lucio Vinhas de Souza and Merxe Tudela ()
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Merxe Tudela: Moody’s Investors Service, 7 World Trade Center, 250 Greenwich Street, New York, 10007, USA.

Comparative Economic Studies, 2014, vol. 56, issue 3, 337-350

Abstract: This paper looks at the partial fragmentation of the euro area resulting from the sovereign debt crisis, concentrating on two specific countries: Portugal and Spain. The paper starts by describing the evolution and structure of those financial systems. It quantitatively evaluates the changes in financial integration, by means of price-based and quantitative-based measures of convergence (sigma-convergence), to demonstrate the significant and persistent fall, with the crisis, in the integration of those financial systems. In addition, the authors present estimations indicating that this fragmentation process was largely self-reinforcing and non-fundamentals based.

Date: 2014
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