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Financialisation and the economic crisis in Spain

Jesus Ferreiro (), Catalina Gálvez and Ana González Flores

Chapter 4 in Financialisation and the Financial and Economic Crises, 2016, pp 89-113 from Edward Elgar Publishing

Abstract: The aim of this chapter is to analyse the relationship between the financial crisis and the real economic crisis in Spain. The main hypothesis put forward by is that financialisation, which lies at the root of the financial crisis, has also implied changes in the real and financial behaviour of private (and public) agents, which explain the extent and prolonged duration of the crisis in European and other advanced economies, in general, and in Spain in particular. With this aim in mind, we first analyse the financialisation process of the Spanish economy, and then its effects on households, non-financial corporations, and the external sector. Finally, we focus on the mistakes in the management of fiscal policy and in the management of the Spanish banking crisis that have helped to deepen the economic crisis.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2016
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Handle: RePEc:elg:eechap:16808_4