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Financial regulation in Spain

Santiago Carbo-Valverde and Francisco Rodriguez-Fernandez
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Santiago Carbo-Valverde: Bangor Business School
Francisco Rodriguez-Fernandez: University of Granada

Authors registered in the RePEc Author Service: Francisco Rodríguez Fernández () and Santiago Carbo Valverde ()

Working papers from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project

Abstract: This paper analyses the regulatory framework of the financial system in Spain. Particular attention is paid to the adoption of the EU directives and the way they have been transposed to Spain from 1986 to present, including the regulatory developments in the last few years from the onset of the financial crisis. The Spanish case appears particularly interesting as it has shown one of the most significant transformations during the period considered in the structure of regulation. This paper surveys the implementation of the most important EU regulations since the early 1980s to present. Overall, the implementation has been successful and has been timely. The implementation has been particularly intense and fast in what the solvency regulation is concerned. However, some other regulations, in particular those concerning capital markets, have normally required more time to be transposed or have had to be gradually implemented. The financial crisis has brought a number of significant changes beyond EU regulations for Spanish banks and it has shown that there was still substantial room for improvement in supervision and prudential regulations. The reaction has been significant as the recapitalization and restructuring process, have brought a number of regulatory changes beyond EU Directives.

Keywords: Financial regulation; Spain; EU Directives; crisis; restructuring (search for similar items in EconPapers)
JEL-codes: G18 G28 G38 (search for similar items in EconPapers)
Pages: 53 pages
Date: 2014-09-01
New Economics Papers: this item is included in nep-ban and nep-cba
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