El sistema bancario y la financiación del crecimiento de la economía vasca

This article analyses the role of the banking system in financing the impressive process of growth undergone by the Basque economy since 1980, with particular emphasis on the latest cycle that ended with the great recession. The analysis shows that in spite of the relative solvency of its external position the Basque economy has also taken an active part in the wave of «financialisation» that led to the crisis, with its disproportionate growth in lending, especially in regard to the mortgage boom, and financial investments for the formation of corporate groups. In the wake of the crisis and the sharp fall in lending there are also signs of credit crunch and capital crunch which may constitute additional obstacles in the way of economic recovery with the introduction of new regulations.