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Banking concentration and financial reorganization: Greece, Portugal, and Spain in the post-crisis period

Author

Listed:
  • Alicia Giron

    (Institute of Economic Research, National Autonomous University of Mexico (IIEc-UNAM))

  • Monika Meireles

    (Institute of Economic Research, National Autonomous University of Mexico (IIEc-UNAM))

  • Andrea Reyes

    (National Autonomous University of Mexico (UNAM))

Abstract

This article aims to analyze how banking concentration and financial reorganization have occurred during the post-crisis period in Greece, Portugal and Spain, highlighting the continuity of three worrisome trends related to financial stability: an increase in bank asset volume, centralization of capital, and lower average profitability for banking activities. The methodological approach combines the review of the heterodox economic literature with the analysis of the financial statistics of the main banks in the three countries in the interpretation of the crisis. The article is divided into four sections: the first part briefly discusses the theoretical nature of the process of concentration and centralization of bank capital; the second section discusses the role of banks in the Eurozone crisis; the third section examines some statistics on the dynamics of the banking sector in both countries; and some conclusions are made in the final section.

Suggested Citation

  • Alicia Giron & Monika Meireles & Andrea Reyes, 2019. "Banking concentration and financial reorganization: Greece, Portugal, and Spain in the post-crisis period," PSL Quarterly Review, Economia civile, vol. 72(291), pages 259-277.
    • Handle: RePEc:psl:pslqrr:2019:42
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    File URL: https://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/16493/15926
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    References listed on IDEAS

    as
    1. Alicia Girón & Marcia Solorza, 2015. "“Déjà vu” History: The European Crisis and Lessons from Latin America through the Glass of Financialization and Austerity Measures," International Journal of Political Economy, Taylor & Francis Journals, vol. 44(1), pages 32-50, January.
    2. Ben Fine, 2013. "Financialization from a Marxist Perspective," International Journal of Political Economy, Taylor & Francis Journals, vol. 42(4), pages 47-66.
    3. Daniela M. Prates & Maryse Farhi, 2015. "The shadow banking system and the new phase of the money manager capitalism," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 37(4), pages 568-589, May.
    4. C. Lapavitsas & A. Kaltenbrunner & G. Labrinidis & D. Lindo & J. Meadway & J. Michell & J.P. Painceira & E. Pires & J. Powell & A. Stenfors & N. Teles, 2011. "Crisis en la Zona Euro: Perspectiva de un impago en la periferia y la salida de la moneda única común," Revista de Economia Critica, Asociacion de Economia Critica, vol. 11, pages 131-171.
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    Cited by:

    1. Emiliano Brancaccio, 2023. "Centralizzazione del capitale, guerra e pace (Centralization of capital, war and peace)," Moneta e Credito, Economia civile, vol. 76(304), pages 339-356.

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    More about this item

    Keywords

    banking; financial instability; crisis; Eurozone;
    All these keywords.

    JEL classification:

    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • G01 - Financial Economics - - General - - - Financial Crises
    • G2 - Financial Economics - - Financial Institutions and Services
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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