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Financialisation and the economic crisis in Spain

In: Financialisation and the Financial and Economic Crises

Author

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  • Jesús Ferreiro
  • Catalina Gálvez
  • Ana González

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.

Suggested Citation

  • Jesús Ferreiro & Catalina Gálvez & Ana González, 2016. "Financialisation and the economic crisis in Spain," Chapters, in: Eckhard Hein & Daniel Detzer & Nina Dodig (ed.), Financialisation and the Financial and Economic Crises, chapter 4, pages 89-113, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16808_4
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    Citations

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    Cited by:

    1. Eckhard Hein & Judith Martschin, 2021. "Demand and growth regimes in finance-dominated capitalism and the role of the macroeconomic policy regime: a post-Keynesian comparative study on France, Germany, Italy and Spain before and after the G," Review of Evolutionary Political Economy, Springer, vol. 2(3), pages 493-527, December.
    2. Hein, Eckhard, 2017. "Financialisation and tendencies towards stagnation: The role of macroeconomic regime changes in the course of and after the financial and economic crisis 2007-9," IPE Working Papers 90/2017, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    3. Mateo Tomé, Juan Pablo & Nieto Fernández, Maximiliano Francisco, 2021. "Profit rates and assets-price inflation in the Spanish economy," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., vol. 30(4), pages 1-21.
    4. Eckhard Hein & Petra Dünhaupt & Ayoze Alfageme & Marta Kulesza, 2017. "Financialisation and distribution in three main Eurozone countries from a Kaleckian perspective: France, Germany and Spain compared – before and after the crisis," Working Papers 8/17, Sapienza University of Rome, DISS.
    5. Hein, Eckhard & Dünhaupt, Petra & Alfageme, Ayoze & Kulesza, Marta, 2017. "Financialisation and distribution in the US, the UK, Spain, Germany, Sweden and France: Before and after the crisis," IPE Working Papers 85/2017, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    6. Juan Rafael Ruiz & Patricia Stupariu & Ángel Vilariño, 2024. "The weakest links in the crisis of the Spanish Savings Banks," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(1), pages 654-664, January.
    7. Hein, Eckhard, 2018. "Inequality and growth: Marxian and post-Keynesian/Kaleckian perspectives on distribution and growth regimes before and after the Great Recession," IPE Working Papers 96/2018, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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    Keywords

    Economics and Finance;

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