Spanish Banking in the Inter‐War Period

Pablo Martín‐Aceña

in Banking, Currency, and Finance in Europe Between the Wars

Published in print September 1995 | ISBN: 9780198288039
Published online November 2003 | e-ISBN: 9780191596230 | DOI:
 Spanish Banking in the Inter‐War Period

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During the inter‐war years, the Spanish financial system evolved from unit to branch banking, with an increase in the size and sphere of influence of the big banks, and a higher degree of concentration. The system became more diverse and also more involved in the financing of industry. The Bank of Spain was forced to accept its role as the central bank and to function more as a lender‐of‐last‐resort than as an independent institution, though it did so reluctantly and its performance was not always adequate. The relationship between the banks and the state expanded, with the mixed banks playing a crucial role in the financing of the public deficit. Overall, the system in Spain showed greater stability than many others in Europe.

Keywords: banks; branch banking; central bank; concentration; industry; lender‐of‐last‐resort; public deficit; Spain; stability; state

Chapter.  9895 words. 

Subjects: Macroeconomics and Monetary Economics

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