Chapter

A ‘Ship in Trouble’: The Spanish Banking System and the International Financial Crisis<sup>1</sup>

Sebastián Royo

in Market-Based Banking and the International Financial Crisis

Published in print August 2013 | ISBN: 9780199662289
Published online September 2013 | e-ISBN: 9780191749209 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199662289.003.0007
A ‘Ship in Trouble’: The Spanish Banking System and the International Financial Crisis1

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This chapter examines changes in Spain’s national financial system and the extent to which it has been affected by the international financial crisis of the late 2000s, as well as the responses to the crisis from the government and the Bank of Spain. It analyses the reasons that explain how and why the Spanish financial system responded to the crisis the way that it did, and outlines some lessons from the Spanish experience. It argues that a key feature of market-based banking, namely the degree of ‘financialization’ of the Spanish financial system, is instrumental in understanding the impact of the financial crisis.

Keywords: Spain; cajas; banking crisis; Spanish financial crisis; financialization; financial regulation; market-based banking; Bank of Spain; Euro crisis

Chapter.  12574 words.  Illustrated.

Subjects: Financial Markets

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