This book examines the changes in the Spanish financial system over the
past century, with reference to the broad social, political and economic background of the
time.
Among other aspects of the financial system, the analysis covers its main reforms, its
role in economic development, the interplay with macroeconomic stability, regulation and
supervision, internationalization and the complex relationship between competition and
financial stability.
The book comprises contributions by various specialists with extensive knowledge of the
Spanish financial system. It combines historical reflection with contemporary applied
analysis in order to explore the system's current challenges and future outlook.
Reviewing the Spanish financial system from an historical perspective shows that
crises have been a recurrent feature. These were successfully overcome only following
considerable efforts by the system's players, with major changes in structure being needed
to correct some of the long-latent weaknesses that surfaced during such crises. The
financial system emerged stronger from these crises, with the capacity to contribute
decisively to the subsequent development and modernization of our economy.
These historical experiences are most useful for understanding and setting in context the
current restructuring and recapitalization of the Spanish financial system. The book
analyses the key elements of this process and the factors that made it necessary,
describing the impact of the recent international financial crisis and the measures
adopted by the authorities to address the problems that emerged during its different
stages.
JOSÉ LUIS MALO DE MOLINA Director General for Economics, Statistics
and Research at the Banco de Espana (the Spanish central bank), Spain. He has authored
numerous publications on macroeconomics, economic policy, the labor market and the
financial system.
PABLO MARTIN-ACENA Professor of Economic History in the Universidad de
Alcala, Spain. He has been Visiting Scholar at the University of Cambridge, UK, Harvard
University, USA, and Science Politiques in Paris, France. He has published several
books and articles in monetary and financial history.
Table of Contents
Introduction
Spain in the 20th Century: The End of the Exception?; S.Juliá
A Century of the Spanish Economy; G.Tortella & J.L.Garcia Ruiz
The Main Reforms of the Spanish Financial System; M.Á.Pons
The Spanish Banking System from 1900 to 1975; P.Martin-Acena
The Savings Banks: 1900-1975; F.Comín
The Macroeconomic Basis of the Recent Development of the Spanish Financial System;
J.L.Malo de Molina
Banking Supervision and Regulation over the Past 40 Years; R.Poveda
Spanish Securities Markets: Recent Developments and Key Challenges;
F.Restoy & R.S.de la Pena
Integration, Competition and Stability of the Financial System; J.Saurina
The Internationalization of the Spanish Financial System; Á.Berges,
E.Ontiveros & F.J.Valero
The Spanish Financial Industry at the Start of 21st Century: Current Situation and
Future Challenges; X.Vives
464 pages, Hardcover
