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Market-Based Banking and the International Financial Crisis$
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Iain Hardie and David Howarth

Print publication date: 2013

Print ISBN-13: 9780199662289

Published to Oxford Scholarship Online: September 2013

DOI: 10.1093/acprof:oso/9780199662289.001.0001

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

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

Chapter:
(p.151) 7 A ‘Ship in Trouble’: The Spanish Banking System and the International Financial Crisis1
Source:
Market-Based Banking and the International Financial Crisis
Author(s):

Sebastián Royo

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199662289.003.0007

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

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