Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis

The Spanish Crisis is generally portrayed as resulting from excessive spending by households associated to a housing bubble and/or an excessive welfare spending beyond the economic possibilities of the country. We put forward a different hypothesis. We argue that the Spanish crisis resulted, in the...

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Detalles Bibliográficos
Autores: Pérez Caldentey, Estaban, Vernengo, Matias
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2018
País:Brasil
Institución:EDITORA 34
Repositorio:Revista de Economia Política
Idioma:inglés
OAI Identifier:oai:ojs2.centrodeeconomiapolitica.org:article/70
Acceso en línea:https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/70
Access Level:acceso abierto
Palabra clave:Euro
crise macroeconômica
Espanha
macroeconomic crisis
Spain
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spelling Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisisIntegração, convergência espúria e fragilidade financeira: uma interpretação pós-Keynesiana da crise espanholaEurocrise macroeconômicaEspanhaEuromacroeconomic crisisSpainThe Spanish Crisis is generally portrayed as resulting from excessive spending by households associated to a housing bubble and/or an excessive welfare spending beyond the economic possibilities of the country. We put forward a different hypothesis. We argue that the Spanish crisis resulted, in the main, from a widening deficit position in the non-financial corporate sector and a declining trend in profitability under a regime of financial liberalization and loose and unregulated lending practices.  JEL Classification: F33; F45; O52.A crise espanhola é geralmente retratada como resultado de gastos excessivos por famílias associadas a uma bolha imobiliária e/ou a um gasto excessivo de assistência social além das possibilidades econômicas do país. Apresentamos uma hipótese diferente. Argumentamos que a crise espanhola resultou, no essencial, de uma posição de déficit crescente no setor corporativo não financeiro e de uma tendência decrescente de rentabilidade sob um regime de liberalização financeira e práticas de empréstimos soltas e não regulamentadas.  Classificação JEL: F33; F45; O52.Center of Political Economy2018-04-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/7010.1590/0101-31572018v38n02a05Brazilian Journal of Political Economy; Vol. 38 No. 2 (2018): Apr-Jun / 2018; 304-323Brazilian Journal of Political Economy; v. 38 n. 2 (2018): Abr-Jun / 2018; 304-3231809-45380101-3157reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_34enghttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/70/63info:eu-repo/semantics/openAccessPérez Caldentey, EstabanVernengo, Matias2020-10-13T17:33:34Zoai:ojs2.centrodeeconomiapolitica.org:article/70Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2020-10-13T17:33:34Revista de Economia Política - EDITORA 34false
dc.title.none.fl_str_mv Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis
Integração, convergência espúria e fragilidade financeira: uma interpretação pós-Keynesiana da crise espanhola
title Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis
spellingShingle Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis
Pérez Caldentey, Estaban
Euro
crise macroeconômica
Espanha
Euro
macroeconomic crisis
Spain
title_short Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis
title_full Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis
title_fullStr Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis
title_full_unstemmed Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis
title_sort Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis
dc.creator.none.fl_str_mv Pérez Caldentey, Estaban
Vernengo, Matias
author Pérez Caldentey, Estaban
author_facet Pérez Caldentey, Estaban
Vernengo, Matias
author_role author
author2 Vernengo, Matias
author2_role author
dc.subject.por.fl_str_mv Euro
crise macroeconômica
Espanha
Euro
macroeconomic crisis
Spain
topic Euro
crise macroeconômica
Espanha
Euro
macroeconomic crisis
Spain
description The Spanish Crisis is generally portrayed as resulting from excessive spending by households associated to a housing bubble and/or an excessive welfare spending beyond the economic possibilities of the country. We put forward a different hypothesis. We argue that the Spanish crisis resulted, in the main, from a widening deficit position in the non-financial corporate sector and a declining trend in profitability under a regime of financial liberalization and loose and unregulated lending practices.  JEL Classification: F33; F45; O52.
publishDate 2018
dc.date.none.fl_str_mv 2018-04-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/70
10.1590/0101-31572018v38n02a05
url https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/70
identifier_str_mv 10.1590/0101-31572018v38n02a05
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/70/63
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Center of Political Economy
publisher.none.fl_str_mv Center of Political Economy
dc.source.none.fl_str_mv Brazilian Journal of Political Economy; Vol. 38 No. 2 (2018): Apr-Jun / 2018; 304-323
Brazilian Journal of Political Economy; v. 38 n. 2 (2018): Abr-Jun / 2018; 304-323
1809-4538
0101-3157
reponame:Revista de Economia Política
instname:EDITORA 34
instacron:EDITORA_34
instname_str EDITORA 34
instacron_str EDITORA_34
institution EDITORA_34
reponame_str Revista de Economia Política
collection Revista de Economia Política
repository.name.fl_str_mv Revista de Economia Política - EDITORA 34
repository.mail.fl_str_mv ||cecilia.heise@bjpe.org.br
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score 15,301603

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