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...
| Authors: | , |
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| Format: | article |
| Status: | Published version |
| Publication Date: | 2018 |
| Country: | Brasil |
| Institution: | EDITORA 34 |
| Repository: | Revista de Economia Política |
| Language: | English |
| OAI Identifier: | oai:ojs2.centrodeeconomiapolitica.org:article/70 |
| Online Access: | https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/70 |
| Access Level: | Open access |
| Keyword: | Euro crise macroeconômica Espanha macroeconomic crisis Spain |
| Summary: | 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. |
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