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Lending Calling. Recession by Over-Indebtedness: Description and Specific Features of the Spanish Case

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Sanabria Martín, Antonio and Medialdea García, Bibiana (2016) Lending Calling. Recession by Over-Indebtedness: Description and Specific Features of the Spanish Case. Panoeconomicus, 63 (2). pp. 195-201. ISSN 1452-595X

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Official URL: https://doi.org/10.2298/PAN1602195M



Abstract

Following the approaches of Fisher, Koo, and in particular Minsky, this article describes recent developments in the Spanish economy. These authors’ theories of financial fragility, and the extension of analysis of the recession to also include the expansionary period, are very useful when it comes to understanding the boom (1994-2008) and subsequent collapse of the Spanish economy. Both processes are part of the same phenomenon: the binomial relation between debt and the asset bubble, amplified by the use of external financing, and the subsequent process of slow deleveraging. Alongside said analytical elements, and considering Spain’s membership in the Eurozone monetary union system, this characterisation of the euphoria and subsequent balance-sheet recession further identifies specific features of the Spanish economy that informed current outcomes.


Item Type:Article
Uncontrolled Keywords:Over-indebtedness; Recession; Deleveraging; Spain; Finance
Subjects:Social sciences > Economics > Depressions
Social sciences > Economics > Finance
Social sciences > Economics > Macroeconomics
JEL:E6, F4, F5
ID Code:55195
Deposited On:08 May 2019 07:55
Last Modified:13 May 2019 10:46

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