Lending Calling. Recession by over-indebtedness: Description and specific features of the Spanish case
| Autor: | Bibiana Medialdea García, Antonio Sanabria Martín |
|---|---|
| Rok vydání: | 2016 |
| Předmět: |
Macroeconomics
media_common.quotation_subject Financial fragility over-indebtedness Recession Boom Debt 0502 economics and business Economics External financing 050207 economics Economic bubble media_common deleveraging Crisis económicas lcsh:Economic theory. Demography Macroeconomía 05 social sciences Finanzas lcsh:HB1-3840 Spain 050211 marketing recession General Economics Econometrics and Finance Global recession Deleveraging |
| Zdroj: | E-Prints Complutense: Archivo Institucional de la UCM Universidad Complutense de Madrid E-Prints Complutense. Archivo Institucional de la UCM instname Panoeconomicus, Vol 63, Iss 2, Pp 195-210 (2016) |
| ISSN: | 2217-2386 1452-595X |
| DOI: | 10.2298/pan1602195m |
| Popis: | 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. |
| Databáze: | OpenAIRE |
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