Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis
ABSTRACT 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...
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| Format: | Article |
| Language: | English |
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Editora 34
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| Series: | Brazilian Journal of Political Economy |
| Subjects: | |
| Online Access: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572018000200304&lng=en&tlng=en |
| _version_ | 1819063866190987264 |
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| author | ESTEBAN PÉREZ CALDENTEY MATÍAS VERNENGO |
| author_facet | ESTEBAN PÉREZ CALDENTEY MATÍAS VERNENGO |
| author_sort | ESTEBAN PÉREZ CALDENTEY |
| collection | DOAJ |
| description | ABSTRACT 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. |
| first_indexed | 2024-12-21T15:21:29Z |
| format | Article |
| id | doaj.art-e32d43513e744f6784c1a5cbe2a4e837 |
| institution | Directory Open Access Journal |
| issn | 1809-4538 |
| language | English |
| last_indexed | 2024-12-21T15:21:29Z |
| publisher | Editora 34 |
| record_format | Article |
| series | Brazilian Journal of Political Economy |
| spelling | doaj.art-e32d43513e744f6784c1a5cbe2a4e8372022-12-21T18:59:02ZengEditora 34Brazilian Journal of Political Economy1809-453838230432310.1590/0101-31572018v38n02a05S0101-31572018000200304Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisisESTEBAN PÉREZ CALDENTEYMATÍAS VERNENGOABSTRACT 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.http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572018000200304&lng=en&tlng=enEuromacroeconomic crisisSpain |
| spellingShingle | ESTEBAN PÉREZ CALDENTEY MATÍAS VERNENGO Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis Brazilian Journal of Political Economy Euro macroeconomic crisis Spain |
| title | 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_short | 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 |
| topic | Euro macroeconomic crisis Spain |
| url | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572018000200304&lng=en&tlng=en |
| work_keys_str_mv | AT estebanperezcaldentey integrationspuriousconvergenceandfinancialfragilityapostkeynesianinterpretationofthespanishcrisis AT matiasvernengo integrationspuriousconvergenceandfinancialfragilityapostkeynesianinterpretationofthespanishcrisis |