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Author: Jihad Dagher Publisher: International Monetary Fund ISBN: 1484337743 Category : Business & Economics Languages : en Pages : 89
Book Description
Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
Author: Jihad Dagher Publisher: International Monetary Fund ISBN: 1484337743 Category : Business & Economics Languages : en Pages : 89
Book Description
Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1475504233 Category : Business & Economics Languages : en Pages : 77
Book Description
This report summarizes the findings of the Financial Sector Assessment Program (FSAP) Update for Spain. Although there is a core of strong banks that are well managed and appear resilient to further shocks, vulnerabilities remain. Substantial progress has been made in reforming the former savings banks, and the most vulnerable institutions have either been resolved or are being restructured. Recent measures address the most problematic part of banks’ portfolios. Moving ahead, a further restructuring and recapitalization of some of the remaining weaker banks may be needed as a result of deteriorating economic conditions.
Author: Diego Muro Publisher: ISBN: 0198826931 Category : Political Science Languages : en Pages : 765
Book Description
"Oxford Handbooks offer authoritative and up-to-date surveys of original research in a particular subject area. Specially commissioned essays from leading figures in the discipline give critical examinations of the progress and direction of debates, as well as a foundation for future research. Oxford Handbooks provide scholars and graduate students with compelling new perspectives upon a wide range of subjects in the humanities, social sciences, and sciences"--
Author: Luis Buendía Publisher: Routledge ISBN: 1351394894 Category : Business & Economics Languages : en Pages : 160
Book Description
The so-called ‘Spanish miracle’, beginning in the mid-1990s, eventually became a nightmare for the majority of the population, culminating in the present-day economic and political crisis. This book explores the main features of the Spanish political-economic model during both the growth and crisis periods. Analyzing the causes and consequences of the continuing economic crisis in Spain, this book delves into five analytical axes: the evolution of the growth model; the role of Spain in the international division of labor; the financial sector and its influence on the rest of the economy; changes in the labor market; and the distributional consequences of both the expansive phase and the later crisis. Furthermore, contributors examine the formation of a triangle of actors (the government sector, building sector, and financial capital) that shaped the Spanish growth model, together with the effects of Spain’s membership in the Economic and Monetary Union. Also considering ecological problems, gender issues, and the immigration question, this book challenges the alleged recovery of living conditions during recent years, as well as the explanation of the crisis as the result of irrational behaviors or the greedy nature of certain actors. The Political Economy of Contemporary Spain provides a coherent explanation of the Spanish economic crisis based on a pluralistic approach, while proposing several measures that could contribute to a transformation of Spain’s economic and social models.
Author: Sebastián Royo Publisher: Springer Nature ISBN: 1137532289 Category : Science Languages : en Pages : 362
Book Description
This book examines the political roots of banking crises in Spain. It focuses on the process of political bargains in which parties with different interests come together to form coalitions, and it shows how these coalitions have determined banking outcomes and caused banking crises in Spain. In particular, it analyzes the 2008 Spanish banking crisis and shows how Spanish banks and related savings institutions contributed significantly to the challenges that led to the crisis, including the fueling of a large property bubble – by channeling tremendous credits to the construction and real estate sectors, while starving the country’s productive sectors. Accordingly, the book links banking crises to the country’s larger institutional malaise, placing the solution not only in the hands of the banks, but also the political institutions that influence them.
Author: Juan Pablo Mateo Tomé Publisher: Springer Nature ISBN: 303027084X Category : Political Science Languages : en Pages : 334
Book Description
This book has a dual purpose. First, it analyses the concept of economic crises within economic theory, showing the various theoretical foundations and controversies amongst different schools of economic thought. Second, it presents an empirical analysis of the Great Recession in Spain, addressing the growth period of 1995 to 2007-08, the subsequent depression until 2013-14 and the recovery that followed. It also shows the way in which the inner contradictions of capital manifests itself in an European peripheral economy under a real estate bubble, emphasizing the role of the Spanish economy in European capitalism. This theoretical and empirical heterodox approach will be of interest to students and scholars in political economy, and those with an interest in the Eurozone.
Author: Sonja Zmerli Publisher: ECPR Press ISBN: 1907301585 Category : Political Science Languages : en Pages : 240
Book Description
This book, by Sonja Zmerli and Marc Hooghe, presents cutting-edge empirical research on political trust as a relational concept. From a European comparative perspective it addresses a broad range of contested issues. Can political trust be conceived as a one-dimensional concept and to what extent do international population surveys warrant the culturally equivalent measurement of political trust across European societies? Is there indeed an observable general trend of declining levels of political trust? What are the individual, societal and political prerequisites of political trust and how do they translate into trustful attitudes? Why do so many Eastern European citizens still distrust their political institutions and how does the implementation of welfare state policies both enhance and benefit from political trust? The comprehensive empirical evidence presented in this book by leading scholars provides valuable insights into the relational aspects of political trust and will certainly stimulate future research. This book features: a state-of-the-art European perspective on political trust; an analysis of the most recent trends with regard to the development of political trust; a comparison of traditional and emerging democracies in Europe; the consequences of political trust on political stability and the welfare state; a counterbalance to the gloomy American picture of declining political trust levels.
Author: Diego Ayala Publisher: Taylor & Francis ISBN: 1003823203 Category : Business & Economics Languages : en Pages : 239
Book Description
In the 1950s and 1960s, Spain underwent one of the most rapid processes of economic development the world had ever seen. Most existing analyses of this process explain the “Spanish Miracle” as a product of the unleashing of market forces and of changes in economic policy made by the Franco regime in the 1950s. Political Economy of the Spanish Miracle provides an alternative explanation of Spanish economic development, analyzing the Miracle from an interdisciplinary political economy perspective that treats capitalist growth as a complex and dynamic interaction between capitalists, workers and the state. The Spanish Miracle is linked to changes in Spanish society produced by the Spanish Civil War, to the class structure of the regime brought to power by that Civil War and to the interaction between domestic social struggles under the Franco regime and Spain’s insertion into the international political economy of the Cold War capitalist world. Ambitious in scope, Political Economy of the Spanish Miracle both revises conventional understandings of Spanish economic growth and situates Spain within comparative discussions of development in the twentieth century. This book will be of great interest to readers in political economy, economic sociology, historical sociology and Spanish and European history more broadly.
Author: Charles W. Calomiris Publisher: Princeton University Press ISBN: 0691168350 Category : Business & Economics Languages : en Pages : 584
Book Description
Why stable banking systems are so rare Why are banking systems unstable in so many countries—but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households. Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, Fragile by Design demonstrates that chronic banking crises and scarce credit are not accidents. Calomiris and Haber combine political history and economics to examine how coalitions of politicians, bankers, and other interest groups form, why they endure, and how they generate policies that determine who gets to be a banker, who has access to credit, and who pays for bank bailouts and rescues. Fragile by Design is a revealing exploration of the ways that politics inevitably intrudes into bank regulation.
Author: Jihad Dagher
Author: Jihad Dagher
Author: International Monetary Fund
Author: Diego Muro
Author: Marc Buggeln
Author: Luis Buendía
Author: Sebastián Royo
Author: Juan Pablo Mateo Tomé
Author: Sonja Zmerli
Author: Diego Ayala
Author: Charles W. Calomiris