The Spanish Financial System: Growth and Development Since 1900

01 02 This book examines the changes in the Spanish financial system over the past century, with reference to the broad social, political and economic background of the time. Among other aspects of the financial system, the analysis covers its main reforms, its role in economic development, the interplay with macroeconomic stability, regulation and supervision, internationalization and the complex relationship between competition and financial stability. The book comprises contributions by various specialists with extensive knowledge of the Spanish financial system. It combines historical reflection with contemporary applied analysis in order to explore the system's current challenges and future outlook. Reviewing the Spanish financial system from an historical perspective shows that crises have been a recurrent feature. These were successfully overcome only following considerable efforts by the system's players, with major changes in structure being needed to correct some of the long-latent weaknesses that surfaced during such crises. The financial system emerged stronger from these crises, with the capacity to contribute decisively to the subsequent development and modernization of our economy. These historical experiences are most useful for understanding and setting in context the current restructuring and recapitalization of the Spanish financial system. The book analyses the key elements of this process and the factors that made it necessary, describing the impact of the recent international financial crisis and the measures adopted by the authorities to address the problems that emerged during its different stages. 19 02 Hot topic following the financial crisis A consummate survey of historical developments leading right up to today's key issues and challenges, and to what the future may hold No other book provides a comprehensive chronicle of the subject The foremost Spanish specialists on the subject from both academia and supervisor bodies 13 02 JOSÉ LUIS MALO DE MOLINA Director General for Economics, Statistics and Research at the Banco de España (the Spanish central bank), Spain. He has authored numerous publications on macroeconomics, economic policy, the labor market and the financial system. PABLO MARTIN-ACEÑA Professor of Economic History in the Universidad de Alcala, Spain. He has been Visiting Scholar at the University of Cambridge, UK, Harvard University, USA, and Science Politiques in Paris, France. He has published several books and ar