1977: Hopes Fulfilled—Building Democracy in Turbulent Economic Times

Cuevas, Joaquim; Pons, María A.

doi:10.1007/978-3-030-40910-4_6

Cited by 4 publications

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“…The changes in public credit can be explained in terms of the economic and institutional transformations that the country underwent, and a series of measures adopted by successive governments during that period. Changes in public credit were made parallel to the progressive liberalization of the whole national financial system, which affected the entire regulation and operation of private banks, savings banks and the stock market, as the political transition progressed (Malo de Molina and Martín-Aceña 2012; Tortella Casares and García Ruiz 2013; Cuevas and Pons 2020). These measures contributed to the supply of public loanable funds.…”

Section: Ii5mentioning

confidence: 99%

“…This behaviour was influenced by the transformations that took place in the governance of the ICO itself and by the country's political and economic changes. Indeed, the consolidation of the economic transition during the 1980s was accompanied by a political transition triggered by the death of the dictator Franco in 1975, which led to an intense process of political reforms and a marked rise in the population's standard of living (Cuevas and Pons 2020).…”

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The consolidation of public banking in Spain: from the 1970s crisis to the 2008 crisis

Martel

Cuevas

Riera-Prunera

2023

Financial History Review

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This article contributes to the literature analysing the role of public banks in crises. Taking the case of Spain, it analyses the behaviour of the public bank (ICO) between 1971 and 2015, specifically during two crises: the crisis of the 1970s, when Spain was an economically backward country coming out of a dictatorship; and that of 2008–13, by which time it had integrated into the international economy. Public credit underwent sweeping privatization in 1991, which translated into major downsizing. From then on, a gradual process of modernization began, mainly characterized by institutional changes in governance and access to resources. Our results indicate that public and private credit behave differently during recessions. Private credit always remains closely synchronized with the business cycle, but public credit less so.

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confidence: 99%

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confidence: 99%