Banking, Currency, Stock Market and Debt Crises in Spain, 1950-1995
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Banking, Currency, Stock Market and Debt Crises in Spain, 1950-1995Directors
Date
2018Citation
J. Carles Maixé-Altés & Emma M. Iglesias (2018) Banking, currency, stock market and debt crises in Spain, 1850–1995, Applied Economics, 50:18, 2056-2069, DOI: 10.1080/00036846.2017.1386280
Abstract
[Abstract]: What type of crisis is generated when debt increases? We extend the literature by framework by introducing currency and stock market crises in the analysis. We apply our proposal to the case of Spain, since this is a country that has experienced a very important amount of financial crises from the nineteenth century onwards. We find the same results as the previous literature for the determinants of banking and debt crises but substituting external and public debt with perpetual debt and where perpetual debt has a less important role than crises in the private sector. Moreover, we find evidence in favour of the hypothesis that currency crises depend strongly and positively on financial centre crises and negatively and mildly on perpetual debt. We justify the negative relalionship due to an inflation tax. We also find evidence in favour of the hypothesis that stock market crises depend only positively and strongly on financial centre crises.
Keywords
Banking crises
Currency crises
Stock market crises
Debt crises
Crises bancarias
Crises monetarias
Crises bursátiles
Crises de débeda
Currency crises
Stock market crises
Debt crises
Crises bancarias
Crises monetarias
Crises bursátiles
Crises de débeda
Editor version
ISSN
003-6846
1466-4283
1466-4283
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