Governance: An international journal of policy, administration and institutions

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The Spanish paradox: Lessons from the Spanish financial system’s resilience in the global economic crisis

By Jane Whitehead.  As the European Commission (EC) approves the Spanish government’s proposals to restructure four struggling banks, with the aid of a €40 billion loan from the eurozone’s emergency bailout fund, it might seem counter-intuitive to look to the Spanish financial sector for examples of good practice.

In fact, Spain’s largest financial institutions showed striking resilience in the initial phase of the crisis, from 2008-2010, argues Sebastian Royo, Professor in the Department of Government and Associate Dean of the College of Arts and Sciences at Suffolk University.  Royo’s article “How did the Spanish financial system survive the first stage of the global crisis?” has just been published by Governance.  Royo also analyzes the country’s rapid reversal of fortune after 2010, when worsening economic conditions, the implosion of the real estate bubble and weaknesses in the regulatory framework brought Spain’s financial institutions to the brink of collapse. Read the rest of this entry »

Written by governancejournal

November 28, 2012 at 8:21 pm

Posted in Profiles


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