150 Years of Financial Regulation in Spain.What Can We Learn?
- Pablo Martín-Aceña
- Maria A. Pons
- Concepción Betrán
ISSN: 0391-5115
Año de publicación: 2014
Volumen: 43
Número: 1
Páginas: 35-81
Tipo: Artículo
Otras publicaciones en: Journal of European Economic History
Resumen
This paper explores the changes effected in the Spanish regulatory regimes over the last 150 years, and asks what have been the forces driving the regulatory reforms. A study of the Spanish experience reveals that there was relatively little statutory legislation until 1914 and for a long time there was no reaction to crises. In contrast, regulations have been altered on numerous occasions in the twentieth century. The paper also shows that the regulatory process has been the result of the interplay between economic as well as political economy forces. Moreover, and despite some idiosyncratic features, the Spanish regulatory history is similar to that of other European nations
Información de financiación
The authors are grateful to Alfredo Gigliobianco and Gianni Toniolo for their useful comments on an earlier version, and to all the participants of the Conference “Financial market regulation after financial crises: the historical experience, organized by Banca d´Italia (April 2009). We also wish to thank participants at the Financial History Seminar of the University of Cambridge (2011) and the European Historical Economics Society conference (Dublin, 2-3 September, 2011) for the encouragement and insights we received from them. José Luis Malo de Molina, Jaime Reis and Jesús Saurina also gave us excellent recommendations that have served to improve this paper. However, the views expressed herein are those of the authors alone. This paper has received financial support from the Spanish Ministry of Science and Innovation. Project ECO2009-08791: Financial crises. Past, present and future. Spain and the International economy. What have we learned?Financiadores
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Ministerio de Ciencia e Innovación
Spain
- ECO2009-08791