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TWO GREAT BANKING CRISES AND THEIR ECONOMIC IMPACT COMPARED: SPAIN 1976/1977 AND 2008
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TWO GREAT BANKING CRISES AND THEIR ECONOMIC IMPACT COMPARED: SPAIN 1976/1977 AND 2008
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Journal Article
TWO GREAT BANKING CRISES AND THEIR ECONOMIC IMPACT COMPARED: SPAIN 1976/1977 AND 2008
2017
Overview
The 1976/1977 crisis was the most severe in Spanish history, but the losses associated with the 2008 crisis are huge. This paper compares these two great banking crises and identifies the main parallels and differences between them. Is the current crisis as severe as that of 1976? What is the impact on the banking and financial sectors? We show that the 1976 crisis is being surpassed by the 2008 crisis in terms of the decline in GDP, industrial production and unemployment, and that these two events have had at least a similar impact in terms of output gap and output loss. Finally, the financial impact measured by different financial indicators confirms the greater severity of the 2008 crisis. La crisis de 1976/77 fue la más severa de la historia en España, pero las pérdidas asociadas a la crisis de 2008 han sido también enormes. Este trabajo compara las dos grandes crisis bancarias e identifica los principales paralelismos y diferencias entre ambas. ¿Es la crisis actual tan severa como la de 1976? ¿Cuál ha sido su impacto en la banca y en el sector financiero? El trabajo muestra que la crisis de 1976 se ha visto sobrepasada por la de 2008 en términos de caída en el PIB, producción industrial y empleo, y que estos dos acontecimientos han tenido al menos un impacto similar en términos de output loss y output gap. Finalmente, el impacto financiero medido a través de diferentes indicadores confirma la mayor severidad de la crisis de 2008.
Publisher
Cambridge University Press
Subject
