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Please use this identifier to cite or link to this item: https://hdl.handle.net/2445/210411
The consolidation of public banking in Spain: from the 1970s crisis to the 2008 crisis
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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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BLASCO-MARTEL, Yolanda, CUEVAS, Joaquín and RIERA I PRUNERA, Maria Carme. The consolidation of public banking in Spain: from the 1970s crisis to the 2008 crisis. Financial History Review. 2023. Vol. 30, num. 1, pags. 1-28. ISSN 0968-5650. [consulted: 5 of October of 2026]. Available at: https://hdl.handle.net/2445/210411