Publication: La crisis de las cajas de ahorros en España: un nuevo episodio de inestabilidad financiera
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2018-01-30
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Universidad Complutense de Madrid
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Abstract
En menos de una década, el sector de las cajas de ahorros ha pasado de ser considerado como un pilar explicativo del desarrollo económico español y ser presentado como un modelo original, exitoso y alternativo a la banca privada, a personificar uno de los mayores rescates financieros internacionales de la historia. La presente tesis nace de la pretensión de comprender las causas de esta desventura que ha terminado con entidades centenarias, consideradas por muchos una anomalía dentro de la economía de mercado. Para ello llevamos a cabo el análisis de la crisis desde una perspectiva minskyana donde planteamos como objetivos: a) mostrar las claves del aumento de inestabilidad en el sistema financiero español, b) comparar los distintos comportamientos dentro de los dos grandes grupos en que se divide el sistema financiero (cajas y bancos), c) encontrar patrones de crecimiento a nivel de cada caja que sirvan para explicar los resultados de cada entidad y, en base a este análisis, estudiar la idoneidad del proceso de fusiones de las cajas y d) evaluar los retos y carencias de los principales cambios regulatorios en este proceso. Entre los resultados más relevantes destacan los distintos patrones de acumulación de riesgos observables durante la etapa de crecimiento tanto en cajas de ahorros como en bancos, una descripción minuciosa de las carencias regulatorias al contexto de burbuja inmobiliaria y los diferentes comportamientos de cada una de las cajas durante la etapa expansiva previa a la crisis que explican en gran medida el resultado final...
In less than a decade, the Spanish savings banks have gone from being hailed as one of the cornerstones of Spanish economic development and a paradigm of an original and successful alternative to private banking, to embodying one of the largest financial bail-outs in history. This dissertation stems from the desire to understand the causes behind this demise, that put an end to many long-standing institutions thought of by many as an anomaly within the market economy. To this extent, we analyse the crisis from a Minskyan perspective where we set forth as our goals: a) to identify the key developments that explain the building up of risk in the Spanish financial system before the crisis and b) to compare the savings banks behaviour to that of commercial banks c) to identify the patterns that characterize the growth of the savings banks, at the individual level, and analyse the adequacy of the post-crisis mergers between the savings banks d) to evaluate the main challenges faced by regulators during this process and their response to the growing housing bubble during the decade before the crisis The main results of the research encompass the identification of the growth strategies followed by the commercial and savings banks in the decade before the crisis, a detailed description of the regulatory failures in the context of an expanding housing bubble and the identification of distinct growth patterns in each savings bank that explain, to a large extent, the fate of each entity...
In less than a decade, the Spanish savings banks have gone from being hailed as one of the cornerstones of Spanish economic development and a paradigm of an original and successful alternative to private banking, to embodying one of the largest financial bail-outs in history. This dissertation stems from the desire to understand the causes behind this demise, that put an end to many long-standing institutions thought of by many as an anomaly within the market economy. To this extent, we analyse the crisis from a Minskyan perspective where we set forth as our goals: a) to identify the key developments that explain the building up of risk in the Spanish financial system before the crisis and b) to compare the savings banks behaviour to that of commercial banks c) to identify the patterns that characterize the growth of the savings banks, at the individual level, and analyse the adequacy of the post-crisis mergers between the savings banks d) to evaluate the main challenges faced by regulators during this process and their response to the growing housing bubble during the decade before the crisis The main results of the research encompass the identification of the growth strategies followed by the commercial and savings banks in the decade before the crisis, a detailed description of the regulatory failures in the context of an expanding housing bubble and the identification of distinct growth patterns in each savings bank that explain, to a large extent, the fate of each entity...
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Departamento de Economía Aplicada I, leída el 25-10-2016