The phenomenon of the global imbalances is one of the causes of the current financial and economic crisis. The financial flows associated to these imbalances are in the origin of the generalized crisis in the international financial markets, which are incapable to absorb efficiently these huge...

Introduction

The objective of this report is to provide a general overview of the process of transformation and development of the financial system in Spain that has taken place since the decade of the seventies in the past century. The report shows the main distinctive features of the financialisation...

Opposite to mainstream economics, (post-) Keynesian economics has defended the need of a discretionary fiscal policy that helps to maintain economic activity at a full employment level, offsetting the cyclical deviations from that level of output. In this sense, it is implicitly assumed that any...

The paper analyses the mistakes made in the management of the fiscal policy in Spain before the crisis. The authors argue that the low size of the public expenditures, the adoption of a procyclical expansionary fiscal policy the years before the crisis, and the lack of a correct coordination...

En un sistema de reparto las pensiones del periodo se financian con las cotizaciones del mismo período, de tal forma que las pensiones de los cotizantes de hoy se pagarán con las aportaciones de los futuros trabajadores. La transición por lo tanto, supone que quienes hoy estamos cotizando...

During the last decades, Latin American economies have liberalized their capital accounts and their domestic capital markets and banking-financial sectors to accelerate economic growth. It was taken for granted that Latin American countries suffered from a deep scarcity of capital and an...