This paper defines the special characteristics of the financial cycle of Spain during the period 1995-2016 and investigates to what extend the stability of the banking system attenuates or exacerbates the financial cycle. The findings of these two empirical analyses highlight that the financial...

We document the twin crisis that affected Spain in the mid-1860s. First, we trace back its origins to the international crisis of 1864-66. Next, we describe the particular banking sector of Spain, characterized by the coexistence of the Bank of Spain with multiple local banks of issue. We...