Utilizamos cookies propias y de terceros, analizando sus hábitos de navegación en nuestra página web, con la finalidad de garantizar la calidad, seguridad y mejora de los servicios ofrecidos a través de la misma. En los casos en que el usuario no manifieste expresamente si acepta o no la instalación de las cookies, pero continúe utilizando nuestra página web, se entenderá que éste ha dado su consentimiento, informándole expresamente de la posibilidad de bloquear o eliminar las cookies instaladas en su equipo mediante la configuración de las opciones del navegador. Puede obtener más información a este respecto consultando nuestra Política de Cookies Acepto
The BBVA Foundation publishes a study comparing and drawing lessons from the two major economic crises that have taken place since the beginning of the 20th century
The study, edited by Professor Pablo Martín-Aceña, examines the origins and global reach of both recessions, as well as their impact on Spain

Are we on the threshold of another Great Depression? What is being done now that was not done then? Have we made and are we repeating the same mistakes that led to the worst crisis in modern capitalism? These are just some of the questions raised in the study Pasado y presente. De la Gran Depresión del siglo XX a la Gran Recesión del siglo XXI, published by the BBVA Foundation and edited by Professor Pablo Martín-Aceña from the University of Alcalá. The Ivie was also involved in the preparation of this work.

As pointed out by Martín-Aceña, "we are raising these questions because we want to avoid a recurrence of events that bring to mind harsh images of mass unemployment, factories and equipment brought to a standstill, despair and social conflicts". To this end, the book contains ten essays by economic historians and economists, analyzing the two major economic crises that have taken place since the beginning of the 20th century from a double perspective: their origins and global scope, and their impact on Spain. In particular, the publication focuses on the importance of macro financial imbalances, which are found to be at the root of both crises, as well as the role played by the financial sector and monetary policy in their development.

The economic historians who participated in this work with Professor Martín-Aceña are: Michael D. Bordo (Rutgers University), Harold James (Princeton University) and Jordi Palafox (University of Valencia). The economists who took part in this study are: Javier Andrés (University of Valencia), Óscar Arce (Comisión Nacional del Mercado de Valores), José Manuel González Páramo (European Central Bank), Norman Loayza (World Bank), José Luis Malo de Molina (Bank of Spain) and Vincent R. Reinhart (The American Enterprise Institute). Ivie researcher and professor of the University of Valencia Joaquin Maudos and the research director of the Institute and professor of the University of Valencia Francisco Pérez are also authors of this book.

This study is the first of its kind to be published in Spain, and also at an international level in terms of how the global crisis is explored and the in-depth look at the current problems facing the Spanish economy.

Further information:

- Press release (in Spanish)
- Book Google Books