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Patterns in Spanish Stock Market Crises, 1850-1936 Joaquim ...

Patterns in Spanish Stock Market Crises, 1850-1936 Joaquim ...

Patterns in Spanish Stock Market Crises, 1850-1936 Joaquim

Patterns in Spanish Stock Market Crises, 1850-1936 Joaquim Cuevas, University of Valencia Abstract Spanish stock exchanges have had price indexes since 1850, making it possible to identify the major crises throughout their history. This paper presents stock market crises in Spain up to 1936 on an aggregate basis, providing a general pattern of behaviour in relation to the economic cycle. The link between bank and stock market crises and the existence of investment booms beforehand are traits shared by most European stock market crises in the nineteenth century and to a lesser extent in the post- 1914 period. In addition to these patterns, we propose an explanatory hypothesis regarding the influence of the international integration of the Spanish economy on the degree of contagion and correlation with major international financial crises. Conference draft FINANCIAL CRISES IN A HISTORICAL AND COMPARATIVE PERSPECTIVE. SPAIN AND THE INTERNATIONAL ECONOMY Fundación Ramón Areces. Madrid: 23-24 February, 2012

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