Financial Crises In Spain: Lessons From The Last 150 Years

The financial disturbances that originated in the US in the second half of 2007 are the latest in a series of episodes in various regions of the world in recent years. However, financial crises are not unique to current financial systems, history being full of banking and exchange rate crises. Are crises alike? Do they share similar features or, on the contrary, are they strikingly distinct? Have they become more frequent, longer-lasting and more severe since the 20th century? Are we now living in a more vulnerable financial world? What does history tell us when comparing past and present crises? This paper chooses to address some of these questions for the case of Spain. The objective of this paper is to study the financial crises that have occurred in Spain over the last 150 years. Data are revised and different indicators constructed to identify financial crises. We consider all types of crises, namely currency, banking, stock market and debt crises and all their possible combinations, estimate their frequency by period and measure their length and depth. The Spanish case is compared to the results obtained for multi-country analyses in order to test whether the general conclusions obtained in those papers hold for one sole country. Finally, we perform an analysis of the main financial crises in order to establish hypotheses that could be tested in future research.financial crises, currency, banking, stock market and debt crises, Spanish banking history.

Elite Politics in the States: A Study of Bahawalpur Muslim League (1925-1947)

Historically, geographically and politically, the former princely state of Bahawalpur has remained a unique administrative unit for about 227 years in the Indian Sub- Continent. It had not been only a vital part of the Sub-Continent as a prosperous and welfare state, but it also possessed a separate glorious history. At the time of partition of the Sub-Continent in 1947, it was enjoying the status of a sovereign State. It affiliated with the new born country of Pakistan in October, 1947. In 1951, it was given provincial autonomy and in 1955, when One-Unit came into existence, the State with its provincial autonomy was merged and dissolved into West Pakistan. In the 20th century the impact of political movements had been tremendous and this factor also influenced Bahawalpur State and the semi-political parties interacted politically with the local public. When the resolution of Pakistan was passed in Lahore on 23 March, 1940, the rising awareness of independence was quite evident among the Muslims of the Sub-Continent. This excitement and passion, with the passage of time, was converted into an overflow of freedom. The ideology of Pakistan was materialized at a terrific speed and within a short span of time through the untiring efforts of the students, who had graduated from Muslim University Aligarh or who incidentally sought their education from Lahore. Meanwhile a new leadership took over the reigns of the state in its hands. These semi-political parties were representing the Muslim League. The youth came forward through the platform of Muslim League to proceed further, but Muslim League had to face serious problems in Bahawalpur state to carry out its political activities. Some nationalist elements and powerful political leaders of that time tried to hamper the progress of Muslim League. They did not allow the re-organization of Muslim League and opposed the affiliation of Bahawalpur State with Pakistan. So, we can see how the Muslim League’s leaders managed all such issues. The solution of these issues has been critically mentioned in this article. An effort also has been made through this article to highlight the new political leadership who achieved all the objectives of this area for the new generation. No doubt these objectives were acquired through constant struggle, courage and concentration. Basic and secondary sources have been utilized for the preparation of this articl

A review of the tribes of Deltocephalinae (Hemiptera: Auchenorrhyncha: Cicadellidae)

The classification of the largest subfamily of leafhoppers, Deltocephalinae, including 38 tribes, 923 genera, and 6683 valid species, is reviewed and revised. An updated phylogeny of the subfamily based on molecular (28S, Histone H3) and morphological data and an expanded taxon sample (37 taxa not included in previous analyses) is presented. Based on the results of these analyses and on the morphological examination of many representatives of the subfamily, the classification of the tribes and subtribes of Deltocephalinae is revised. Complete morphological descriptions, illustrations, lists of the included genera, and notes on their distribution, ecology, and important vector species are provided for the 38 recognized tribes and 18 subtribes. A dichotomous key to the tribes is provided. All names in the taxonomic treatments are hyperlinked to online resources for individual taxa which are supported by a comprehensive database for Deltocephalinae compiled using the taxonomic database software package 3I. The online functionality includes an interactive key to tribes and subtribes and advanced database searching options. Each taxon (subspecies through subfamily) has a unique taxon webpage providing nomenclatural information, lists of included taxa, an automated description (if available), images (if available), distributional information, bibliographic references and links to outside resources. Some observations and trends regarding the history of taxonomic descriptions in Deltocephalinae are reported. Four new tribes are described: Bahitini tribe nov. (25 genera), Bonsapeiini tribe nov. (21 genera), Phlepsiini tribe nov. (4 genera), and Vartini tribe nov. (7 genera). The circumscription and morphological characterization of Scaphoideini Oman, 1943 (61 genera) is substantially revised. Eleven new species are described: Acostemma stilleri sp. nov., Arrugada linnavuorii sp. nov., Drabescus zhangi sp. nov., Parabolopona webbi sp. nov., Goniagnathus emeljanovi sp. nov., Hecalus hamiltoni sp. nov., Scaphoideus omani sp. nov., Dwightla delongi sp. nov., Abimwa knighti sp. nov., Gannia viraktamathi sp. nov., and Doratulina dmitrievi sp. nov. Some family-group level taxonomic changes are made: Platymetopiini Haupt, 1929, Anoterostemmini Haupt, 1929, and Allygidiina Dmitriev, 2006 are synonymized with Athysanini Van Duzee, 1892, syn. nov.; Procepitini Dmitriev, 2002 is synonymized with Cicadulini Van Duzee, 1892, syn. nov.; Listrophorini Boulard, 1971 is synonymized with Chiasmini Distant, 1908, syn. nov.; Adamini Linnavuori & Al-Ne’amy, 1983, Dwightlini McKamey, 2003, and Ianeirini Linnavuori, 1978 are synonymized with Selenocephalini Fieber, 1872 syn.nov., and all three are now recognized as valid subtribes in their parent tribe. New placements of many genera to tribe and subtribe are made, and these are described in individual taxon treatments

Financial crises in Spain: lessons from the last 150 years

Financial crises are not unique to current financial systems. Are crises alike? Have they become more frequent, longer lasting and more severe since the 20th century? What does history tell us? The objective of this paper is to study the financial crises that have occurred in Spain over the last 150 years. We consider different types of crises (banking, currency and stock market crises), together with all their possible combinations, estimate their frequency by period and measure their length and depth. The main conclusion we obtain is that Spanish crises have been more frequent than in the rest of the world and have been more severe and more complex since 1973, as the 2007 crisis is confirming.Las crisis financieras no son un fenómeno reciente. ¿Son todas las crisis parecidas?, ¿han sido las crisis más frecuentes, largas y severas en el siglo XX?, ¿qué nos muestra la historia? El objetivo de este trabajo es estudiar las crisis financieras en España en los últimos 150 años. Se han considerado diferentes tipos de crisis (bancarias, de tipo de cambio y bursátiles), así como sus posibles combinaciones, se ha estimado la frecuencia de las crisis en varios períodos y se ha medido su duración e intensidad. La principal conclusión obtenida es que las crisis financieras en España han sido más frecuentes que en el resto del mundo y desde 1973 han sido también más severas y más complejas, como está confirmando la crisis que estalló en 2007.This paper received financial support from the Spanish Ministry of Science and Innovation ECO2009-0879

A History of Tax Regulation Prior to the Administrative Procedure Act

The relationship of the Administrative Procedure Act (APA) to tax administration has been the subject of increasing scrutiny from scholars and courts. Some of this scrutiny has critiqued the long-held view of the Department of Treasury that tax regulations issued under the general grant of authority in I.R.C. § 7805(a) are interpretative regulations within the meaning of the APA. This Article reviews the almost 150–year history of tax administration before the enactment of the APA to show the origins and basis for this long-held view. The Article also argues that the application of the general terms of the APA to tax administration must be informed by this pre–APA history of tax regulation

Financial crises and financial reforms in Spain : what have we learned?.

Like the rest of the world, Spain has suffered frequent financial crises and undergone several changes in its regulatory framework. There have been crises that have been followed by reforms of the financial structure, and also troubled financial times with no modification of the regulatory and supervisory regime. In various instances, regulatory changes have predated financial crises, but in others banking crises have occurred without reference to changes in the regulatory regime. Regulation and supervision has been usually absent in the XIXth century, while in the XXth century policy makers have been more active and diligent. Moreover, all major financial crises have been followed by intense financial restructuring, although as elsewhere banking restructuring and interventions not always have been successful (in fact, the cases of failures and mixed results overcome the successful cases). The paper provides a short history of the major financial crises in Spain from 1856 to the present, and also reviews the main financial reforms and the distinctive regulatory regimes that have been in place in this last 150 years time span.Spanish banking; Financial crisis; Financial regulations; Banking reforms;

150 years of financial regulation in Spain : what can we learn?

This paper explores the changes effected in the Spanish regulatory regimes over the last 150 years, and asks what have been the forces driving the regulatory reforms. A study of the Spanish experience reveals that there was relatively little statutory legislation until 1914 and for a long time there was no reaction to crises. In contrast, regulations have been altered on numerous occasions in the twentieth century. The paper also shows that the regulatory process has been the result of the interplay between economic as well as political economy forces. Moreover, and despite some idiosyncratic features, the Spanish regulatory history is similar to that of other European nations

Comparative Advantages in Italy: A Long-Run Perspective

The history of Italy since her unification in 1861 reflects the two-way relationship between foreign trade and economic development. Its growth was accompanied by a dramatic increase in the country’s integration with European and global commodity markets: foreign trade in the long run grew on average faster than the overall economy. Behind the dynamics of aggregate trade, Italy’s comparative advantage changed fundamentally over the last 150 years. The composition of trade, in terms of both commodities imported and exported and in terms of trading partners, developed from a high concentration of a few trading partners and a handful of rather simple commodities into a wide diversification of trading partners and more sophisticated commodities. In this chapter we use a new long-term database on Italian foreign trade at a high level of disaggregation to document and analyze these changes. We will conclude with an assessment of Italy’s prospects from a historical perspective.international trade, 19th-20th century, Italy