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スペインの公的債務(中央政府と地方(州)政府と市町村自治体の借金)は、2012年3月にはGDPの72'1%の7745億4900万0000ユーロに、過去100年以来最高、過去最高は1880年のGDPの162%、
La deuda pública española alcanza su mayor nivel desde ¡1913!
El endeudamiento español no superaba el 70% del PIB desde hace 99 años
El mayor nivel registrado por el FMI es el 162% de 1880, posterior a una crisis bancaria
Archivado en:
- Crisis económica
- Crisis deuda europea
- FMI
- Recesión económica
- Deuda pública
- Coyuntura económica
- Crisis financiera
- Financiación déficit
- Déficit público
- Historia contemporánea
- España
- Organizaciones internacionales
- Finanzas públicas
- Historia
- Economía
- Finanzas
- Relaciones exteriores
Fuente: FMI / El País
The Spanish public debt reached its highest level since 1913!
The Spanish debt did not exceed 70% of GDP from 99 years ago
The highest level recorded by the IMF is 162% in 1880, following a banking crisis
Miguel Jimenez Madrid 15 JUN 2012 - 13:26 CET
The Spanish debt did not exceed 70% of GDP from 99 years ago
The highest level recorded by the IMF is 162% in 1880, following a banking crisis
Miguel Jimenez Madrid 15 JUN 2012 - 13:26 CET
The Spanish public debt has exceeded the first quarter of 2012 the bar for 70% of gross domestic product. The debt of all the government grew by 13.2% in the last year, reaching 774.549 million, representing 72.1% of GDP, according to data released Friday by the Bank of Spain.
That level is the highest in the recent history of Spain and the largest, therefore, of those contained in the statistical series that provides the Bank of Spain, beginning in 1990. But the story is very long and today the figure is not high. It is actually the highest level for almost a century.
The International Monetary Fund has compiled the data available from public debt of the countries that are part of the institution. According to its database, the current level of public debt is the highest in the last 99 years, namely from 76.7% in that public debt stood in 1913.
The debt crisis had been decreasing since 1898, when Spain lost its last colonies in Latin America (Cuba and Puerto Rico). The expenses of the war and subsequent economic crisis had caused public debt ascended to 124% of GDP in 1902. From that level was gradually reduced until that 76.7% of 1913, again according to IMF data.
But the higher level of debt recorded by the international body is the 162% of GDP in 1880, the first of what the IMF has in its database (although again not the absolute historical maximum). That debt level was reached during the reign of Alfonso XII. The minimum number of the IMF, however, was reached in 1975, with 7.3% of GDP, after a period of strong growth in the state also provided public service only.
From crisis to crisis railroad brick
A few years before that figure of 162% in 1866 had broken the worst crisis suffered by the Spanish financial system in the nineteenth century. "The raised banking structure collapsed in a decade. Researchers are unanimous in the diagnosis: the main cause of the disaster lay in the extreme concentration of credit risk," explained Albert Carreras and Xavier Tafunell in his book An Economic History of Modern Spain.
Both authors explain that the credit companies and banks of issue had turned their loans and investments in railways and the rest of its portfolio consisted of debt. The railroads were to the banking assets then what the brick now. "The economic failure of the rail companies pushed into the abyss the entities that financed them. A rampant and runaway public deficit, which pushed sharply higher interest rates and therefore lower contributions to public debt and other securities, gave the lace to the banking companies, "Careers and Tafunell continue.
The only bank run in Spain
This led to the only genuine bank run has happened in Spain. The public flocked to the windows of the offices to withdraw deposits and demand the conversion of paper money in cash and the 60 existing banks only survived a fortnight, of which only three or four were important.
Bank run that led to an economic crisis that led to the Revolution of 1868. From the financial point of view, meant that in 1874 was granted to the Bank of Spain the privilege of printing money. That year, the types of long-term interest reached 17.3%, a record high amid a critical situation of public finances, hit by the last Carlist War in the interior and the separatist revolt in Cuba. In 1880, the debt was 162% of GDP, but then dwindled rapidly after a restructuring that involved the default.
Spain, a country with multiple defaults
Greece, the country that has shaken the eurozone debt crisis is the longest European state has been in default on its debt in modern history: 50 years since 1800, according to the book by Carmen Reinhart and Kenneth Rogoff (This time is different: eight centuries of financial folly.) But Spain is also one of the historical repeat the default.
The enormous burden of debt led to the Spanish to the situation of default or debt restructuring on 13 occasions since 1800, including in 1809, 1820, 1831, 1831, 1834, 1851, 1867 and 1882, again according to the book Rogoff and Reinhart. In all, Spain has been in default 23.7 years since 1800.
The default of 1882 is the last recorded by Reinhart and Rogoff. Behind him, the public debt decreased to 74.9% of GDP in 1884, according to IMF data, slightly higher levels than today.
That level is the highest in the recent history of Spain and the largest, therefore, of those contained in the statistical series that provides the Bank of Spain, beginning in 1990. But the story is very long and today the figure is not high. It is actually the highest level for almost a century.
The International Monetary Fund has compiled the data available from public debt of the countries that are part of the institution. According to its database, the current level of public debt is the highest in the last 99 years, namely from 76.7% in that public debt stood in 1913.
The debt crisis had been decreasing since 1898, when Spain lost its last colonies in Latin America (Cuba and Puerto Rico). The expenses of the war and subsequent economic crisis had caused public debt ascended to 124% of GDP in 1902. From that level was gradually reduced until that 76.7% of 1913, again according to IMF data.
But the higher level of debt recorded by the international body is the 162% of GDP in 1880, the first of what the IMF has in its database (although again not the absolute historical maximum). That debt level was reached during the reign of Alfonso XII. The minimum number of the IMF, however, was reached in 1975, with 7.3% of GDP, after a period of strong growth in the state also provided public service only.
From crisis to crisis railroad brick
A few years before that figure of 162% in 1866 had broken the worst crisis suffered by the Spanish financial system in the nineteenth century. "The raised banking structure collapsed in a decade. Researchers are unanimous in the diagnosis: the main cause of the disaster lay in the extreme concentration of credit risk," explained Albert Carreras and Xavier Tafunell in his book An Economic History of Modern Spain.
Both authors explain that the credit companies and banks of issue had turned their loans and investments in railways and the rest of its portfolio consisted of debt. The railroads were to the banking assets then what the brick now. "The economic failure of the rail companies pushed into the abyss the entities that financed them. A rampant and runaway public deficit, which pushed sharply higher interest rates and therefore lower contributions to public debt and other securities, gave the lace to the banking companies, "Careers and Tafunell continue.
The only bank run in Spain
This led to the only genuine bank run has happened in Spain. The public flocked to the windows of the offices to withdraw deposits and demand the conversion of paper money in cash and the 60 existing banks only survived a fortnight, of which only three or four were important.
Bank run that led to an economic crisis that led to the Revolution of 1868. From the financial point of view, meant that in 1874 was granted to the Bank of Spain the privilege of printing money. That year, the types of long-term interest reached 17.3%, a record high amid a critical situation of public finances, hit by the last Carlist War in the interior and the separatist revolt in Cuba. In 1880, the debt was 162% of GDP, but then dwindled rapidly after a restructuring that involved the default.
Spain, a country with multiple defaults
Greece, the country that has shaken the eurozone debt crisis is the longest European state has been in default on its debt in modern history: 50 years since 1800, according to the book by Carmen Reinhart and Kenneth Rogoff (This time is different: eight centuries of financial folly.) But Spain is also one of the historical repeat the default.
The enormous burden of debt led to the Spanish to the situation of default or debt restructuring on 13 occasions since 1800, including in 1809, 1820, 1831, 1831, 1834, 1851, 1867 and 1882, again according to the book Rogoff and Reinhart. In all, Spain has been in default 23.7 years since 1800.
The default of 1882 is the last recorded by Reinhart and Rogoff. Behind him, the public debt decreased to 74.9% of GDP in 1884, according to IMF data, slightly higher levels than today.
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