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Banking, Currency, and Finance in Europe Between the Wars$
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Charles H. Feinstein

Print publication date: 1995

Print ISBN-13: 9780198288039

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198288034.001.0001

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Spanish Banking in the Inter‐War Period

Spanish Banking in the Inter‐War Period

(p.502) 20 Spanish Banking in the Inter‐War Period
Banking, Currency, and Finance in Europe Between the Wars

Pablo Martín‐Aceña

Oxford University Press

During the inter‐war years, the Spanish financial system evolved from unit to branch banking, with an increase in the size and sphere of influence of the big banks, and a higher degree of concentration. The system became more diverse and also more involved in the financing of industry. The Bank of Spain was forced to accept its role as the central bank and to function more as a lender‐of‐last‐resort than as an independent institution, though it did so reluctantly and its performance was not always adequate. The relationship between the banks and the state expanded, with the mixed banks playing a crucial role in the financing of the public deficit. Overall, the system in Spain showed greater stability than many others in Europe.

Keywords:   banks, branch banking, central bank, concentration, industry, lender‐of‐last‐resort, public deficit, Spain, stability, state

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