Los flujos de financiación de la actividad económica y empresarial en España contemporanea, siglos XIX y XX

Zusammenfassung

This paper proposes a long term analysis on the evolution of the Spanish financial system in connection with its assistance to the productive and business sectors during the 19th and 20th Centuries. From the formation of the first bank system on the middle 19th Century up the present time the essential features of the financing the economic activity are reviewed distinguishing between the banks financing and the capital market financing. Two historical features are shown as conditioning of the offer of financial services: on one hand, the prevalence of a little and middle size business structure (generally family firms) that they have been mainly focused in not capital intensive sectors. It explains the hegemony of the self-financing and of the bank financing in companies in detriment of the capital market financing. On the other hand, the public intervention and regulation on the financial sector has been historically significant in connection with the fiscal problems of the State. From these two central elements the process of "banking disintermediation" in the economic financing in Spain it is observed and it has took place starting from the decade of 1980, the same as in the rest of countries of the European environment