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Empirical Analysis of Financial Fragility Hypothesis in Spain

Student: Ekaterina Brylyova

Supervisor: Ivan V. Rozmainsky

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2019

Nowadays, there are many views and theories explaining the causes of crisis phenomena. In connection with the world crisis of 2008 and its consequences, which countries around the world still feel, this topic remains relevant today. The ongoing discussion of the causes of the crisis in the global economy gradually leads to the need of revising some provisions of the mainstream of economic science, which has its inaccuracies in explaining the causes, nature and consequences of economic instability. In recent years the post-Keynesian direction of economic thought, represented primarily by the works of the American economist Hyman Philip Minsky (1986), has attracted attention of researchers and gained popularity among authors. As part of his work in the 1970-80s of the last century, the scientist created a so-called financial fragility hypothesis, the essence of which will be revealed in this paper. The objective of this research is to show H. Minsky's contribution to the development of the modern economic theory, to open FFH essence and to illustrate its application on the economy of Spain affected by the European debt crisis. As consequences of crisis in this country were not analyzed by means of FFH yet, this research represents relevance and makes contribution to the development of empirical research on this subject. Research hypothesis: during the post-crisis period the share of the firms using hedge financing grows in the private sector of economy of Spain. In order to prove our hypothesis, we used 5 different approaches. We derived that a share of hedge firms in Spain grew from 2013, meaning that they became more financially-stable. We also applied the intersectoral analysis and provided the results of the governmental anti-crisis policy which helped Spain to overcome the crisis.

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