España, una recesión de balance

Abstract

El concepto de Recesión de Balance fue acuñado por R.C. Koo, economista japonés, para intentar explicar la prolongada crisis de su país, iniciada en 1990 y que, con algunas leves oscilaciones se mantiene en condiciones de semiestancamiento hasta el momento actual. Según Koo, la prolongada atonía se explica por la necesidad de empresas y familias de recomponer sus balances después de la terrible caída de los precios de activos mobiliarios e inmobiliarios que arrastró a una crisis profundísima al sistema bancario japonés. La esencia de la cuestión es que el conjunto del sector privado situó como objetivo fundamental no la maximización de los beneficios sino la reducción de la deuda

The concept of Sheet-Balance Recession was coined by RC Koo, Japanese economist, for explain the prolonged crisis in his country, which began in 1990 and, with some slight oscillations is maintained under conditions of semi-stagnation to date. According to Koo, prolonged sluggishness can be explained by the need for businesses and families to rebuild their balance sheets after the terrible fall in the prices of securities and real estate assets to a profound dragged the Japanese banking crisis. The essence of the matter is that the whole of the private sector stood as main objective not profit maximization but debt reduction. Under this focus fundamental ideas are altered. Monetary policy no longer exerts the effects that were presumed; fiscal consolidation takes other profiles; the interpretation of the Great Depression offers new perspectives; and, above all, the current financial crisis requires raise the consequences of excessive borrowing and effects involved in its reduction. In the background of the paper the current position of the Spanish economy is treated. Spain faces a Sheet-Balance Recession that requires debt reduction. The ordered solution of current problems requires accepting that this is a long, slow and painful process, whose edges can only be smoothed giving especial attention to the most disadvantaged. Key words: Types recession, Japan crisis, monetary policy, Great Depression, borrowing, Greenspan, Minsky, financial repression, Spanish situation, banking system, social solidarity