ces papers - open forum # 18
Lucia Quaglia, University of York, firstname.lastname@example.org Sebastian Royo, Suffolk University, email@example.com
Both authors wish to acknowledge the comments from an anonymous reviewer who contributed to strengthen the paper’s argument and theoretical framework.Lucia Quaglia wishes to acknowledge nancial support from the European Research Council (204398 FINGOVEU) and the British Academy (SG 120191). Research assistance by Nina Arbabzadeh is gratefully acknowledged. This paper was written while she was visiting fellow at the Max Planck Institute, the European University Institute and Hanse Wissenschaftskolleg. All errors and omis
-sions are ours.
This paper sets out to explain why Spain experienced a full-edged sovereign debt crisis and had to resort to eu
roarea nancial assistance for its banks, whereas Italy did not. It undertakes a structured comparison, dissecting the sovereign debt crisis into a banking crisis and a balance of payments crisis. It argues that the distinctive fea
tures of bank business models and of national banking systems in Italy and Spain have considerable analytical leverage in explaining the different scenarios of the crises in each country. This ‘bank-based’ analysis contrib
utes to the ourishing literature that examines changes in banking with a view to account for the differentiated impact of the global banking crisis rst and the sovereign debt crisis in the euroarea later.
Italy, Spain, nancial crisis, banking crisis, sovereign debt crisis, euroarea crisis, bank business models