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El ingenierismo cambiario. La peseta en los años del cambio múltiple, 1948–1959

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  • Sanz, José María Serrano
  • Castillo, M. Jesús Asensio

Abstract

The system of multiple exchange rates for the peseta, in force between 1948 and 1959, has posed many problems for Spanish historiography, in that it implies that the price at which foreign transactions were carried out is unknown, being hidden in the dense foliage of special exchange rates. In this paper we estimate the various average exchange rates series for all the Balance of Payments of these years, thus filling the vacuum that the post-Civil War period represents in the history of the peseta. We also calculate the real effective exchange rate, concluding that the important devaluations of 1949–1951 and 1957–1959 were insufficient in order to achieve equilibrium between Spanish relative prices and those of its main trading partners, so that the peseta remained continuously over-valued throughout the 1940's and 1950's.

Suggested Citation

  • Sanz, José María Serrano & Castillo, M. Jesús Asensio, 1997. "El ingenierismo cambiario. La peseta en los años del cambio múltiple, 1948–1959," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 15(3), pages 545-573, December.
    • Handle: RePEc:cup:reveco:v:15:y:1997:i:03:p:545-573_00
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    Cited by:

    1. Rodolfo G. Campos & Iliana Reggio & Jacopo Timini, 2023. "Autarky in Franco's Spain: The costs of a closed economy," Economic History Review, Economic History Society, vol. 76(4), pages 1259-1280, November.
    2. Gadea, María Dolores & Kaabia, Monia Ben & Sabaté, Marcela, 2009. "Exchange rate regimes and prices: The cases of Italy, Spain and the United Kingdom (1874-1998)," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 19(3), pages 477-489, July.
    3. Cirer Costa, Joan Carles, 2019. "The Crumbling of Francoist Spain’s Isolationism Thanks to Foreign Currency Brought by European Tourists in the Early Years of the Golden Age," MPRA Paper 95578, University Library of Munich, Germany.
    4. Prados de la Escosura, Leandro & Rosés, Joan R. & ,, 2010. "Stabilization and Growth under Dictatorship: The Experience of Franco's Spain," CEPR Discussion Papers 7731, C.E.P.R. Discussion Papers.
    5. Concha Betrán & Pablo Martín-Aceña & María Angeles Pons, 2011. "Financial Crises In Spain: Lessons From The Last 150 Years," Documentos de Trabajo (DT-AEHE) 1106, Asociación Española de Historia Económica.
    6. Jose M. Serrano Sanz & Marcela Sabate & Dolores Gadea, 1999. "Economic growth and the long run balance of payments constraint in Spain," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 8(4), pages 389-417.

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