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Gone With The Euro: A Reappraisal Of The Peseta’S Adjustment Mechanism (1870-1998)

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  • Serrano, José María
  • Gadea, María Dolores
  • Sabaté, Marcela

Abstract

The peseta was the Spanish currency for more than a century and, during this time, it played a remarkable role in adjusting the balance of payments. This paper presents a chronology of the moments when the adjustment was crucial, which, consistent with the macro-trilemma, coincided with periods of external openness. Moreover, this paper provides empirical support to the thesis that links the exceptionality of a floating peseta during the gold standard with fiscal profligacy.

Suggested Citation

  • Serrano, José María & Gadea, María Dolores & Sabaté, Marcela, 2017. "Gone With The Euro: A Reappraisal Of The Peseta’S Adjustment Mechanism (1870-1998)," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 35(2), pages 207-239, September.
    • Handle: RePEc:cup:reveco:v:35:y:2017:i:02:p:207-239_00
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    Cited by:

    1. Ljungberg, Jonas, 2019. "Nominal and Real Effective Exchange Rates for Europe, 1870-2016: Some methodological issues," Lund Papers in Economic History 200, Lund University, Department of Economic History.

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