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Economic Reforms and Growth in Franco’s Spain

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  • Leandro Prados de la Escosura

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  • Joan R. Rosés

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  • Isabel Sanz Villarroya

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Abstract

This paper is an attempt at assessing the economic impact of market-oriented reforms undertaken during General Franco’s dictatorship, in particular, the 1959 Stabilization and Liberalization Plan. Using an index of macroeconomic distortions (IMD) the relationship between economic policies and the growth record is examined. Although a gradual reduction in macroeconomic distortions was already in motion during the 1950s, the 1959 Plan opened the way to a new institutional design that favoured a free-market allocation of resources and allowed Spain to accelerate growth and catch up with Western Europe. Without the 1950s reforms and, especially, the 1959 Plan, per capita GDP would have been significantly lower in 1975

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Paper provided by Universidad Carlos III, Departamento de Historia Económica e Instituciones in its series Working Papers in Economic History with number wp11-07.

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Date of creation: Jul 2011
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Handle: RePEc:cte:whrepe:wp11-07

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Keywords: Spain; Franco’s dictatorship; Economic reforms; Stabilization; Liberalization; Growth;

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  1. Jonathan E. Haskel & Sonia C. Pereira & Matthew J. Slaughter, 2002. "Does Inward Foreign Direct Investment Boost the Productivity of Domestic Firms?," Working Papers 452, Queen Mary, University of London, School of Economics and Finance.
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  5. Stanley Fischer, 1993. "The Role of Macroeconomic Factors in Growth," NBER Working Papers 4565, National Bureau of Economic Research, Inc.
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  9. StevenN. Durlauf & Andros Kourtellos & ChihMing Tan, 2008. "Are Any Growth Theories Robust?," Economic Journal, Royal Economic Society, vol. 118(527), pages 329-346, 03.
  10. Barry Eichengreen & Ricardo Hausmann & Ugo Panizza, 2003. "Currency Mismatches, Debt Intolerance and Original Sin: Why They Are Not the Same and Why it Matters," NBER Working Papers 10036, National Bureau of Economic Research, Inc.
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Cited by:
  1. Miguel Martín-Retortillo & Vicente Pinilla, 2013. "Patterns and causes of growth of European agricultural production, 1950-2005," Documentos de Trabajo (DT-AEHE) 1302, Asociación Española de Historia Económica.
  2. Crafts, Nicholas, 2011. "Economic History Matters," CAGE Online Working Paper Series 57, Competitive Advantage in the Global Economy (CAGE).

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