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Economic Reforms and Growth in Franco’s Spain

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  • Leandro Prados de la Escosura

    ()

  • Joan R. Rosés

    ()

  • Isabel Sanz Villarroya

    ()

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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Bibliographic Info

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 Eaton & Samuel Kortum, 2000. "Trade in Capital Goods," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-109, Boston University - Department of Economics.
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Cited by:
  1. Nicholas Crafts, 2013. "Long-Term Growth in Europe: What Difference does the Crisis Make?," National Institute Economic Review, National Institute of Economic and Social Research, vol. 224(1), pages R14-R28, May.
  2. 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.
  3. repec:cge:warwcg:57 is not listed on IDEAS
  4. Emanuele Felice & Josep Pujol Andreu, 2013. "GDP and life expectancy in Italy and Spain over the long-run (1861-2008): insights from a time-series approach," UHE Working papers 2013_06, Universitat Autònoma de Barcelona, Departament d'Economia i Història Econòmica, Unitat d'Història Econòmica.
  5. Crafts, Nicholas, 2011. "Economic History Matters," CAGE Online Working Paper Series 58, Competitive Advantage in the Global Economy (CAGE).

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