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Spain’s international position, 1850-1913*,†

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  • de la Escosura, Leandro Prados

Abstract

Spain’s financial position during the late 19th and early 20th centuries has usually been presented as one of persistent deficit on current account, which resulted from her integration into international commodity and factor markets and this, in turn, slowed down the growth of the economy. In this essay a preliminary reconstruction of the balance of payments on current account allows us to reject this view. In fact, a net capital inflow made possible to meet the demand for investment-boosting economic performance. Current account reversals in a context of macroeconomic domestic imperfections help to explain the economic slowdown at the turn of the century.

Suggested Citation

  • de la Escosura, Leandro Prados, 2010. "Spain’s international position, 1850-1913*,†," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 28(1), pages 173-215, March.
    • Handle: RePEc:cup:reveco:v:28:y:2010:i:01:p:173-215_99
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    Cited by:

    1. Òscar Jordà & Moritz Schularick & Alan M Taylor, 2011. "Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 59(2), pages 340-378, June.
    2. Bajo-Rubio, Oscar, 2012. "The balance-of-payments constraint on economic growth in a long-term perspective: Spain, 1850–2000," Explorations in Economic History, Elsevier, vol. 49(1), pages 105-117.
    3. Pablo Gutiérrez González & Lars†Fredrik Andersson, 2018. "Managing financial constraints: undercapitalization and underwriting capacity in Spanish fire insurance," Economic History Review, Economic History Society, vol. 71(2), pages 567-592, May.

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