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La política monetaria en españa: la historia reciente y la crisis en 1992


  • Antonio Argandoña

    (Profesor Ordinario IESE Catedrático de Fundamentos del Analisis Económico (excedente))


The monetary policy in Spain has evolved since the first seventies from the control of a monetary aggre ate to a regime of fixed (and theoretically adjustable) exchange rates in the European Monetary System. During two decades the adaptation of the mechanism of control was relatively smooth, but the intermediate objective established in June 1989 (an exchange rate of 65 pesetas per Deutsche mark) proved to be unfeasible. This articie describes the evolution of the Spanish monetary policy in the seventies and eighties, the causes of the unsustainability of the rate of exchange and the development of the crisis of the peseta in 1992.

Suggested Citation

  • Antonio Argandoña, 1992. "La política monetaria en españa: la historia reciente y la crisis en 1992," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 24(03), pages 32-47.
  • Handle: RePEc:ekz:ekonoz:1992302

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    More about this item


    política monetaria; tipos de cambios fijos; tipos de interés;

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions


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