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Exchange rates and prices in Spain during the gold standard (1868-1914). A test of purchasing power parity

Author

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  • José Aixalá
  • Gema Fabro
  • M Dolores Gadea

Abstract

The aim of this paper is to test the purchasing power parity theory for the exchange rates between the peseta and both the French franc and the pound sterling for the period 1868–1914. The stationarity of the real exchange rate is tested using linear and non-linear unit root tests and wholesale and consumer price series. The results show that possible short-term deviations in the real exchange rate series are corrected in the long term, so the purchasing power parity theory holds.

Suggested Citation

  • José Aixalá & Gema Fabro & M Dolores Gadea, 2020. "Exchange rates and prices in Spain during the gold standard (1868-1914). A test of purchasing power parity," Applied Economics Letters, Taylor & Francis Journals, vol. 27(12), pages 1028-1032, June.
    • Handle: RePEc:taf:apeclt:v:27:y:2020:i:12:p:1028-1032
    DOI: 10.1080/13504851.2019.1659484
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    Cited by:

    1. Roldan Alba, 2022. "The Golden Fetters in the Mediterranean Periphery. How Spain and Italy Overcame Business Cycles Between 1870 and 1913?," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 16(1), pages 170-193, January.
    2. Zhibai Zhang & Zhicun Bian & Minghua Zhan, 2022. "Is absolute purchasing power parity special for Spain?," Empirical Economics, Springer, vol. 62(2), pages 513-531, February.

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