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Economic Reforms and Growth in Franco’s Spain

  • Leandro Prados de la Escosura

    ()

  • Joan R. Rosés

    ()

  • Isabel Sanz Villarroya

    ()

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, Instituto Figuerola de Historia y Ciencias Sociales 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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  1. Sebastian Edwards, 2009. "FORTY YEARS OF LATIN AMERICA'S ECONOMIC DEVELOPMENT: From the Alliance for Progress to the Washington Consensus," NBER Working Papers 15190, National Bureau of Economic Research, Inc.
  2. Steven N. Durlauf & Andros KOURTELLOS & Chih Ming Tan, 2007. "Are Any Growth Theories Robust?," Discussion Papers Series, Department of Economics, Tufts University 0703, Department of Economics, Tufts University.
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  9. 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.
  10. Taylor, Alan M., 1998. "On the Costs of Inward-Looking Development: Price Distortions, Growth, and Divergence in Latin America," The Journal of Economic History, Cambridge University Press, vol. 58(01), pages 1-28, March.
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  12. Harberger, Arnold C, 1998. "A Vision of the Growth Process," American Economic Review, American Economic Association, vol. 88(1), pages 1-32, March.
  13. Calvo-Gonzalez, Oscar, 2007. "American Military Interests and Economic Confidence in Spain under the Franco Dictatorship," The Journal of Economic History, Cambridge University Press, vol. 67(03), pages 740-767, September.
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