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The Great Depression in Spain

  • Eduardo L. Giménez
  • María Montero

    ()

    (Universidade de Vigo)

In the decade of the 1930s the Spanish economy reported an slowdown of 20%, less severe than what occurred in the US, France and Germany, but very similar to the Italian and British experiences. In this paper we study two issues concerning this period of the Spanish economy: Did the World Depression account for the slump in the Spanish economy? And, why did the Spanish economy –unlike others– still show no signs of recovery at the onset of the Spanish Civil War (1936-1939)? We find that TFP accounts for most of the slowdown throughout this period, and the terms of trade explain the evolution of foreign trade. These findings suggest that (i) the origin of the Spanish downturn had a domestic source –with a drop in GDP, investment and imports–; (ii) the external economic and political situation affected the Spanish economy with some delay –with a drop in foreign trade and investment–; and, (iii) the socio-political situation delineated the recovery pattern.

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Paper provided by IDEGA - Instituto Universitario de Estudios e Desenvolvemento de Galicia in its series Documentos de trabajo - Analise Economica with number 0048.

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Length: 32 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:edg:anecon:0048
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  1. Fumio Hayashi & Edward C. Prescott, 2002. "The 1990s in Japan: A Lost Decade," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(1), pages 206-235, January.
  2. Paul Beaudry & Franck Portier, 2002. "The French Depression in the 1930s," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(1), pages 73-99, January.
  3. Timothy J. Kehoe & Edward C. Prescott (), 2007. "Great depressions of the twentieth century," Monograph, Federal Reserve Bank of Minneapolis, number 2007gdott.
  4. Pedro Amaral & James C. MacGee, 2002. "The Great Depression in Canada and the United States: A Neoclassical Perspective," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(1), pages 45-72, January.
  5. Harold L. Cole & Lee E. Ohanian, 2002. "Data Appendix to The Great U.K. Depression: A Puzzle and Possible Resolution," Technical Appendices cole02, Review of Economic Dynamics.
  6. Choudhri, Ehsan U & Kochin, Levis A, 1980. "The Exchange Rate and the International Transmission of Business Cycle Disturbances: Some Evidence from the Great Depression," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(4), pages 565-74, November.
  7. Harold L. Cole & Lee E. Ohanian, 2001. "The great U.K. depression: a puzzle and possible resolution," Staff Report 295, Federal Reserve Bank of Minneapolis.
  8. Prados de la Escosura Leandro, 2003. "El progreso económico de España (1850-2000)," Books, Fundacion BBVA / BBVA Foundation, edition 1, number 201136.
  9. Raphael Bergoeing & Patrick J. Kehoe & Timothy J. Kehoe & Raimundo Soto, 2002. "Decades lost and found: Mexico and Chile since 1980," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 3-30.
  10. Timothy Kehoe & Edward Prescott, 2002. "Data Appendix to Great Depressions of the Twentieth Century," Technical Appendices kehoe02, Review of Economic Dynamics.
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