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Echoes from the Past: Portuguese Stabilizations of the 1890S and 1920S

Author

Listed:
  • Amélia Branco
  • Nuno Valério
  • Rita Martins de Sousa

Abstract

In the earl y decades of the contemporar y world economy, Portugal had t o perform twice d ifficult stabilization processes: during the 1890s as a consequence of the collapse of external and public debt payments, and during the 1920s in the wake of the First World War. This paper will analyse these Portuguese situations: the 189 0s stabilization based on leaving th e goldstandard monetary s ystem and on partial defaul t of the external public debt payments led to a period of economic stagnation, which lasted until the First World War, in spite of the good international ba ckground provided by the socalled belle époque; the 192 0s stabilization b ased on a very tough fiscal adjustment opened the way to an interwar perio d of slight growth , in spite o f the unfavourable international backgroun d provided by the problems of the 1920s and the Great Depression during the 1930 s (although it was not enough to sustain th e liberal republican regime, which was replaced by a militar y dictatorship, and later an authoritarian right-wing regime).

Suggested Citation

  • Amélia Branco & Nuno Valério & Rita Martins de Sousa, 2012. "Echoes from the Past: Portuguese Stabilizations of the 1890S and 1920S," Working Papers GHES - Office of Economic and Social History 2012/47, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.
  • Handle: RePEc:ise:gheswp:wp472012
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    File URL: https://ghes.rc.iseg.ulisboa.pt/wp/wp472012.pdf
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    References listed on IDEAS

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    1. Carlos Marinheiro, 2006. "The sustainability of Portuguese fiscal policy from a historical perspective," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 33(2), pages 155-179, June.
    2. A. G. Ford, 1956. "Argentina And The Baring Crisis Of 1890," Oxford Economic Papers, Oxford University Press, vol. 8(2), pages 127-160.
    3. Kris James Mitchener & Marc D. Weidenmier, 2007. "The Baring Crisis and the Great Latin American Meltdown of the 1890s," NBER Working Papers 13403, National Bureau of Economic Research, Inc.
    4. Eichengreen, Barry, 2002. "Financial Crises and What to Do About Them," OUP Catalogue, Oxford University Press, number 9780199257447.
    5. Flores, Juan-Huitzi, 2007. "Information asymmetries and financial intermediation during the Baring crisis : 1880-1890," IFCS - Working Papers in Economic History.WH wp07-16, Universidad Carlos III de Madrid. Instituto Figuerola.
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    Citations

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    Cited by:

    1. Carmen M. Reinhart & Vincent Reinhart & Christoph Trebesch, 2016. "Global Cycles: Capital Flows, Commodities, and Sovereign Defaults, 1815-2015," American Economic Review, American Economic Association, vol. 106(5), pages 574-580, May.
    2. Amélia Branco & Francisco M. Parejo, 2010. "The Creation of a Competitive Advantage in the Portuguese Cork Industry: The Contribution of an Industrial District," Working Papers GHES - Office of Economic and Social History 2010/43, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.
    3. Leonor Freire Costa & Jaime Reis, 2016. "The chronic food deficit of early modern Portugal: curse or myth?," Working Papers GHES - Office of Economic and Social History 2016/58, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.
    4. Ana Bela Nunes, 2015. "The Portuguese economy in the 1980s: structural change and short-term upheavals," Working Papers GHES - Office of Economic and Social History 2015/55, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.

    More about this item

    Keywords

    1890s; 1920s; stabilization pro cesses; economic policy; monetary policy; fiscal policy; Portugal. JEL classification : N1; N13; N14.;

    JEL classification:

    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913

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