Spain's International Position, 1850-1913

55 Pages Posted: 11 Jan 2010

See all articles by Leandro Prados de la Escosura

Leandro Prados de la Escosura

Universidad Carlos III de Madrid - Faculty of Social Sciences and Law; Centre for Economic Policy Research (CEPR)

Date Written: December 2009

Abstract

Spain's financial position during the late 19th and early 20th century has usually been presented as one of persistent deficit on current account, which resulted from her integration into international commodity and factor markets and this, in turn, slowed down growth. In this essay a preliminary reconstruction of the balance of payments on current account allows us to reject this view. In fact, a net capital inflow made possible to meet the demand for investment boosting economic performance. Current account reversals in a context of macroeconomic domestic imperfections help to explain the economic slowdown at the turn of the century.

Keywords: balance of payments, current account reversals, growth, investment, saving, Spain, sudden stops

JEL Classification: F21, F32, F43, N13, N73

Suggested Citation

Prados de la Escosura, Leandro, Spain's International Position, 1850-1913 (December 2009). CEPR Discussion Paper No. DP7591, Available at SSRN: https://ssrn.com/abstract=1533196

Leandro Prados de la Escosura (Contact Author)

Universidad Carlos III de Madrid - Faculty of Social Sciences and Law ( email )

Getafe (Madrid), 28903
Spain
+34916249623 (Phone)

HOME PAGE: http://www.uc3m.es/portal/page/portal/dpto_historia_economica_inst/home/faculty/leandro_prados_escos

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
2
Abstract Views
512
PlumX Metrics