Spain's International Position, 1850-1913

Leandro Prados de la Escosura ()

No 7591, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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; Sudden stops; Current account reversals; Saving; investment; Growth; Spain (search for similar items in EconPapers)
JEL-codes: F21 F32 F43 N13 N73 (search for similar items in EconPapers)
Date: 2009-12
New Economics Papers: this item is included in nep-his
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Citations: View citations in EconPapers (3)

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