El ingenierismo cambiario. La peseta en los años del cambio múltiple, 1948–1959*

José Serrano Sanz () and M. Jesús Asensio Castillo

Revista de Historia Económica / Journal of Iberian and Latin American Economic History, 1997, vol. 15, issue 3, 545-573

Abstract: The system of multiple exchange rates for the peseta, in force between 1948 and 1959, has posed many problems for Spanish historiography, in that it implies that the price at which foreign transactions were carried out is unknown, being hidden in the dense foliage of special exchange rates. In this paper we estimate the various average exchange rates series for all the Balance of Payments of these years, thus filling the vacuum that the post-Civil War period represents in the history of the peseta. We also calculate the real effective exchange rate, concluding that the important devaluations of 1949–1951 and 1957–1959 were insufficient in order to achieve equilibrium between Spanish relative prices and those of its main trading partners, so that the peseta remained continuously over-valued throughout the 1940's and 1950's.

Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:cup:reveco:v:15:y:1997:i:03:p:545-573_00

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