GONE WITH THE EURO: A REAPPRAISAL OF THE PESETA’S ADJUSTMENT MECHANISM (1870-1998)*

José Serrano Sanz (), María Gadea () and Marcela Sabate ()

Revista de Historia Económica / Journal of Iberian and Latin American Economic History, 2017, vol. 35, issue 2, 207-239

Abstract: The peseta was the Spanish currency for more than a century and, during this time, it played a remarkable role in adjusting the balance of payments. This paper presents a chronology of the moments when the adjustment was crucial, which, consistent with the macro-trilemma, coincided with periods of external openness. Moreover, this paper provides empirical support to the thesis that links the exceptionality of a floating peseta during the gold standard with fiscal profligacy.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:cup:reveco:v:35:y:2017:i:02:p:207-239_00

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