La política monetaria en españa: la historia reciente y la crisis en 1992

Antonio Argandona

EKONOMIAZ. Revista vasca de Economía, 1992, vol. 24, issue 03, 32-47

Abstract: The monetary policy in Spain has evolved since the first seventies from the control of a monetary aggre ate to a regime of fixed (and theoretically adjustable) exchange rates in the European Monetary System. During two decades the adaptation of the mechanism of control was relatively smooth, but the intermediate objective established in June 1989 (an exchange rate of 65 pesetas per Deutsche mark) proved to be unfeasible. This articie describes the evolution of the Spanish monetary policy in the seventies and eighties, the causes of the unsustainability of the rate of exchange and the development of the crisis of the peseta in 1992.

Keywords: política monetaria; tipos de cambios fijos; tipos de interés (search for similar items in EconPapers)
JEL-codes: E43 E52 F33 (search for similar items in EconPapers)
Date: 1992
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