The 1891–1892 Crisis and Beyond

Luciano Amaral ()
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Luciano Amaral: Nova School of Business and Economics

Chapter Chapter 2 in The Modern Portuguese Economy in the Twentieth and Twenty-First Centuries, 2019, pp 17-63 from Palgrave Macmillan

Abstract: Abstract Between 1890 and 1892, Portugal faced a combined fiscal, banking, and international payments crisis, in the sequence of which the Portuguese currency abandoned the gold standard (after almost forty years of membership), and the Government defaulted on its debt. The major consequence of this set of events was the closing of international capital markets to the Portuguese Government. From then on, no longer could the Portuguese Government pursue the policy of the previous half century, consisting in providing the country with such infrastructure as modern roads, railways, or the telegraph.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-3-030-24548-1_2

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DOI: 10.1007/978-3-030-24548-1_2

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