Foreign trade traps in the european periphery: Spain, 1870-1913
Alfonso Herranz-Loncán () and
Daniel Tirado-Fabregat ()
No 5, Working Papers in Economics from Universitat de Barcelona. Espai de Recerca en Economia
In this article we research into the difficulties that foreign trade imposed on Spanish process of integration into the international economy in the years prior to the First World War. We start out by examining some features of the foreign trade structure of the country. By means of an econometric analysis of import and export series, it is possible to observe the presence of a trend towards trade deficit, which was in force when Spain grew at a rate similar to that of its trading partners. We also check that, in the absence of these compensatory mechanisms, adjustment in foreign payments could be reached by means of protective measures and the exchange rate.
JEL-codes: N13 (search for similar items in EconPapers)
Pages: 0 pages
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