Spain's International Position, 1850-1913 Articles uri icon

publication date

  • March 2010

start page

  • 173

end page

  • 209

issue

  • 1

volume

  • 28

International Standard Serial Number (ISSN)

  • 0212-6109

Electronic International Standard Serial Number (EISSN)

  • 2041-3335

abstract

  • Spain's financial position during the late 19th and early 20th centuries has usually been presented as one of persistent deficit on current account, which resulted from her integration into international commodity and factor markets and this, in turn, slowed down the growth of the economy. In this essay a preliminary reconstruction of the balance of payments on current account allows us to reject this view. In fact, a net capital inflow made possible to meet the demand for investment-boosting economic performance. Current account reversals in a context of macroeconomic domestic imperfections help to explain the economic slowdown at the turn of the century.