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Title: Spain's International Position, 1850-1913

Author(s): Leandro Prados de la Escosura

Publication Date: December 2009

Keyword(s): balance of payments, current account reversals, growth, investment, saving, Spain and sudden stops

Programme Area(s): International Macroeconomics

Abstract: Spain's financial position during the late 19th and early 20th century 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 growth. 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.

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Bibliographic Reference

Prados de la Escosura, L. 2009. 'Spain's International Position, 1850-1913'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=7591