Floating against the tide : Spanish monetary policy, 1870-1931

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dc.contributor.author Martín-Aceña, Pablo
dc.contributor.author Martínez Ruiz, Elena
dc.contributor.author Nogues-Marco, María del Pilar
dc.contributor.editor Universidad Carlos III de Madrid. Departamento de Historia Económica e Instituciones
dc.date.accessioned 2011-09-23T14:15:52Z
dc.date.available 2011-09-23T14:15:52Z
dc.date.issued 2011-09
dc.identifier.uri http://hdl.handle.net/10016/12174
dc.description.abstract The gold standard began to emerge as a universal monetary system in the late 1870s, and it had spread throughout the world economy by 1900. It was unusual for nations to be off the gold standard, and it meant that they were detached from the international financial community. Spain never joined the gold standard club in any of its varieties, either before or after 1914. Unlike the vast majority of the European currencies, the peseta’s exchange rate fluctuated, sometimes widely, against gold and gold currencies. Gold convertibility was suspended in 1883 and never resumed. Nevertheless, the monetary authorities were aware that the Spanish economy, off the gold standard, was an outlier in the international economy and made plans to put the peseta on gold both before and after 1914.Why Spain never adopted the gold standard is a complex issue, and our paper offers a possible answer by examining the behaviour of an issuing bank that refused to accept, or resisted, its role as a central bank. Our study also provides a basis for a comparison between the Bank of Spain, some of its features and policies, with other peripheral issuing institutions. Moreover, our paper encompasses both the pre-war and the post-war periods, which allows us to present both the similarities and the differences in the exchange and monetary policies of the Spanish authorities during the era of the classical gold standard and the years of the gold exchange standard
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries Working papers in Economic History
dc.relation.ispartofseries 11-10
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.other Gold standard
dc.subject.other Monetary policy
dc.subject.other Bank of Spain
dc.title Floating against the tide : Spanish monetary policy, 1870-1931
dc.type workingPaper
dc.subject.jel E42
dc.subject.jel E58
dc.subject.jel N10
dc.subject.eciencia Economía
dc.subject.eciencia Historia
dc.rights.accessRights openAccess
dc.type.version submitedVersion
dc.identifier.uxxi DT/0000000994
dc.identifier.repec wp11-10
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