Publication: El ingenierismo cambiario. La peseta en los años del cambio múltiple, 1948-1959
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1997
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Alianza Editorial : Centro de Estudios Constitucionales (España)
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El sistema de cambios múltiples para la peseta, vigente desde 1948 a 1959, ha
planteado numerosos problemas a la historiografia española, pues implica desco
nocer el precio al que se hacían las operaciones exterior, enmascarado en la fronda
de cambios especiales. En el presente trabajo se estima la serie de los diversos tipos
de cambio promedio de toda la Balanza de pagos en el periodo, cubriendo el vacio
que la posguerra representaba en la historia de la peseta. Ademas se calcula el tipo
de cambio efectivo real, para concluir que las importantes devaluaciones de 1949-51 y 1957-59 fueron insuficientes para alcanzar el equilibrio entre los precios relativos de España y sus principales socios comerciales por lo que la peseta se
mantuvo sobrevalorada de forma continua a lo largo de los cuarenta y cincuenta.
The system of multiple exchange rates for the peseta, in force between 1948 and 1959, has posed many problems for Spanish historiography, in that it implies that the price at wich foreing transactions were carried out is unknown, being hidden in the dense foliage os special exchange rates. In this paper we estimate the various average exchange rates series for all the Balance of Payments of these years, thus filling the vacuum that the post-Civil War period represents in the history of the peseta. We also calculate the real effective exchange rate, concluding that the important devaluations of 1949-1951 and 1957-1959 were insufficient in order to achieve equilibrium between Spanish relative prices and those of its main traiding partners, so that the peseta remained continuously over-valued throughout the 1940´s and 1950´s
The system of multiple exchange rates for the peseta, in force between 1948 and 1959, has posed many problems for Spanish historiography, in that it implies that the price at wich foreing transactions were carried out is unknown, being hidden in the dense foliage os special exchange rates. In this paper we estimate the various average exchange rates series for all the Balance of Payments of these years, thus filling the vacuum that the post-Civil War period represents in the history of the peseta. We also calculate the real effective exchange rate, concluding that the important devaluations of 1949-1951 and 1957-1959 were insufficient in order to achieve equilibrium between Spanish relative prices and those of its main traiding partners, so that the peseta remained continuously over-valued throughout the 1940´s and 1950´s
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Revista de Historia Económica Año XV Otoño-Invierno 1997 n. 3 pp. 545-574