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- Title
GONE WITH THE EURO: A REAPPRAISAL OF THE PESETA'S ADJUSTMENT MECHANISM (1870-1998).
- Authors
SERRANO, JOSÉ MARÍA; GADEA, MARÍA DOLORES; SABATÉ, MARCELA
- Abstract
The peseta was the Spanish currency for more than a century and, during this time, it played a remarkable role in adjusting the balance of payments. This paper presents a chronology of the moments when the adjustment was crucial, which, consistent with the macro-trilemma, coincided with periods of external openness. Moreover, this paper provides empirical support to the thesis that links the exceptionality of a floating peseta during the gold standard with fiscal profligacy.
- Subjects
SPAIN; EUROPEAN Union countries; SPANISH economy; BALANCE of payments; FINANCIAL crises; GOLD standard; PESETA; MONEY
- Publication
Revista de Historia Económica / Journal of Iberian & Latin American Economic History, 2017, Vol 35, Issue 2, p207
- ISSN
0212-6109
- Publication type
Article
- DOI
10.1017/S0212610917000040