Abstract
We study the effects of domestic conflict and external shocks on Spanish trade policy in the interwar period. Our account mobilizes a new granular dataset on exports and imports, and good-country level information on tariffs, trade agreements, and quotas. Into the Depression, the mainstay of policy was the tariff. The establishment of the Second Republic in 1931 was a turning point in policymaking. The new regime initiated bilateral trade negotiations. The Republic’s dilemma was to find countries willing to exchange market access. In a daunting international environment, the Spanish case offers a poignant reminder of the perils of going against the grain.
Highlights
We study the effects of domestic conflict and external shocks on Spanish trade policy in the interwar period
We claim that external shocks imposed limits on domestic policy, whereas domestic interests shaped the direction of trade policy
We provide a fresh perspective on interwar international economic history
Summary
10 British Asia Second tariff No 83.7 Second tariff Yes 100 Second tariff Yes 100 Second tariff Yes 100 Second tariff Yes 100. As for our policy variables, we have taken from official Spanish sources information on tariffs, quotas, and MFNs, at the good and country level wherever feasible. Those measures, like MFNs and quotas, that conceded domestic market access for exposure abroad.38 For this purpose, the Spanish sources provide information on tariff rates on imports at the good level, as well as items covered in MFN agreements. Of aggregation summarized, the 1930’s trade collapse does not reveal itself in a substantial change in the number of products imported and exported or in the number of source and destination countries Does this result hold at a finer level of disaggregation?. Lines 4 and 5 represent goods Spain ceased importing from continuous partners and countries terminating trade entirely. Change in Percent of Nominal Value of Imports Percent of growth due to 1 Cont. goods, cont. countries 2 Cont. goods, new sources 3 Cont. goods, all new countries 4 Cont. goods, old sources 5 Cont. goods, all old countries 6 Cont. goods 7 New goods, cont. countries 8 New goods, all new countries 9 Entering goods Old goods, cont. countries Old goods, all old countries Exiting goods
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