Costes y beneficios de la no entrada de España en el patrón oro (1874-1914): una revisión

Abstract

The gold standard was the dominant monetary system between the late 1870's and the First World War. Spain never joined the system. The exchange rate of the peseta was flexible. The consequences of not adopting the gold standard are still a matter of controversy. Some of the studies stress the negative impact this could have for the Spanish long term economic growth. The opposite view points out that the cost of being part of this monetary system was unaffordable for a peripheral country like Spain. The debate is still open.