Abstract
AbstractThis paper studies the role played by different trade barriers (transport costs, customs and currency) in the evolution of Spanish imports during theFirst Globalization(1870-1913). Through the estimation of several gravity equations with panel data analysis, we obtain the elasticities of imports to each barrier, which allows us to combine them into a singlead valoremmeasure of barriers to trade (which we call thetrade costs tariff equivalent). More interestingly, the contribution of the barriers to the profile of thetariff equivalent, as well as the assignment of an active role to the peseta exchange rate as a barrier, illustrates the existence of a protectionist backlash against the sustained decline in transport costs in the period 1870-1913.
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Schedule a callMore From: Revista de Historia Económica / Journal of Iberian and Latin American Economic History
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