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Foreign capital in 19th century Spain’s investment boom†

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  • Leandro Prados De La Escosura

Abstract

Spain’s investment boom (1850–1874) has been largely attributed to capital inflows. Sudrià challenged the consensus on the basis of Moro et al. capital balance estimates. Dishoarding of bullion and previous savings would have catered for an increasing investment demand. I argue that the empirical basis for Sudrià's claim is flawed. Moro et al. underestimated the net capital inflow and biased upwards the change in reserves. The current account deficit resulted from an inflow of capital that allowed investment to raise facilitating imports of capital goods and raw materials. Foreign capital contributed significantly to the investment boom.

Suggested Citation

  • Leandro Prados De La Escosura, 2020. "Foreign capital in 19th century Spain’s investment boom†," European Review of Economic History, European Historical Economics Society, vol. 24(2), pages 314-331.
    • Handle: RePEc:oup:ereveh:v:24:y:2020:i:2:p:314-331.
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    File URL: http://hdl.handle.net/10.1093/ereh/hey026
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