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E18-385_Roldan.pdf (593.78 KB)

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Working paper

Publication date

2018

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cc-by-nc-nd, (c) Roldán, 2018
Please use this identifier to cite or link to this item: https://hdl.handle.net/2445/126931

Spain and the classical gold standard. Short-And long-Term analyses

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Abstract

This paper seeks to link the two theories put forward to explain (the consequences of) Spain’s decision not to adopt the gold standard in the late nineteenth century, and does so by comparing the outcomes of short- and long-run approaches. The empirical results obtained from applying an autoregressive distributed lag (ARDL) and vector error correction (VEC) framework are reported. This ARDL and VEC analysis reveals that the expansionary monetary policies implemented had a positive impact on Spain’s economic growth. The exchange rate was a key factor, since it helped improve the terms of trade and promoted exports in the short run. None of these options would have been available under the gold standard system. This paper provides new empirical evidence for the core-periphery debate through an analysis of a peripheral economy, and sheds important new light on the developments in Spain at the time of the classical gold standard.

Subject

Política monetària, Or patró, Anàlisi vectorial, Anàlisi de regressió

Subject (English)

Monetary policy, Gold standard, Vector analysis, Regression analysis

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UB Economics – Working Papers [ERE]
Documents de treball (Història Econòmica, Institucions, Política i Economia Mundial)

Citation

ROLDÁN MARÍN, Alba. Spain and the classical gold standard. Short-And long-Term analyses. UB Economics – Working Papers. 2018. Vol.  E18/385. [consulted: 8 of August of 2026]. Available at: https://hdl.handle.net/2445/126931

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