The objective of this paper is twofold. First, it identifies and categorizes the currency crises suffered by Argentina from 1825 to 2002. Second, it looks for regularities in the behaviour of key macroeconomic variables in the neighbourhood of crises by means of graphic analysis, non-parametric and econometric techniques. We found that expansions in public expenditures as well as increases in the debt to GDP ratio and falls in the rate of growth of bank deposits contribute to spur the probability of crisis. Unfavourable external conditions, jointly with domestic imbalances, help to explain very deep crises or crashes.

In this paper we estimate long-term functions of Spanish foreign trade from 1870 to 1913. We find the income elasticity of the Spanish import demand to be higher than the income elasticity of the export demand. This implies that, in die absence of compensation mechanisms, the Spanish economy was condemned to balance-of-payments constraints when its growth was similar to its trade partners'. These constraints implied a constant pressure over die peseta's exchange rate. These findings allows us to contribute to some present debates about Spanish economic policy of that period, particularly those dealing wih the adoption of the gold standard and foreign trade liberation.

The aim of his work is to discuss the traditional view of the Acapulco-Manila business, which so far has been exclusively centered on the silver trade. The significant merchandise trade has been neglected. In the paper we examine de volume and value of ships arriving and departing fron Acapulco, which allows us to have a better knowledge of the «galleon cargo».

This paper reconstructs and examines the growth strategies displayed by the German chemical industry in Spain between 1880 and 1936: exports and direct investment. Elsewhere both became instrumental for the transfer of technology and managerial skills, particularly after World War I. In order to understand why the effects of the first world chemical investor were so poor on the Spanish industry, the German strategies are analyzed in the light of those followed elsewhere. Furthermore, those policies applied both by the Spanish firms and Administration to encourage the rise and development of the local industry are also examined.

The article presents an aggregate and regional analysis of the evolution of agriculture in the Peruvian space between 1681 and 1800, using deflated tithe series. It concludes that after an initial collapse, agricultural production expanded in the XVIII century, an expansion that accelerated in the second half of the century. This increase in production was not homogeneous across regions.

This paper exploits sectorial growth accounting methodology in a similar way to Jorgenson, Gollop and Fraumeni (1987) in order to provide additional insight into the sources of Spanish economic growth. We measure the contribution of intermediate inputs, capital, labour and total factor productivity to the increase in total output for 25 productive branches. We also analyse sectorial contributions to overall productivity growth and discuss the role of pioneering sectors in the whole transformation. The findings presented attribute more than fifty per cent of output growth to improvement in TFP. This productivity growth was unevenly distributed and was fuelled by some potent manufacturing industries together with advances in transportation and communications.

This article presents new evidence and analysis on age heaping—a proxy for numeracy and therefore for human capital—in New Spain during the Enlightenment. Human capital plays an important role in economic growth and welfare. It is also one of the dimensions of inequality. Our results are at odds with many of the usual assumptions on which most Mexicanist historiography is based. Age heaping levels of males and females and ethnic groups across locations in Central New Spain are estimated and compared through ad hoc indicators with other countries. We infer that a more empirical emphasis on the institutional legacy of the viceregal period and more attention to human capital since pre-Conquest times will benefit the progress of Hispanic American economic history.

Studies of Spanish cooperatives date their spread from the Law on Agrarian Syndicates of 1906. But the first legislative appearance of cooperatives is an 1869 measure that permitted general incorporation for lending companies. The 1931 general law on cooperatives, the first act permitting the formation of cooperatives in any activity, reflects the gradual disappearance of the cooperative's «business» characteristics. In this paper, we trace the Spanish cooperative's legal roots in business law and its connections to broader questions of the freedom of association, the formation of joint-stock enterprises and the liability of investors in business and cooperative entities. Our account underscores the similarities of the organizational problems approach by cooperatives and business firms, while at the same time respecting the distinctive purposes cooperatives served.

This paper provides the first survey of slave prices for Santiago de Chile, c. 1773-1822. It also establishes the main determinants of slave prices during this period. We gathered and analysed over 3,800 sale operations. Our series confirm the usual inverted U-shape when prices are plotted against age, and that age was a very important determinant of slave prices. We also found that: female slaves were systematically priced over male slaves, quite contrary to what happened in most other markets; the prime age of Santiago slaves was 16-34, a younger range than for most other places; male slave prices moved in the same direction as real wages of unskilled workers; and the impact of the free womb law on market prices in 1811 was dramatic.

The cotton textile industry remains central to all accounts of the first industrial revolution. Innovations in this period precipitated an extraordinary acceleration in the growth of output and a steep decline in the cost of producing all varieties of cloth. In this paper we outline an explanation through an analysis of the community of inventors responsable for the technological transformation, which enables us to offer some new generalizations of the pace and pattern of the inventive activity in this period.

A model is developed and estimated to explain why some European countries were richer than others between 1860 and 1910 and why some increased dieir prosperity faster in the period. The model quantifies by two methods some of the contributors to the income gap between the economies of Spain and Britain in 1880 and 1910. Determinants of European nations' output per head included natural endowments (climate and coal deposits), economic policy (tariff protection and very marginally the gold standard), and cultural heritage as reflected in literacy. Measurement errors, country specific factors and perhaps variables not considered in this analysis account for less than half Spanish-UK income differences at the dates estimated.

This paper studies the role played by different trade barriers (transport costs, customs and currency) in the evolution of Spanish imports during the First 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 single ad valorem measure of barriers to trade (which we call the trade costs tariff equivalent). More interestingly, the contribution of the barriers to the profile of the tariff 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.

This article verifies the existence of three different and complementary geographies in the 1790–1830 period, a stage in the Catalan industrialization process that has deserved little attention among historians. The first one, of manual spinning by means of an improved jenny –locally named bergadana– in inner Catalonia; a second one of improved water-frame spinning in Manresa and the surrounding villages; and, finally, a third one of wood mule-jenny in Barcelona and some towns of the seaside district of the Maresme. These three areas were characterized by using distinctive power sources and producing different types of thread; they also had different wage levels; but they were complementary until the 1830's when the introduction of new mechanical instruments required important and innovative organization changes. The article ends with two analitical case studies: Salient as a typical example of manual spinning, and Manresa as a case of water frame spinning.

This paper proposes a detailed measurement of the agricultural development of the island of Majorca from the late sixteenth century to the midnineteenth century, with an emphasis on the products which made up the bulk of the island's agricultural production. The authors have organized most of the existing databases in the island's archives and have also incorporated quantitative and qualitative material from their own research and that of other colleagues. Due to their quality and regularity, the data are among the richest known for pre-industrial Europe. These sources lead to some conclusions which link with recent debates in European economic history concerning the calculation of economic growth in economies for periods before statistics were kept. The text presents a methodological analysis covering almost 80 per cent of agricultural production of the island of Majorca and leaves conclusions to be supplemented by further studies of the manufacturing and service sectors.

Using data from two national surveys (ENSA, 2000; ENSANUT, 2006) we assess the evolution of biological standards of living of the Mexican population born during the second half of the 20th century. Our results show that there was an improvement in living standards reflected in an increase in stature, but this amelioration was limited. We observe differences across socio-economic strata, across educational levels, and between men and women. Persistent structural inequality has been byproduct of a system of security and social protection that was limited, segmented and hampered the potentially positive effects of social-welfare policies. We corroborate the relatively modest improvement in heights by comparing outcomes in Mexico with other Latin American countries.

This paper analyses how the progressive autonomy of the capital used to arrange the treasure fleets from Seville to America derived in a real chartered company, a precedent of today's joint-stock company, when the Crown finally privatised it through the asientos de avería. The parallelism among the asientos and the companies were so noticeable that the public officers appointed by the Count-Duke of Olivares to study the foreign companies couldn't detect any difference between both institutions.

This paper analyzes the Spanish industrial product during the period between the Spanish Civil War and the stabilization plan of 1959, whith special attention to the 1940's.

The essay carries out a revision of the Industrial Production Index, developed by Albert Carreras. The new industrial production index is made by breaking down the aggregate, in such a way that an index for each sector can be compiled, allowing for the changes in the productive structure of the Spanish industry of the period.

Modern textile manufacture appeared early in Mexico and grew continuously through the 19th century. Yet, it did not translate into a successful industrialization process as a result of naturally endowed high transportation costs and institutional frailty: a concept that encompasses institutional uncertainty, weakness and fragmentation. Institutional frailty generated a captured tariff policy that gave low effective protection to the industry, a backward financial market that limited resources available for industrial growth, and increased transportation costs through inter-state tariff barriers. High transportation costs fragmented the national market and as a result, the textile industry grew geographically dispersed.

En los últimos años se ha renovado en nuestro país el interés por la Historia empresarial, una disciplina que cuenta con una importante tradición historiográfica, especialmente en Estados Unidos. En una coyuntura marcada por la reforma de los planes de estudio, los Departamentos de Historia económica han intentado, con desigual éxito, introducir esa asignatura en la nueva carrera de licenciatura de dirección y administración de empresas. Desde el área de conocimiento de la Historia económica se han organizado algunos Congresos y Cursos de Verano, se ha iniciado un programa de investigación e incluso han aparecido dos artículos, realizados por los profesores Coll, Fraile y Tortella acerca de esta disciplina (Coll, 1991; Coll y Tortella, 1992; Fraile, 1993). En el primero de ellos, Coll realiza un repaso de la teoría de la empresa y traza una panorámica breve de la evolución de esta institución a lo largo de la historia. En el segundo, junto con el profesor Tortella, ofrece un estado de la cuestión y realiza algunas consideraciones sobre la situación de la disciplina en España.

This article makes the first systematic attempt to analyse quantitatively the evolution of Spanish housing markets from 1904 to 1934, a period of dramatic changes in housing demand as a consequence of substantial income and demographic growth. In order to do so, we collect a new database on houses sold and their prices using data from the Registrar's Yearbooks. Furthermore, we construct a new hedonic index of real housing prices for Spain and its provinces. To our surprise, we found that real housing prices rose slightly over the entire period and, hence, that housing supply responded effectively to new demand for housing.