The Risks and Returns of Not Being on the Gold Standard: The Spanish Experience, 1880-1913
Therefore, the findings indicate that Spain pursued a low-risk, low-return policy path that allowed the country to maintain constant growth trend. This stability represented the low-risk side of the policy. The low-return, however, was the trade off in terms of the lower growth rate Spain experienced as compared with other Southern European countries.
University of Illinois - Urbana-Champaign
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University of Illinois at Urbana-Champaign