This paper examines sovereign lending to Latin America and the Caribbean from 1820 to 1913. We examine four waves of capital flows where defaults were followed by a return to market access. In spite of extended default, countries kept promising high returns that attracted international investors again and again: financial autarky thus gave way to eras of high integration to global markets as measured by sovereign risk pricing. We discuss imperfections of the sovereign debt institutional context in the region and discuss a menu of options that some countries used to seek funds in the global financial markets after defaults. The parallel with the modern Latin American and Caribbean sovereign bond market experience is striking.

In this paper we build a general index of retail prices for the city of Santander, using the information from the «Mercurial» during the first half of 19th century, a period we do not have much information about This index for the Cantabrian capital is compared to the Reher-Ballesteros index. The hypothesis is that the Santander index has a different profile to the Reher-Ballesteros one due to two reasons —its composition is more varied and it describes a peripheral area. The uselfulness of local documentation for this kind of research is equally shown.

The institutional changes which emerged from the liberal revolution of Western Europe were beneficial for economic growth. Equality before die law, the simplification of the judiciary, the defining of clearer property rights, and the opening of the market all contributed to a rapid approximation of the expected improvements in private returns with die increase in social returns. This article examines the institutional changes that took place in nineteenth century Spain, and concludes that deficiencies in the carrying out of the reforms produced smaller gains for economic growth than might have been expected.

The objective of this article is to offer empirical evidence regarding the behaviour of the exports and relative prices of agricultural and food products from South America between 1900 and 1950. These were years of intense turbulence, which profoundly affected the countries of the region, generating a deep pessimism concerning the potentiality of the export-led development model. This study offers a new quantitative base to analyse the evolution of exports of agrifood products from South America between 1900 and 1938. The paper also offers a series for the evolution of the terms of trade in the region which takes into account in its construction, for the first time, the relative weights of South American exports of the distinct agricultural products.

Numerous archival documents show how the suspension of payments by Philip II, in September 1575, on the contracts with Genoese bankers (asientos) induced a freeze of the domestic credit market in Castile through the bankers’ intermediation for asientos and the credit interconnections. Commercial fairs stopped, banks failed and trade suffered while the king granted legal protection to the Genoese bankers. The evidence strikingly confirms that by his strategy, Philip II was able to remove the de facto ceiling on the domestic debt (juros) imposed by the fixed revenue commitment of the Castilian cities in the Cortes. The agreement with the bankers was signed in December 1577 immediately after the cities had agreed to the doubling of their commitment.

This article analyses the industrial activity of the French automobile company Renault during its first two decades in Spain. A first section examines the negotiations which concluded in the concession of the Spanish license and the establishment of a Spanish licensee society (FASA). A second part analyses the early years of FASA, in which it experienced a sustained growth overshadowed by product quality and management problems. We show how FASA's main phase of expansion coincided with the French head office's control, effective from 1964 on. The last part of the article summarizes some of the factors contributing to the success of Renault in Spain: such as adapting to local market conditions, establishing a certain degree of freedom in management and a more flexible export policy.

This article examines the mortgage credit market of Peru during the guano era and analyses the effects of the creation of mortgage banks on the allocation of credit. It shows that mortgage banks served as interregional intermediaries and facilitated access to long-term credit for large estate owners. However, banks did not broaden access to credit. As private lenders, mortgage banks loaned largely to Lima’s merchants and renters and to hacendados from the main coastal valleys.

In this article I present new calculations for the evolution of prices and standards of living in Seville from 1521 to 1603. Using new data on prices and new research on changes in nutrition and consumption, I improve the consumer price index. Two major improvements can be highlighted: the inclusion of rented housing prices and the use of three baskets of goods, according to the transformations identified in the consumption patterns. As a result of these improvements, the new data show that prices increase more (336%) than previously estimated by Hamilton (155%) and when using the Allen method (234%). Consequently, real wages decrease more with the new index (32%).

This paper presents a data series on social expenditure in Portugal for the period 1938-2003. The series was built with the aim of identifying and characterizing the most significant phases in the process leading up to the current welfare state system in this country. The establishment of a social insurance (Previdência) in 1935 was one of the founding pillars of the Estado Novo (New State). Reforms to Social Welfare (Previdência Social) in 1962, while in the full throes of the New State, policy measures taken after the revolution of 1974 and a new orientation for social policy following the accession of Portugal to the European Economic Community (EEC) in the mid-1980s brought about significant transformations in the institutional organizational structure that provided welfare and conferred social rights in Portugal. To understand this process, knowledge is needed of the transformations to the institutional structures governing the organizations that provided welfare, welfare coverage in terms of the type of benefit and the population entitled to social risk protection, the magnitude of spending on benefits associated with these risks, as well as how benefits were allocated between the institutions. We built a data series for the period 1938-1980, which can then be matched to data already published in the OECD Social Expenditure Database from 1980 onwards. As a result, a consistent series for social expenditure from 1938 to 2003 was obtained. The methodology used to create the series enabled us to measure the impact of the variation in population coverage for social risks and the average generosity of benefits on the relative share of social expenditure in GDP. We present an interpretive reading for the full period, covering the New State and the Democracy from 1974, of the process of building the welfare state in Portugal.

Upon gaining independence, most Spanish American countries had accumulated a substantial external debt, and by 1829 each defaulted. It took decades for these countries to settle their debts and even longer for them to access new loans. We argue that a major factor influencing the pattern of debt service was the incidence of war. War created incentives for governments to channel scarce resources to «emergency» spending and domestic debt service, rather than to the repayment of the foreign debt. Interestingly, we detect an asymmetry between countries long in good standing with creditors and those that had only recently settled. Countries that had established a longer record of continuous debt service were far less likely to default in times of war. We also find that international wars were responsible for the largest effects.

This paper uses the theoretical and empirical contributions of recent international literature on the determinants of long run economic growth to explain the historical origin of the enormous regional economic inequalities which characterize Colombia. The results indicate that geography and culture are not direct determinants of differences in regional per capita income. Nevertheless, geography did play a central but indirect role through its influence on settlement patterns during the colonial period. Although econometric estimations indicate that the colonial legacy influenced contemporary differences in regional income, it is not clear if this effect operates via the institutions or human capital.

Recent research on working-class living standards during the Industrial Revolution has shown that wages do not cover all welfare components — for instance, working conditions, leisure time or the «access rights» needed make one prosper (health, education and freedom). This is why studies have been published in which wages are compared with other living standard indicators. Following this line of research, our paper examines the evolution of welfare among Biscayan miners between 1876 and 1936 by contrasting real wages, Human Development Index and height. An additional contribution of the paper is that we relate the high morbi-mortality in the Biscayan working-class neighbourhoods with market failures derived from urbanisation, a connection not explicitly considered in the literature on living standards during the Industrial Revolution. These market failures were known by liberal politicians because the hygienists urged the intervention of the State to correct or, at least, ease them. However, the town councils in the Bilbao mining zone took more than 20 years to put into practice the measures proposed by the hygienists.

This paper discusses the economic performance of three Latin American countries (Argentina, Brazil and Uruguay) from a comparative perspective, using as a benchmark a group of four developed countries (France, Germany, the United Kingdom and the United States). The focus is on the relative performance within the region and between the Latin American countries and the developed countries in the period 1900–1980. The paper argues that Argentina and Uruguay benefited from a privileged position in international markets at the beginning of the 20th century and this allowed them to converge. However, they failed to adjust to the major long-run change in the pattern of world trade brought about by World War I and the Great Depression, which implied a persistent decline of their export markets. On the other hand, Brazil, after having been much less successful until 1930, grew at higher rates thereafter based on rapid structural change and the building up of competitive advantages in new industrial sectors. The more vigorous Brazilian policy for industrialization and export diversification may explain why Brazil succeeded in changing its pattern of specialization, while Argentina and Uruguay were locked in to the old pattern. A typology of convergence regimes is suggested based on the growth experience of these countries.

En este trabajo se analizan las características del comercio en el siglo XVI de uno de los principales colorantes empleados en la industria pañera: el pastel. Dicho producto fue una de las más principales mercancías intercambiadas durante fines de la Edad Media y principios de la Moderna. En dicho tráfico sus mayores participantes en toda Europa fueron los mercaderes españoles, y en especial los burgaleses. En el trabajo se reconstruye dicho comercio en España a partir de los datos de unos 2.000 asientos de compra venta de pastel procedentes de diversos Libros de Cuentas Mercantiles. Dichas cifras permiten presentar un completo panorama de la geografía de la industria pañera española durante el siglo XVI: su jerarquización según su importancia económica, sus características productivas, la diferenciación entre los centros rurales y los urbanos, las redes de comercialización, etc.

Over the past century and a half, Spain has had a tumultuous political history. What impact has this had on social policy? Democracy has had a positive effect on both the levels of social spending and its long-term growth trend. With the arrival of democracy in 1931, the transition began from a traditional regime (with low levels of social spending) to a modern regime (with high levels of social spending). Franco’s dictatorship, however, reversed this change in direction, retarding the positive growth in social spending. At the same time, the effect of left-wing parties was statistically significant only in the 1930s (prior to the Keynesian consensus) and in the period of the Bourbon Restoration (when the preferences of low-income groups were systematically ignored).

In this article we propose the construction of Physical Quality of Life Index (PQLI) from demographical and educative variables, applied to Spanish regions and provinces in the European context between 1860 and 1930. Our results show an unequal but extensive improvement of PQLI, which was superior to the one experimented in per capita product in this period. Morover, the evolution of PQLI spacial disparities suggests some parallels with Italian case and the necessity to be careful about the relationships between economic growth and well-being.

This paper provides a reconstruction of the yearly values of Mexico's foreign trade within the period 1870–1929, the era of liberal capitalism. It uses the Mexican official statistics as well as those published by Mexico's main trading partners: the United States, Great Britain, France, and Germany. The article assesses de quality and consistency of the Mexican sources and applies explicit criteria to rectify the official figures and to fill the gaps in the available information. It also proposes a new breakdown of trade values, which allows distinguishing between commodity trade and specie movements. As a result, the article provides widi complete annual series of commodity trade and specie flows, as well as a yearly estimate of the trade balance throughout the period.

The constant state of war which dominated the reign of Philip II and part of Philip III'S exerted a growing fiscal demand both on Castile and the American Colonies. The American treasure which opened the doors to credit to finance these campaigns increased substantially over the 17th century. Never the less, the merchants, which controlled the extraction of precious metals and their shipments to the metropolis, established a highly lucrative trade with the Peru and the Philippines which created a constant drain of silver to the Far East. Based on the complaints filed by the Consulado de Sevilla about the competition of Chinese goods and the loss of American silver, the Monarch imposed heavy restrictions on the triangular trade in the Pacific. These restrictions created conflicts with the American viceroys who were interested in this trade and resulted in the generalization of smuggling.

In the first decades of the 20th century, several processes modify the Spanish insurance market from the inherited characteristics of the past century. Moreover, the increment of competition promotes the diversification and setting up cartels for control of market. The first process drives the specialised companies to general companies and the second one leads to agreements between them to control the competition. Both parallel procedures originate later on the leadership of particular companies.

Labour market transformation and inequality were fundamental aspects in the transition to the industrialisation. This article reconstructs the Barcelona’s area economic structure across the 18th and 19th centuries through the Marriage Licences of the Barcelona’s Cathedral. These documents registered a proportional tax paid by the spouses’ according to their occupational and social status. Since 1780, an important decrease in the primary sector and an increase in the secondary and tertiary sectors are observed. Inequality between economic sectors rose and also within the secondary sector (textile) due to the proletarianization of the workers. Conversely, there was not an increase in inequality in the primary sector while it decreased in the tertiary sector.