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Foreign capital in 19th century Spain's investment boom

机译:19世纪西班牙投资热潮的外资

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Spain's investment boom (1850-1874.) has been largely attributed to capital inflows. Sudria 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 Sudria'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.
机译:西班牙的投资繁荣(1850-1874)一直归因于资本流入。苏德里亚在Moro等人的基础上挑战了共识。资本余额估计。金块和以前的储蓄将迎合投资需求增加。我争辩说司司索赔的经验基础是有缺陷的。莫罗等人。低估了净资本流入,向上偏向了储备的变化。经常账户赤字从资本流入允许投资促进促进资本货物和原材料的进口。外资对投资繁荣作出重大贡献。

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