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Macroeconomic aspects of Spanish American independence: the effects of fiscal and currency fragmentation, 1800s-1860s

Irigoin, Maria Alejandra (2003) Macroeconomic aspects of Spanish American independence: the effects of fiscal and currency fragmentation, 1800s-1860s. Universidad Carlos III de Madrid working papers, economic history and institutions series (03-45 (09)). Universidad Carlos III de Madrid, Madrid.

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Abstract

Economic historians explaining the divergent economic path in North and South America over time focus on the post-independence period in the former British or Spanish colonies. Their institutional explanation for Latin American economic backwardness is anchored in the political disorder that occurred in the postcolonial period, which did not provide the right conditions for economic growth. Yet, more important than political aspects, fiscal and monetary fragmentation of the Spanish Empire were major factors in hindering the economic growth later in the 19th century. This paper argues that economic struggle over resources determined political outcomes rather than the other way round. By assessing the macroeconomic effects of Independence on the contemporary and further economic and political development it shows that comparisons with North America are ill conceived. The study focuses on the disintegration of colonial fiscal and monetary regimes, that had organised the economy around silver mining and the export of silver currency as fiscal revenues, and the subsequent transformation into export-led economies, specialised in producing raw materials and foodstuff.

Item Type: Monograph (Working Paper)
Official URL: http://www.uc3m.es/portal/page/portal/dpto_histori...
Additional Information: © 2003 The Author
Divisions: Economic History
Subjects: F History United States, Canada, Latin America > F1201 Latin America (General)
H Social Sciences > HC Economic History and Conditions
JEL classification: E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E10 - General
E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Employment, and Investment > E26 - Informal Economy; Underground Economy
H - Public Economics > H2 - Taxation, Subsidies, and Revenue
H - Public Economics > H6 - National Budget, Deficit, and Debt
N - Economic History > N1 - Macroeconomics and Monetary Economics; Growth and Fluctuations
N - Economic History > N2 - Financial Markets and Institutions
Sets: Departments > Economic History
Collections > Economists Online
Date Deposited: 07 Jun 2013 13:39
Last Modified: 18 May 2019 23:19
URI: http://eprints.lse.ac.uk/id/eprint/50687

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