6533b833fe1ef96bd129b930
RESEARCH PRODUCT
War and economics: Spanish civil war finances revisited
Pablo Martín-aceñaMaría A. PonsElena Ruiz Ruizsubject
HistoryGovernmentMoney creationmedia_common.quotation_subjectEconomics Econometrics and Finance (miscellaneous)VictorySpanish Civil WarDebtjel:N00EconomicsEconomic historyCombatantSpain civil war financial resourcesAdministration (government)media_commondescription
This paper reviews how the Spanish civil war was financed. We present new evidence to show that the two combatant parties, the Republican government and the Franco administration followed similar financial strategies. In both cases money creation, rather than new taxes or the issue of debt, was the main mechanism used to cover the expenses of the war. We argue, contrary to the established knowledge, that both sides consumed a similar amount of domestic and foreign resources. We also argue that the Spanish Republic did not lose the war because of a lack of means. International factors, such as the Non-Intervention agreement promoted by France and Great Britain, and the military setbacks of the Republican army during the first year of the war, were decisive for Franco’s victory in 1939.
| year | journal | country | edition | language |
|---|---|---|---|---|
| 2010-05-01 | European Review of Economic History |