Catalogue des portraits de femmes (1870 à 1900) : exposés par la Société nationale des beaux-arts dans les Palais du domaine de Bagatelle du 15 mai au 14 juillet 1907

[Exposition. Paris, Palais du domaine de Bagatelle. 1907]

Foreign trade traps in the european periphery: Spain, 1870-1913

In this article we research into the difficulties that foreign trade imposed onSpanish process of integration into the international economy in the years priorto the First World War. We start out by examining some features of the foreigntrade structure of the country. By means of an econometric analysis of importand export series, it is possible to observe the presence of a trend towards tradedeficit, which was in force when Spain grew at a rate similar to that of itstrading partners. We also check that, in the absence of these compensatorymechanisms, adjustment in foreign payments could be reached by means ofprotective measures and the exchange rate.