Spain experienced an investment boom over 1850-1874. Historians attributed a significant role to foreign capital inflow. Sudria (2018) challenged the consensus on the basis of Moro, Nuno, and Tedde (2015) capital balance account estimates that imply a much lower capital inflow. Dishoarding of bullion and previous savings would have catered for an increasing investment demand providing the means to meet the current account deficit without causing deflation. It is argued here that the empirical basis for Sudria's claim is flawed. Moro et al. (2015) direct appraisal of the capital balance account resulted in an underestimate of the net capital inflow and a substantial upward bias of 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 made a significant contribution to the investment boom of 19th century and boosted Spanish performance.

中文翻译：

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19世纪西班牙的投资热潮中的外资†

西班牙在1850-1874年经历了投资热潮。历史学家将重要作用归因于外资流入。Sudria（2018）在Moro，Nuno和Tedde（2015）的资本余额账户估计基础上挑战了共识，这意味着资本流入要低得多。对金银和先前储蓄的厌恶本来可以满足不断增长的投资需求，从而提供在不引起通缩的情况下满足经常账户赤字的手段。这里有人认为，萨德里亚主张的经验基础是有缺陷的。Moro等。（2015）直接评估资本结余账户导致资本净流入的低估和准备金变动的大幅上升。经常账户赤字是由于资本流入所致，资本流入使投资能够增加便利性的资本货物和原材料的进口。外国资本对19世纪的投资热潮做出了重大贡献，并提高了西班牙的业绩。