The Spanish Infrastructure Stock, 1844-1935

Abstract

This paper presents the first estimates of Spanish infrastructure stock and investment for the period 1845-1935. Several sources and techniques have been used in the estimation, and the new series are reasonably reliable to the standards of historical statistics. Two distinct periods may be distinguished in the series: the years before 1895 (characterized by the prominence of railroads) and the period 1895-1935 (when most investment was addressed to other assets). The new series allow a preliminary comparison of the Spanish infrastructure endowment with that of the most advanced countries, showing a gradual process of convergence before 1936.