Emptying the Coffers: Old Money to Build New Railways, Spain 1850–1874
分析了19世纪下半叶西班牙经济现代化初期，国内外资本在铁路投资热潮中的作用，发现此前积累和窖藏的金币是重要资金来源，挑战了传统观点。
This paper analyzes the evolution of the Spanish economy during the third quarter of the 19th century, the critical initial phase of its modern development. The specific aim of the paper is to discuss the role to be awarded to foreign and domestic capital in financing the investment boom in those years. The main hypothesis stresses that the mobilization of savings previously accumulated and hoarded in gold was a distinctive and important origin of resources. This result challenges older assumptions about the economic changes of the period, and provides a vision somewhat different of the first steps of Spain’s economic modernization.