econstor Make Your Publication Visible

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1 econstor Make Your Publication Visible A Service of Wirtschaft Centre zbwleibniz-informationszentrum Economics Ballmann, Werner Article Die Finanzierung des spanischen Wiederaufbaus nach dem zweiten Weltkrieg Wirtschaftsdienst Suggested Citation: Ballmann, Werner (1960) : Die Finanzierung des spanischen Wiederaufbaus nach dem zweiten Weltkrieg, Wirtschaftsdienst, ISSN , Verlag Weltarchiv, Hamburg, Vol. 40, Iss. 6, pp This Version is available at: Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence.

2 Ä h n lid ie s g ilt f ü r d a s V e r k e h r s w e s e n. G e w iß s in d nicht w e n ig S tr a ß e n g e b a u t w o r d e n, a b e r m a n c h e d a v o n, w ie d ie fa s t k m la n g e V e r b in d u n g B r a s ilia s m it B e le m, s in d o h n e w ir ts c h a ftlic h e B e d e u tu n g. U n v e r k e n n b a r s in d d ie B e m ü h u n g e n u m d ie H e b u n g des E is e n b a h n w e s e n s. A b e r d e r S e e v e r k e h r, d e r s id i b e i d e r g e g e b e n e n V e r t e ilu n g d e r B e v ö lk e r u n g u n d d e r a u s g e d e h n te n K ü s te a ls n a tü r lic h e r u n d b i l lig e r W e g g e ra d e z u a n b ie te t, l ie g t n a c h w ie v o r im A r g e n. D ie H a f e n a n la g e n s in d v e r a lt e t u n d u n z u r e ic h e n d, d ie H a n d e ls m a r in e e b e n fa lls g r o ß e n te ils v e r a lt e t u n d w e it h i n r e fo r m b e d ü r ftig, ü b e r d ie W id i t ig k 'e it u n d D r in g lic h k e it d ie s e r R e fo r m e n k a n n k e i n Z w e if e l b e s te h e n. A u d i ih r e V e r n a c h lä s s ig u n g b ild e t e in t r a u rig e s G e g e n s tü c k z u d e m P a ra d e s tü c k B r a s ilia u n d d e r P r u n k s y m p h o n ie b e i s e in e r E in w e ih u n g. Die Finanzierung des spanischen Wiederaufbaus nach dem zweiten W eltkrieg D r. W e r n e r jb a llm a n n, Essen O ffiz ie lle Z a h le n ü b e r d ie n a c h d e m z w e it e n W e l t k r ie g in S p a n ie n v o r g e n o m m e n e n In v e s t it io n e n lie g e n n ic h t v o r. H ig in i o P a r is E q u ila z { In v e rs io n e s y D e s a rro llo E c o n ó m ic o d e E s p a ñ a ", M a d r i d 1956 u n d F acto re s d e l D e s a r r o llo E c o n ó m ic o E s p a ñ o l", M a d r id 1957) s d iä tz t s ie a u f u n g e fä h r M r d. P ta s b is D ie In v e s titio n s z iffe r n d e r le t z t e n J a h r e m ü s s e n a l le r dings im Z u s a m m e n h a n g m it d e n in fla tio n is tis c h e n T e n d e n z e n g e s e h e n w e r d e n. D ie jä h r lic h e n In v e s t it io n e n ln S p a n ie n Jahr M ill. Ptas Jahr M ill. Ptas Í W ä h r e n d d ie In v e s t it io n e n in d e r L a n d w ir ts c h a ft M a ß n a h m e n z u r F lu r b e r e in ig u n g, z u r E r h a ltu n g d e r A c k e r flä ch e n, z u r S d ia ffu n g v o n B e w ä s s e ru n g s a n la g e n, z u r W ie d e r a u ffo r s tu n g, z u r V e r w e n d u n g k ü n s tlic h e n D ü n gers u n d z u r M e c h a n is ie r u n g d e r la n d w ir ts c h a ftlic h e n B e trie b e u m fa s s e n, w e r d e n d ie in d u s t r ie lle n In v e s t i tio n e n v o r a lle m in d e n G r u n d s to ffin d u s tr ie n, z.b. in d e r L e b e n s m itte lin d u s tr ie, v o r g e n o m m e n. D a n e b e n sind d ie In v e s t it io n e n im V e r k e h r (S tr a ß e n b a u u n d E is e n b a h n w e s e n ) s o w ie im W o h n u n g s b a u z u e r w ä h n e n. B ei d e r F in a n z ie r u n g d e r In v e s t it io n s v o r h a b e n t r a t e n v o r a lle m z w e i P r o b le m e a u f; d ie A u f b r in g u n g d e r F in a n z ie r u n g s m itte l in n a tio n a le r W ä h r u n g u n d d ie A u fb r in g u n g v o n D e v is e n f ü r d ie e r fo r d e r lic h e n Im p o rte. A U F B R IN G U N G D E R N A T I O N A L E N M I T T E L D ie F in a n z ie r u n g d e r In v e s t it io n e n e r fo lg t e d u rc h W e r tp a p ie re m is s io n e n, m i t H i l f e d e r B a n k e n, m it H a u s h a lts m itte ln d e s S ta a te s u n d d u rc h S e lb s tfin a n z ie ru n g d e r U n te r n e h m e n. D ie F in a n z ie r u n g in n a t io n a le r W ä h r u n g e r f o lg te z u e tw a 50«/o d u rc h A u s g a b e v o n W e r t p a p ie r e n a u f d e m K a p ita lm a r k t, w o r a n sich d e r S ta a t, d ie P r o v in z e n, d ie G e m e in d e n u n d ö ffe n tlic h e K ö r p e r s c h a fte n s o w ie P riv a tu n te rn e h m e n b e te ilig t e n. D ie A u s g a b e ö ffe n tlic h e r T i t e l ü b e r w ie g t m i t e tw a 50 /o. D e r G r u n d is t in d e r T a ts a c h e z u s u chen, d a ß d e r S ta a t, d ie P r o v in z e n u n d s o n s tig e k o m m u n a le n K ö r p e r s c h a fte n b e i d e r K a p ita la r m u t d e s L a n d e s, d a s im B ü r g e r k r ie g v e r w ü s t e t w u r d e, d ie F in a n z ie r u n g des J n d u s trie a u fb a u s w e itg e h e n d s e lb s t ü b e r n e h m e n m u ß te n. D a n e b e n b e te ilig t e n sich a u c h d ie m i t S ta a ts h ilfe g e g r ü n d e te n N a t io n a lin s t it u t e, w i e In s t it u t o d e R e c o n s tr u c c ió n N a c io n a l, In s t it u t o N a c io n a l d e C o lo n iz a c ió n, In s t it u t o N a c io n a l d e V iv ie n d a, In s t it u t o N a c io n a l d e In d u s t r ia ( I N I ), a n d e r F in a n z ie r u n g d e s W ir ts c h a fts a u fb a u s. Jahr U m fa n g d e r W e r tp a p ie r e m is s io n e n Staatsp a p iere (in M ill. Ptas) O b lig ation en A k tie n Insgesam t Q uelle ; Estudio Económ ico 1958 des Banco Central", M adrid. V o r a lle m d a s I N I s p ie lte a ls H o ld in g g e s e lls c h a ft im R a h m e n d e r In d u s tr ia lis ie r u n g S p a n ie n s e in e ü b e r r a g e n d e R o lle. E s w u r d e d u rc h D e k r e t v o m m it d e r A u f g a b e g e g r ü n d e t, d ie f ü r d ie L a n d e s v e r te id ig u n g u n d f ü r d ie w ir ts c h a ftlic h e U n a b h ä n g ig k e it n o tw e n d ig e n In d u s t r ie n z u fin a n z ie r e n u n d z u fö r d e r n, w o m it n a tü rlic h e in e K o n t r o lle v e r b u n d e n w a r, d ie j e n a c h H ö h e d e r A k t ie n a n t e ile m e h r o d e r w e n ig e r g ro ß w a r. A u s g a b e ö ffe n tlic h e r T i t e l d u rc h d ie N a t io n a lin s t it u t e (in M ill. Ptas) N aiionalinsfitut Instituto de Reconstrucción N ac Instituto N ac. de Colonización Instituto Nac. de V ivienda Instituto N ac. de Industria Z u r A u s g a b e v o n O b lig a tio n e n w u r d e d ie sp a n is c h e S ta a ts b a h n (R E N F H ) d u rc h G e s e tz e e rm ä c h tig t, u m z u - s ä t z lid ie M i t t e l f ü r d e n W ie d e r a u f b a u d e s im B ü r g e r k r ie g fa s t v ö l l i g z e r s tö r te n E is e n b a h n n e tz e s z u b e sc h a ffe n. In s g e s a m t w u r d e n v o n 1946 b is 1956 fü r M i l l. P ta s O b lig a t io n e n e m it t ie r t. 1960/VI 329

3 D ie E m is s io n v o n A k t i e n b e tr u g v o n 1945 b is 1958 rd. 6 7 M i l l. P ta s u n d e r s tre c k te sich a u f f o lg e n d e W i r t - s d ia fts g ru p p e n : Unternehmen zur Herstellung landwirtschaftlicher Erzeugnisse (einschließlich Zucker und Alkohol) Mill. Ptas Banken Hotels, Kinos, Schauspielhäuser 220 Investitlonsgesellsdiaften 297, Unternehmen der Elektrizltäts-, Gas- und Wasserwirtschaft , Bodenkreditgesellschaften und Bauhilfsbetiiebe 5 370, Bergwerke 1099 Monopolgesellschaften 8 655, Werften 1492, Chemie-Unternehmen Versicherungen 210 Unternehmen der Metall- und Elektroindustrie , Unternehmen der Textilindustrie 1 780, Unternehmen der Verkehrswirtschaft 711, Sonstige Unternehmen 5 622, D a s s p a n is c h e B a n k s y s te m s c h a lte te sich e b e n fa lls in d ie F in a n z ie r u n g d e s W ir ts c h a fts a u fb a u s e in. D ie B a n k v o n S p a n ie n f in a n z ie r t e d ie ö ffe n tlic h e W ir ts c h a f t d u rc h A n le ih e n, K r e d it e u n d R e d is k o n tie r u n g e n. D ie B e tr ä g e s c h w a n k te n s ta r k, s ie b e tr u g e n 1954 e tw a M i l l. P ta s, 1955 rd. 3 M i l l. P ta s, 1956 n u r u n d 1957 w ie d e r M i l l. P ta s. N e b e n d e r B a n k v o n S p a n ie n u n d d e n ö ffe n tlic h e n B a n k e n, v o r a lle m d e m B a n c o d e C r é d ito In d u s t r ia l, s c h a lte te sich au ch d a s P r iv a tb a n k s y s te m e in. Jahr F in a n z ie r u n g s m it te l d e r P r iv a t b a n k e n D isk o n tierungen K red ite A n k a u f v o n P rivatp ap ieren in M ill. Ptas Staatsp a p ieren T»»e_ J e XUSgesam t w e ilig e S te ig e - lu n o in o/o , , , ,5 V o n 1957 a n s te llte n d ie P r iv a t b a n k e n in f o lg e d e r K r e d it r e s t r ik t io n e n d e r R e g ie r u n g z u r E in d ä m m u n g d e r I n f la t io n (u. a. E r h ö h u n g d e s D is k o n ts a tz e s v o n 4,1 5 "/o a u f 5,0 /o v o m a n, B e g r e n z u n g d e r R e d is k o n tm ö g lic h k e ite n b e i v e r s c h ie d e n e n B a n k e n u n d m ü n d lic h e A n w e is u n g a n d ie P r iv a t b a n k e n, d ie A u s d e h n u n g d e r K r e d it e e in z u s c h r ä n k e n ) u n d in fo lg e d e r a b n e h m e n d e n Z u w a c h s r a te n d e r D e p o s ite n e in la g e n, d ie m it d e r u n g e n ü g e n d e n A n p a s s u n g d e r L ö h n e a n d ie s te ig e n d e n L e b e n s h a ltu n g s k o s te n z u s a m m e n h in g e n, d e r W ir t s c h a f t e r h e b lic h w e n ig e r F in a n z ie r u n g s m i t t e l in F o r m v o n B a n k k r e d it e n u n d W e r t p a p ie r - a n k ä u fe n z u r V e r f ü g u n g. S o e r h ö h te n sich z. B. d ie S p a re in la g e n m it lä n g e r e n K ü n d ig u n g s fr is te n a ls 1 M o n a t 1957 n u r u m 5 7,3 M i l l. P ta s, w ä h r e n d es 1955 n o c h 4 M r d. P ta s w a r e n. D ie s in k e n d e T e n d e n z d e r D e p o s ite n e in la g e n w a r m i t e in e r V e r k ü r z u n g d e r A n la g e fr is t v e r b u n d e n, w a s sich n a tü r lic h a u f d e n U m fa n g d e r f ü r la n g f r is t ig e In v e s t it io n e n z u r V e r f ü g u n g s te h e n d e n G e ld m it t e l a u s w ir k e n m u ß te. D ie F in a n z ie r u n g d e s s p a n is c h e n W irts c h a fts a u fb a u s u n d d e r In d u s t r ia lis ie r u n g d e s L a n d e s w u r d e au ch d u rc h d ie B a n k e n im W e g e d e r G e ld s c h ö p fu n g u n t e r stü tzt. Jahr A u sg a b e v o n G e ld n oten G e ld s (3 iö p iu n g d e r B a n k e n (Jährlidie Zunahmen in M ill. Ptas) K ontokorrentkredite der Bank von Spanien an P rivate an den Fiskus der P riv a t b a n ken K a ssen k on to und Salden der P riv atb a n k en b e i d er Bank v o n S panien ' *) G eschätit auf G rand dei Zahlen iüi die eisten 9 M onate W i e d ie Ü b e rs ic h t z e ig t, m u ß te d ie N o t e n b a n k m it E m is s io n e n v o n B a n k n o te n e in s p r in g e n, d a v o r a lle m d a s In d u s tr ia lis ie r u n g s p r o g r a m m a n d e n S ta a t im m e r h ö h e r e G e ld a n s p rü c h e s t e llt e u n d d ie M i t t e l a u s d e m o rd e n tlic h e n H a u s h a lt n ic h t a u s r e ic h te n, d ie L ü c k e n d e r D e f iz it w ir t s c h a f t z u d e c k e n. D ie h o h e B a n k n o te n a u s g a b e 1957 s te h t m i t d e n L o h n e r h ö h u n g e n im Z u s a m m e n h a n g. In f o lg e d e r g r o ß e n K a p i t a la r m u t d e s L a n d e s n a c h d e m B ü r g e r k r ie g d ie N a t io n a lb a n k b ü ß te a l le in t G o ld e in u n d in f o lg e d e s A u s b le ib e n s d e r A u s la n d s h ilfe a u f G r u n d d e s p o litis c h e n u n d w i r t s c h a ftlic h e n B o y k o tts, d e n d ie U N O n a c h d e m z w e it e n W e l t k r i e g g e g e n S p a n ie n v e r h ä n g te, w a r d ie R e g ie ru n g g e z w u n g e n, d e n W ir ts c h a fts a u fb a u v o r a lle m d e r G r u n d s to ffin d u s tr ie u n d d e r E n e r g ie w ir ts c h a ft ^ z u m g ro ß e n T e i l s e lb s t a u s M i t t e l n d e s o r d e n tlic h e n u n d a u ß e r o r d e n tlic h e n H a u s h a lts z u fin a n z ie r e n w a r e n es a l le in 5 M r d. P ta s. D ie S ta a ts g e ld e r w u r d e n d u rc h d ie o b e n g e n a n n te n E m is s io n e n v o n ö ffe n tlic h e n T i t e l n u n d A n le ih e n d e r B a n k v o n S p a n ie n s o w ie d u rc h S te u e rn, Im p o r ta b g a b e n u s w. a u fg e b r a d it. D ie g ro ß e M a s s e d e r k l e in e n F ir m e n, d ie ih r e I n v e s titio n e n w e d e r ü b e r d e n K a p i t a lm a r k t fin a n z ie r e n k o n n t e n o c h b e i d e n B a n k e n a u s re ic h e n d e K r e d it e z u e r h a lt e n v e rm o c h te, w a r g e z w u n g e n, z u r S e lb s tfin a n z ie r u n g z u g r e ife n. D e r S ta a t b e g ü n s tig te m i t d e m D e k r e t v o m d ie S e lb s tfin a n z ie r u n g u. a. d u rc h fo lg e n d e V e r g ü n s tig u n g e n, d ie B e tr ie b e e r h i e l te n, d ie sich e in e r g e w is s e n S t a a ts k o n tr o lle u n t e r w a r f e n : 1. S e n k u n g d e r S te u e r n u n d S te m p e la b g a b e n u m 5 0 Vo; 2. G a r a n tie e in e s J a h r e s e r tr a g e s v o n m in d e s te n s 4 /» ' d e s. in v e s t ie r t e n K a p ita ls, s o w e it es n ic h t 1 M r d. ' P ta s ü b e r s tie g! 3. S e n k u n g d e r Im p o r ta b g a b e n a u f f ü r d ie In v e s t it io n e n n o tw e n d ig e n M a s c h in e n u n d A u s r ü s tu n g e n, s o w e it d ie s e in S p a n ie n n ic h t h e r g e s t e llt w u r d e n. D a r ü b e r h in a u s b e g ü n s tig te n d ie d u rc h E in f u h r k o n t in g e n te, Z ö lle u n d Im p o r ta b g a b e n (fo n d o d e r e to r n o ) k ü n s tlic h h o c h g e h a lte n e n P r e is e d ie S e lb s tfin a n z ie r u n g in g ro ß e m M a ß e. H e u t e e m p f ie h lt d e r S ta a t s e lb s t d e n G r o ß u n te r n e h m e n, ih r e n F in a n z b e d a r f fü r In v e s t it io n e n u. a. d u rc h S e lb s tfin a n z ie r u n g z u d e c k e n. A U F B R IN G U N G V O N D E V IS E N E in b e s o n d e re s P r o b le m f ü r d e n w ir ts c h a ftlic h e n W i e d e r a u fb a u S p a n ie n s v o r a lle m f ü r d ie In d u s t r ia l i s ie r u n g w a r d ie F in a n z ie r u n g d e r u n u m g ä n g lic h e n E in fu h r e n a n S p e z ia lm a s c h in e n, S o n d e ra u s rü s tu n g e n u n d im L a n d e n ic h t v o r h a iid e n e n R o h s to ffe n. D a s P r o b le m w u r d e a u f v e rs c h ie d e n e W e is e g e lö s t. 1 j m

4 S p a n ien f in a n z ie r te s e in e E in f u h r e n a n in d u s t r ie lle n A u s rü s tu n g e n u n d R o h s to ffe n z u m g r o ß e n T e i l m it E rlösen, d ie d u rc h d e n E x p o r t v o n L e b e n s m itte ln, G e - trä n k e n u n d T a b a k e r z ie l t w u r d e n. D ie A u ß e n h a n d e ls s a ld e n (in M ill. Ptas.) W arengruppe l.h j Konsumgüter, v o r allem Lebensmittel Rohstoffe, C h em ikalien, Brennstoffe M asdiinen, A p parate, M etallerzeugnisse D a d ie A g r a r a u s fu h r e n a b e r n ic h t in b e lie b ig e m M a ß e g e s te ig e r t w e r d e n k ö n n e n, k a n n d ie n o c h im m e r v o rh a n d e n e D e v is e n lü c k e in d e r E in f u h r f in a n z ie '- jn g, d ie in d e n J a h r e n 1952 b is 1958 z w is c h e n u n d M i l l. P ta s s c h w a n k te, n u r d u rc h in d u s t r ie lle E x p o rte g e s c h lo s s e n w e r d e n, w o z u sich u. a. b e s o n d e rs E rze u g n is s e d e r C h e m ie -, d e r T e x t i l - u n d d e r N a h ru n g s m itte lin d u s tr ie e ig n e n. H in z u k o m m e n In d u s t r ie z w e ig e, in d e n e n d e r A ^ rb e its a n te il a n d e n P r o d u k te n im V e r h ä lt n is z u m K a p ita le in s a t z r e l a t i v h o c h is t. D e s h a lb w u r d e n d ie s e In d u s t r ie z w e ig e d u rc h d e n S ta a t b e i ih r e n E in fu h r e n v o n S o n d e r a u s rü s tu n g e n u n d S p e z ia lm a s c h in e n d a d u rc h u n t e r s t ü t z t, d a ß ih n e n e in T e il d e r a u s ih r e n E x p o r t e n e in g e g a n g e n e n D e v is e n ü b e r la s s e n w u r d e, u m ih n e n so d ie M ö g lic h k e it zu g e b e n, i h r e P r o d u k tio n s a n la g e n z u e r n e u e r n u n d zu e r w e ite r n. Es k o n n t e n d a m it a b e r n u r Im p o r t e au s d e m je w e ilig e n A b n e h m e r la n d d e r s p a n is c h e n W a r e n u n d n u r u n t e r V e r w e n d u n g d e r d a b e i e r lö s te n W ä h ru n g f in a n z ie r t w e r d e n. So k o n n t e z. B. d ie T e x t i l in d u s trie /o d e r e in g e g a n g e n e n D e v is e n a u s E x p o rte n v o n B a u m w o ll- u n d Z e lls t o f f t e x t ili e n f ü r ih r e n o tw e n d ig e n E in fu h r e n e in b e h a lt e n. M i t d e n n ic h t a u s g e n u tz te n D e v is e n b e t r ä g e n w u r d e n d ie ü b r ig e n I m p o rtb e d ü rfn is s e d e s In d u s t r ie z w e ig e s b e fr ie d ig t. V e r e in z e lt k o n n t e n U n t e r n e h m e n n a tü r lic h m it s ta a tlic h e r G e n e h m ig u n g ih r e Im p o r t e a n M a s c h i n e n, A u s r ü s tu n g e n u s w. m i t A u s fu h r e n ih r e r e ig e n e n E rz e u g n is s e fin a n z ie r e n. B e is p ie ls w e is e g e la n g es d e r E N S ID E S A 19 58, e in e n T e i l ih r e r a u s d e n U S A e in g e fü h rte n P r o d u k tio n s a n la g e n m i t R o h e is e n lie fe r u n g e n d o r th in z u b e z a h le n. A u c h s o lle n d ie n o t w e n d ig e n M a s c h in e n im p o rte d e r F ir e s to n e H is p a n ia z u r E r w e i te ru n g d e s W e r k e s in B a s a u r i ( V iz c a y a ) m i t D e v is e n e rlö s e n a u s R e ife n e x p o r t e n f in a n z ie r t w e r d e n. D ie s d ü r fte n a b e r E in z e lfä lle s e in, d a d ie K o n k u r r e n z f ä h ig k e it d e r s p a n is c h e n E r z e u g n is s e a u f d e m W e l t m a r k t b e s o n d e rs a u f p r e is lic h e m G e b ie t in d e r V e r g a n g e n h e it n ic h t im m e r g e g e b e n w a r. Z u r F in a n z ie r u n g d e r E in f u h r e n tr u g e n a b e r a u c h d ie D e v is e n e r lö s e a u s d e m in t e r n a t io n a le n D ie n s t le is tu n g s v e r k e h r b e i, w i e z. B. F r a c h tg e ld e r, H a f e n g e b ü h re n, E r lö s e a u s W e r f t r e p a r a t u r e n s o w ie a u s d e m F r e m d e n v e r k e h r. L e tz t e r e r b r a c h te a l le in 1955 in s g e s a m t 134,9 M i l l. $, w o r in e in ig e S c h e n k u n g e n e n th a lt e n w a r e n, ,3 M i l l. u n d 1957 e t w a 7 3,4 M i l l. $. D ie F in a n z ie r u n g s s itu a tio n f ü r d ie E in f u h r e n ä n d e r te sich g r u n d le g e n d, a ls n a c h B e e n d ig u n g d e r p o litis c h e n u n d w ir ts c h a ftlic h e n Is o lie r u n g d ie U S A a b 1951 S p a - ' r S Ucriicltcrüiigeit. D e u t s c h e S a c h v e r s i c h e r u n g EIGENHILFE A K : t I E N G e s E -L i; s c H A F T H A M B U R G 1 STEINSTR.27* RUFi n ie n la n g fr is tig e A n le ih e n g e w ä h r te n. D e r e rs te K r e d it in H ö h e v o n 6 2,5 M i l l. U S - $, d e r ü b e r d ie E x p o r t- Im p o r t - B a n k in W a s h in g to n a b g e w ic fc e lt w u r d e, d ie n te z u r F in a n z ie r u n g v o n E in fu h r e n a u s d e n U S A, u n d z w a r z u 2 9 Vo f ü r K o n s u m g ü te r, 2 7 /o f ü r d ie V e r b e s s e ru n g d e s E is e n b a h n n e tz e s u n d d e r K r a f t w e r k e, 2 0 /o f ü r d ie L a n d w ir ts c h a ft, 13 /o f ü r M o d e r n is ie r u n g s in v e s t it io n e n d e r s p a n is c h e n G r u b e n u n d l l «/ o fü r s o n s tig e In v e s t it io n e n i n d e r In d u s tr ie. M i t e in e m w e it e r e n K r e d it d e r E x p o r t -Im p o r t - B a n k w u r d e n B a u m w o llim p o r te in H ö h e v o n 2 4,0 M i l l. U S -$ fin a n z ie r t. D e r k u r z f r is t ig e K r e d it is t in z w is c h e n z u rü c k g e z a h lt w o r d e n. A u s d e m a m abgeschlossenen spanischa m e r ik a n is c h e n H ilfs a b k o m m e n, d u rc h d a s S p a n ie n b is /5 9 rd ,7 M i l l. U S -$ b e w il lig t w u r d e n, e r h ie lt d a s L a n d a n E in fu h re n : Lebensmittel Rohstoffe Baumwolle Sonstige Industrierohstoffe Brennstoffe Schrott NE-Metalle übrige Maschinen, Ausrüstungen und Halbzeug für Bergbau Landwirtschaft Verkehrswesen Energiewirtschaft Industrie Technisches Know-H6w Insgesamt 27,4 20,2 33,0 12,7 2,7 28, ,9 40,6 Mill. US-$ 97,9 93,3, 119,6 2,9 354,3 Mill. US-$ 1960/VI 331

5 D ie Z u s a m m e n s e tz u n g d e r E in f u h r e n au s d e r U S A - H i l f e v e rs c h o b sich im L a u fe d e r J a h r e. W ä h r e n d,d ie Im p o r t e v o n M a s c h in e n, A u s r ü s tu n g e n u n d H a lb e rz e u g n is s e n a b n a h m e n, e r h ö h te n sich d ie E in fu h r e n a n In d u s tr ie r o h s to ffe n w u r d e a u c h K r i t i k a n d e r Z u s a m m e n s te llu n g d e r U S A - L ie f e r u n g e n la u t, d a d ie s e k a u m P r o d u k t iv g ü te r z u r V e r b e s s e r u n g d e r W i r t s c h a fts s tru k tu r e n th ie lt e n, s o n d e rn v o r w ie g e n d U b e r - s d iu ß e rz e u g n is s e d e r U S A. D e n n o c h is t d ie a m e r i k a n is c h e H i l f e f ü r d ie F in a n z ie r u n g d e s s p a n is c h e n W irts c h a fts a u fb a u s s e h r b e d e u ts a m g e w e s e n ; d e n n d u rc h d ie L ie fe r u n g v o n M a n g e le r z e u g n is s e n w u r d e n D e v is e n g e s p a rt, d ie d a m it z u r F in a n z ie r u n g a n d e r e r E in fu h r e n b e re its ta n d e n. A u ß e r d e m s ta n d e n d e r s p a n is c h e n R e g ie r u n g fa s t 50 /o d e s G e g e n w e r tfo n d s in P e s e ta s f ü r d ie E n tw ic k lu n g v o n In d u s t r ie u n d L a n d w ir ts c h a ft z u r V e r fü g u n g. B is 1950 w u r d e n p r a k tis c h k e in e Im p o r t e m it A u s lä n d s a n le ih e n f in a n z ie r t. N u r f ü r G e t r e id e - E in f u h r e n a u s A r g e n t in ie n e r h i e lt S p a n ie n e t w a M i l l. $ K r e d it a u s d e m F r a n c o - P e r ö n -P r o to k o ll. D ie R e s t a m o r tis a tio n (rd. 4 0 M i l l. U S - ) w ir d v o n S p a n ie n j e t z t m it S c h iffs lie fe r u n g e n v o rg e n o m m e n. E rs t n a c h d e r K r e d itb e r e its c h a f t d e r U S A s c h e n k te n au ch d ie e u ro p ä is c h e n In d u s t r ie lä n d e r d e m W ir t s c h a fts a u fb a u S p a n ie n s s te ig e n d e A u fm e r k s a m k e it. S o k o n n t e n Im p o r t e v o n In v e s t it io n s g ü t e r n au s F r a n k r e ic h in F o r m v o n L o k o m o tiv e n, W e r k z e u g m a s c h in e n s o w ie In d u s tr ie a u s r ü s tu n g e n f ü r B e r g w e r k e, E r d ö lr a f fin e r ie n, Z e m e n t- u n d P a p ie r f a b r ik e n m it e in e r 1953 a n S p a n ie n g e g e b e n e n A n le ih e i n H ö h e v o n 15 M r d. ffr s d u rc h g e fü h r t w e r d e n. E b e n fa lls w u r d e n Im p o r t e m it d e n in b ila t e r a le n H a n d e ls - u n d Z a h lu n g s a b k o m m e n fe s tg e le g te n K r e d it m a r g e n (S w in g s ) f in a n z ie r t. S p a n ie n k o n n te z. B. s e in e Im p o r t e a u s D e u ts c h la n d t e ilw e is e z u L a s te n d e r 1953 a u f 84 M i l l. D M e r h ö h te n K r e d itm a r g e fin a n z ie r e n, w o v o n a lle r d in g s 21 M i l l. D M n u r a u f d ie D a u e r v o n 6 M o n a t e n b e fr is te t w a r e n. D ie s g e s c h a h au ch w e i t g e h e n d. I m M a i 1955 e r h i e lt S p a n ie n b e i U m s te llu n g d e s Z a h lu n g s v e r k e h r s v o n V e r r e c h n u n g s k o n te n a u f b e s c h rä n k t k o n v e r t ie r b a r e D M - K o n t e n e in e n K r e d it v o n 9 0 M i l l. D M z u r F in a n z ie r u n g s e in e r Im p o r t e au s d e r B u n d e s r e p u b lik, d e r in 5 J a h r e s r a t e n r ü c k z a h lb a r w a r. A n f a n g 1957 b e tr u g e n d ie K r e d itw ü n s c h e S p a - niens an Deutschland etwa 182 Mill. DM. Zu Lasten dieser Anleihe sollten Importe für folgende W irtschaftszweige durchgeführt werden: Hüttenindustrie 66 Mill. DM Kunstdüngererzeugung 52 Metallverarbeitende Industrie 17 Bergbau 13 Chemische Industrie 10 Konservenindustrie 6 n n Textilindustrie 5 H n Lederindustrie 3 n ft übrige Industriezweige 10. Insgesamt 182 M ill. D M D ie F in a n z ie r u n g v o n E in f u h r e n m i t a u s lä n d is c h e n P r iv a t k r e d it e n is t s e h r g e r in g g e w e s e n. I n d e n e r s te n N a c h k r ie g s ja h r e n d ü r f t e n a u f G r u n d d e s e r w ä h n t e n B o y k o tts k a u m a u s lä n d is c h e P r iv a t k r e d it e a n s p a n is c h e Im p o r t e u r e g e g e b e n w o r d e n s e in. E rs t 1950 k o n n te S p a n ie n m i t H i l f e d e s 2 6 M i l l. U S - $ - K r e d it s d e r C h a s e N a t io n a l B a n k u n d d e r N a t io n a l C i t y B a n k o f N e w Y o r k E in fu h r e n fin a n z ie r e n. A b e r a u c h in d e n fo lg e n d e n J a h r e n d ü r f t e n a u f G r u n d d e r s p a n is c h e n W ir ts c h a fts v e r h ä ltn is s e n u r w e n ig P r iv a t k r e d it e a n Im p o r t e u r e g e g e b e n w o r d e n s e in. E rs t in le t z t e r Z e it k r e d it ie r t e n a u s lä n d is c h e L ie f e r a n t e n im R a h m e n v o n B a n k k r e d it e n o d e r b e i S ic h e ru n g d e r Z a h lu n g e n d u rc h K o m p e n s a tio n s lie fe r u n g e n ih r e E x p o r te n a c h S p a n ie n. B e is p ie ls w e is e w u r d e n 6 T u r b in e n g e n e r a to r e n f ü r d ie Ib e r d u e r o S A z u L a s te n d e s K r e d its d e r In t e r n a t io n a l E le c tr ic C o m p a n y b e s c h a fft, d ie sich m it 10 V» a m K r e d it d e r E x p o r t -Im p o r t - B a n k v o n 8,9 M i l l. U S -$ b e t e ilig t e. A u c h w u r d e n u n d w e r d e n In v e s t it io n s g ü t e r f ü r B e r g w e r k e, f ü r d ie e is e n s c h a ffe n d e In d u s t r ie s o w ie f ü r Z e m e n t w e r k e a u s D e u ts c h la n d z u L a s te n d e s v o n d e r K ir c h fe ld K G g e g e b e n e n K r e d its v o n e t w a 4 5 M i l l. D M e in g e fü h r t, d e r d u rc h s p a n is c h e E r z lie f e r u n g e n g e s ic h e rt is t. D ie E in fu h r v o n S p e z ia la u s r ü s tu n g e n u n d h o c h w e r t ig e n M a s c h in e n s o w ie d ie A u s n u tz u n g d e s te c h n is c h e n K n o w -H o w s " u n d d e r O r g a n is a tio n s o lv e n te r A u s - la n d ^ ir m e n s ic h e rte n sich e in e R e ih e v o n s p a n is c h e n U n te r n e h m e n, v o r a lle m in d e r E le k t r o -, d e r ch e m is c h - p h a r m a z e u tis c h e n, d e r o p tis c h e n u n d d e r A u t o m o b ilin d u s tr ie. D ie w e ic h e s p a n is c h e W ä h r u n g, d a s n ie d r ig e L o h n n iv e a u u n d d ie G e s c h ic k lic h k e it d e r s p a n is c h e n A r b e it e r b o te n V o r t e i le, d ie d ie G e m e in s c h a fts p r o d u k tio n z w is c h e n a u s lä n d is c h e n u n d e in h e im is c h e n F ir m e n a t t r a k t i v m a c h te. So w u r d e n d ie E in fu h r e n v o n S p e z ia lm a s c h in e n z u r M o d e r n is ie r u n g u n d E r w e it e r u n g d e r A n la g e n d e r S o c ie d a d C o n s tr u c to r a N a c io n a l d e r M a q u in a r ia E le c t r ic a in C o r d o b a m i t H i l f e d e s e in g e b ra c h te n K a p ita ls d e r a m e r ik a n is c h e n W e s t in g - h o u s e C o m p a n y f in a n z ie r t. E b e n s o s o lle n d ie Im p o r t e f ü r d ie in d e r F r e ih a fe n z o n e v o n V i g o e r r ic h te te s p a n is c h e F ir m a A lu m i n io d e V ig o S A m i t H i l f e d e r k a n a d is c h e n F ir m a A lu m i n iu m L im ite d d u r c h g e fü h r t w e r d e n, d ie s id i a n d e r g e n a n n te n A k tie n g e s e lls c h a ft b e te ilig t e. E in s ta r k e s H in d e r n is f ü r a u s lä n d is c h e B e te ilig u n g e n w a r e n d ie v o n s ta a tlic h e r S e ite fe s tg e s e tz te B e t e ilig u n g s h ö c h s tg re n z e v o n 2 5 /o f ü r A u s lä n d e r s o w ie d a s T r a n s f e r v e r b o t f ü r G e w in n e u n d A m o r tis a tio n s q u o te n. D ie B e s tim m u n g e n w a r e n im In d u s trie s c h u tz g e s e tz v o n 1939 g e s e tz lic h v e r a n k e r t. E r s t in le t z t e r Z e it w u r d e in F ä lle n, in d e n e n m a n d r in g e n d a u s lä n d is c h e s K a p i t a l b e n ö tig te, d ie a u s lä n d is c h e B e te ilig u n g i n u n b e g r e n z te r H ö h e z u g e la s s e n. D ie B e te ilig u n g in F o r m v o n D e v is e n o d e r P r o d u k tio n s a n la g e n in u n b e s c h r ä n k t e r H ö h e is t a b e r a u f E r d ö l u n d K o h le n w a s s e r s to ffe b e s c h rä n k t. A u ß e r d e m is t n a c h d e m E r d ö lg e s e tz v o n 1958 e in G e w in n t r a n s f e r v o n 20 /o in d e n e rs te n 10 J a h r e n u n d s p ä te r Ü b e r w e is u n g d e r n o r m a le n A b s c h re ib u n g e n, G e w in n e u n d L iz e n z g e b ü h r e n m ö g lic h. A b e r es k o m m e n j e t z t au ch a n d e r e A u s n a h m e n v o m In d u s trie s c h u tz g e s e tz v o r. Z u m B e is p ie l w u r d e d ie E in f u h r v o n M a s c h in e n u n d D e v is e n d e r s c h w e iz e ris c h e n C h e m ie -F ir m a C IB A g e g e n e in e 4 5 /o ig e B e te ilig u n g a n d e r S o c ie d a d In te r m e d io s y C o lo r a n te s ( IN C O S A ) v o m s p a n is c h e n M i n is t e r r a t g e n e h m ig t /VI

6 D A S W IR T S C H A F T L IC H E G L E IC H G E W I C H T T ro tz a lle r A n s tr e n g u n g e n u n d T e ile r f o lg e S p a n ie n s in d e r In d u s tr ia lis ie r u n g n a d i d e m z w e it e n W e l t k r i e g g e la n g es n ic h t, d a s w ir ts c h a ftlic h e G le ic h g e w ic h t w ie d e rh e r z u s te lle n, d a s d u rc h d ie e in s e it ig e In d u s tria lis ie ru n g a u f d e m K o n s u m g ü t e r s e k t o r in f o lg e d e r s ta rk e n N a c h fra g e n a c h V e r b r a u c h s g ü te r n, d u rc h V e r n a ch lä ssig u n g d e s A u s b a u s d e r G r u n d s to f fin d u s t r ie n s o w ie d u rc h d e n R ü c k g a n g d e r la n d w ir ts c h a ftlic h e n E rze u g u n g g e s tö rt w a r. D ie d ir ig is tis c h e W ir t s c h a fts p o litik k o n t r o llie r t e m i t e in e m g r o ß e n B e a m te n a p p a ra t den H a n d e ls v e r k e h r im In la n d. Es g a b k e in e f r e ie B ed a rfsd ecku n g. D e r P r iv a t in it i a t iv e b lie b n ic h t g e n ü g e n d S p ie lra u m, u m sich v o l l e n tfa lt e n z u k ö n n e n. A u s d ie s e m G r u n d e m u ß te d e r S t a a t Im m e r w ie d e r e in g re ife n, u m d ie a u ftr e te n d e n E n g p ä s s e b e s o n d e rs in d e r G r u n d s to ffin d u s tr ie d u rc h Ü b e r n a h m e d e r F in a n z ie r u n g z u b e s e itig e n. Es w u r d e n in d e r Z e it v o n 1946 b is 1954 in s g e s a m t 130 M r d. P ta s a ls F in a n z ie ru n g s m itte l f ü r d ie In v e s t it io n e n d e r ö ffe n tlic h e n H a n d e in g e s e tz t. A u s d ie s e m G r u n d e w a r e n d ie In v e s t it io n e n in d e r ö ffe n tlic h e n W ir t s c h a f t b e i w e it e m g r ö ß e r als d ie in d e r P r iv a t w ir ts c h a f t. D a s V e r h ä lt n is z w is c h e n d e n In v e s titio n e n in d e r ö ffe n tlic h e n u n d p r iv a t e n W irts c h a ft S p a n ie n s b e tr u g in d e n g e n a n n te n J a h r e n u n g e fä h r 7 0 : 30. D a rü b e r h in a u s f ü h r t e d e r A u f b a u z a h lr e ic h e r In d u s trie w e r k e, d ie n u r a u f G r u n d d e s A u t a r k ie s tr e b e n s o h n e R ü c k s ic h t a u f d ie P r o d u k tio n s k o s te n g e g r ü n d e t u n d e r r ic h te t w e r d e n d u r fte n, z u F e h lin v e s titio n e n, d ie sich b e i d e r K a p ita la r m u t d e s L a n d e s d o p p e lt s ta r k a u f das w ir ts c h a ftlic h e G le ic h g e w ic h t a u s w ir k te n. A u ß e rd e m k o n n te n sich v i e le B e tr ie b e, d ie in n o r m a le n Z e ite n d e m W e t t b e w e r b n ic h t g e w a c h s e n u n d de sh a lb a u s d e m W ir ts c h a fts p r o z e ß a u s g e s c h ie d e n w ä re n, b e i d e n k ü n s tlic h g e s c h a ffe n e n B e d in g u n g e n des b is 1953 h e rrs c h e n d e n A u t a r k ie k lim a s u n d des s p ä te re n in fla tio n is tis c h e n K lim a s z u m S d ia d e n d e s w ir ts c h a ftlic h e n G le ic h g e w ic h ts h a lte n. N a c h a u ß e n schreckte d e r W ir ts c h a fts n a tio n a lis m u s m it s e in e r Ü b e rfre m d u n g s a n g s t a u s lä n d is c h e s P r iv a t k a p it a l a b, das fü r d e n s p a n is c h e n W ir ts c h a fts a u fb a u u n d f ü r d ie W ie d e r h e r s te llu n g d e s w ir ts c h a ftlic h e n G le ic h g e w ic h ts d rin g e n d n o tw e n d ig w a r. B e i d e n a u s lä n d e r fe in d lic h e n B e s tim m u n g e n d e s In d u s trie s c h u tz g e s e tz e s k o n n te a u s lä n d is c h e s P r iv a t k a p it a l f ü r d e n W ir ts c h a fts a u fb a u S p a n ie n s n ic h t in te r e s s ie r t w e r d e n. A u ß e r d e m f ü h r t e d e r * c h ro n is c h e D e v is e n m a n g e l z u D e v is e n z u te ilu n g e n, z u 'E in f u h r r e s t r ik t io n e n u n d z u Im p o r t k o n t in g e n t ie r u n g e n, d ie t e ilw e is e, z. B. a u f d e m E n e r g ie s e k to r, d ie g e p la n te n In v e s titio n s v o r h a b e n u n d u r c h fü h r b a r m a c h te n u n d e in e v o lle A u s n u tz u n g d e r P r o d u k tio n s k a p a z itä te n n ic h t z u lie ß e n. Z u d e m v e r z ö g e r te n d ie b ü r o k r a t is & e n Im p o r tg e n e h m ig u n g s v e r f a h r e n d ie f ü r d ie In v e s t it io n e n e r fo r d e r lic h e n E in fu h r e n. D ie E in fu h r a b g a b e n v e r t e u e r t e n d ie e in g e f ü h r t e n M a s c h in e n t e ilw e is e re c h t e rh e b lic h. H in z u k o m m t n o c h d e r i r r e a le P e s e te n k u rs d e r le t z t e n J a h re, d e r e rs c h w e re n d a u f d ie A u s f u h r w ir k t e. D e r m it d e n J a h r e n im m e r fü h lb a r e r w e r d e n d e M a n g e l a n K a p i t a l u n d d ie z u n e h m e n d s c h le c h te r w e r d e n d e Z a h lu n g s b ila n z f ü h r te n s c h lie ß lic h z u d e r E r k e n n tn is, d a ß d e r W ir ts c h a fts a u fb a u S p a n ie n s n ic h t m i t e ig e n e n K r ä f t e n v o r a lle m fin a n z ie lle n ^ e r fo lg r e ic h z u E n d e g e b ra c h t u n d d a s w ir ts c h a ftlic h e G le ic h g e w ic h t n u r m i t a u s lä n d is c h e r H i l f e w ie d e r h e r g e s te llt w e r d e n k a n n. A u s d ie s e m G r u n d e e r fo lg te a m d e r B e it r it t S p a n ie n s z u m In t e r n a t io n a le n W ä h ru n g s fo n d s u n d z u r W e l t b a n k. D e r e n d g ü ltig e K u r s w e c h s e l i n d e r W ir t s c h a f t s p o lit ik w u r d e a b e r e rs t M i t t e d u rc h V e r k ü n d u n g d e s S ta b ilis ie r u n g s p r o g r a m m s im Z u s a m m e n h a n g m i t d e r A u fn a h m e S p a n ie n s a ls o rd e n tlic h e s M i t g l i e d in d ie O E E C v o llz o g e n. D ie A b w e r t u n g d e r P e s e ta a u f 6 0 P ta s f ü r 1 U S - $, d ie g e p la n te L ib e r a lis ie r u n g d e r E in fu h r e n, d ie L o d c e ru n g d e r B e s tim m u n g e n d e s In d u s tr ie s c h u tz g e s e tz e s w e r d e n S p a n ie n d ie in t e r n a t io n a le n F in a n z q u e lle n ö ffn e n. B is -. h e r w u r d e n S p a n ie n a ls e rs te H i l f e f ü r d ie S ta b ilis ie r u n g s e in e r W ir t s c h a f t rd M i l l. U S - $ z u g e s a g t, v o n d e n e n fo lg e n d e K r e d it e g e n a n n t w e r d e n s o lle n : Kredit des IWF 75 Mill. US-$ Kredit der OEEC 100 Kredite der US-Regierung, Export-Import- Bank ICA, Entwicklungsfonds 130 Kredite europäisdier Länder zur Konsolidierung der bilateralen Handelsschulden 45. A b e r a u c h d a s a u s lä n d is c h e P r iv a t k a p it a l d ü r fte in Z u k u n f t w ie d e r d a r a n in te r e s s ie r t s e in, d ie s p a n is d ie In d u s t r ia lis ie r u n g m i t f in a n z ie r e n z u h e lfe n. GERMAN OFFICES * Hamburg 36, Jnngfemstleg 51 Düsseldorf, Kreuzstr. 34 * OVERSEAS OFFICES NewYork, San Francisco, Rio de Janeiro, S3o Paulo, Buenos Aires, London, Alexandria, Calcutta. Bombay, Karadii, Vientiane, Singapore, Hong Kong, Kuala Lumpur and 14 Representative Offices in Otlier Countries * AFFIUATE * SUBSIDLVSY THE BANK OF TOKYO OF CAUFOKNIA THE BANK OF TOKYO TRUST COMPANY San Francisco, Los Angeles, Gaidena New Yoric ASSOCIATE BANK THE INTERNATIONAL BANK OP»A N AND JAPAN, Teheran THE BANKOF TOKYO. LTD. HEAD OFFICE: NIHOMBASHI, TOKYO, JAPAN 1960/VI 333