Intervencionismo en los sectores exportadores tradicionales durante el Primer Franquismo: el caso del corcho

This paper attempts to highlight the negative effects of the currency intervention on export sectors. To this aim, it is proposed as a case study the Spanish cork industry during the Franco autarchy. It is discussed how to maintain an overvalued official exchange generated competitive problems to the Spanish cork industry, leading to lose the leadership in the global market. Furthermore, it is studied a selective program of direct export subsidies that implemented the Franco dictatorship to counteract the negative effects of foreign exchange intervention on export, showing how it generated numerous inefficiencies in this sector.