The general government budget contracted by almost 4% of GDP. These measures appear to have been disproportionate, even with an economy that had started to recover, with inflation picking up and credit aggregates accelerating. The severe negative effects of these measures do not mean that no measure should have been taken at all.
They should simply not have been so abrupt and not have taken economic agents by surprise. In other words, the 1936 episode might be considered as an example of a badly calibrated and badly communicated exit, rather than a wrongly timed exit.