The Bank of Spain: a National Financial Insitution

Pablo Martín-Aceña (), Elena Martínez Ruíz and Pilar Nogués Marco
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Pablo Martín-Aceña: Universidad de Alcalá, Madrid
Elena Martínez Ruíz: Universidad de Alcalá, Madrid
Pilar Nogués Marco: Universidad Carlos III, Madrid
Authors registered in the RePEc Author Service: Pilar Nogues-Marco ()

No 1205, Documentos de Trabajo (DT-AEHE) from Asociación Española de Historia Económica

Abstract: TThis paper explains the process by which the Bank of Spain became a national bank, first by obtaining the monopoly of issue in 1874 and then by extending its sphere of financial action by creating the country's only network of bank branches before 1900. The implementation of a "unified or national banknote" in 1884 and the creation of a system of free transfers for its clients were also decisive steps towards the Bank's transformation from a local Madrid -based institution into a Spanish national institution. The paper also argues that the transformation of the Bank of Spain into a genuine national financial institution contributed to the modernization of the Spanish administrative fabric.

Keywords: Bank of Spain; financial history; banknote issue; banking modernization (search for similar items in EconPapers)
JEL-codes: N23 N43 G21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba and nep-his
Date: 2012-06
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Persistent link: http://EconPapers.repec.org/RePEc:ahe:dtaehe:1205

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