Reconstruction of the Spanish money supply, 1492-1810

Nuno Palma, Yao Chen and Felix Ward

No 15509, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: How did the Spanish money supply evolve in the aftermath of the discovery of large amounts of precious metals in Spanish America? We synthesize the available data on the mining of precious metals and their international flow to estimate the money supply for Spain from 1492 to 1810. Our estimate suggests that the Spanish money supply increased more than ten-fold. Viewed through the equation of exchange this money supply increase can account for most of the price level rise in early modern Spain

Keywords: Early modern period; Equation of exchange; Quantity theory of money (search for similar items in EconPapers)
JEL-codes: E31 E51 N13 (search for similar items in EconPapers)
Date: 2020-12
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac, nep-mon and nep-pay
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Journal Article: Reconstruction of the Spanish money supply, 1492–1810 (2021)
Working Paper: Reconstruction of the Spanish Money Supply, 1492-1810 (2021)
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