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A twin crisis with multiple banks of issue: Spain in the 1860s

Galo Nuño Barrau (), Alessio Moro and Pedro Tedde

No 1561, Working Paper Series from European Central Bank

Abstract: We document the twin crisis that affected Spain in the mid-1860s. First, we trace back its origins to the international crisis of 1864-66. Next, we describe the particular banking sector of Spain, characterized by the coexistence of the Bank of Spain with multiple local banks of issue. We analyze the microeconomic behavior of each bank in response to the crisis and find that, overall, the banks of issue performed well during the crisis. The Bank of Spain resulted as the most destabilizing institute due to its involvement with a Government on the brink of default. JEL Classification: N13, N23, E31, E5

Keywords: financial crisis; Gurney and Co; Lender of Last Resort; Overend; sudden stop (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba and nep-his
Date: 2013-07
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Journal Article: A twin crisis with multiple banks of issue. Spain in the 1860s (2015) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20131561

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