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Money Market Integration in Spain in the Ninetheen Century: The Role of the 1875-1885 Decade

Emma Iglesias () and J. Carles Maixé-Altés ()

MPRA Paper from University Library of Munich, Germany

Abstract: Are transaction costs and half-lives between two cities the same in both directions in traditional city-based monetary systems? Market conditions and political circumstances may not justify this assumption; and we provide evidence that it does not hold in the 1825-1885 period in Spain. Moreover, we show empirical evidence that market integration in Spain from 1875 to 1885 was a slow process of monetary unification with decreasing transaction costs, and a very inefficient convergence. Therefore, full integration did not happen in the period 1875-1885 and had to wait until mid-1880s, when the Spanish money-market was unified due to financial innovations.

Keywords: Integration of monetary markets; Nineteenth century; Monetary and financial history; Market Convergence and Efficiency; Western Europe; Private Finance, Capital Markets (search for similar items in EconPapers)
JEL-codes: E02 E42 F02 F15 F31 F36 L10 N13 N73 (search for similar items in EconPapers)
Date: 2021-08-22
New Economics Papers: this item is included in nep-cwa, nep-fdg, nep-his, nep-isf, nep-mac, nep-mon and nep-pay
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:109219

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