Reconstruction of the Spanish Money Supply, 1492-1810

Felix Ward, Yao Chen and Nuno Palma
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Felix Ward: Erasmus University Rotterdam

No 21-033/VI, Tinbergen Institute Discussion Papers from Tinbergen Institute

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: 2021-04-26, Revised 2021-05-10
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac, nep-mon and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Reconstruction of the Spanish money supply, 1492–1810 (2021)
Working Paper: Reconstruction of the Spanish money supply, 1492-1810 (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:tin:wpaper:20210033

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