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Title: The Making of a National Currency: Spatial Transaction Costs and Money Market Integration in Spain (1825-1874)
Author: Nogués Marco, Pilar
Herranz Loncán, Alfonso
Aslanidis, Nektarios
Keywords: Moneda
Anàlisi transaccional
Integració econòmica
Integració europea
Història econòmica
Mercat financer
Transactional analysis
Economic integration
European federation
Economic history
Financial market
Issue Date: Dec-2019
Publisher: Cambridge University Press
Abstract: This article analyzes the integration of the Spanish money market in the nineteenth century. We use a Band-Threshold Autoregression model of prices of bills-of-exchange in ten cities to measure market convergence and efficiency in 1825-1875. While price gaps generally decreased during the period, progress in efficiency was limited to a small group of cities. We suggest that convergence was associated to the reduction in transaction costs, which started well before the railways through improvements in roads and postal services. By contrast, the heterogeneous behavior of efficiency might be associated to economic geography changes and their effects on monetary leadership.
Note: Versió postprint del document publicat a:
It is part of: Journal of Economic History, 2019, vol. 79, num. 4, p. 1094-1128
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ISSN: 0022-0507
Appears in Collections:Articles publicats en revistes (Història Econòmica, Institucions, Política i Economia Mundial)

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