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2019-12

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Please use this identifier to cite or link to this item: https://hdl.handle.net/2445/150427

The Making of a National Currency: Spatial Transaction Costs and Money Market Integration in Spain (1825-1874)

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https://doi.org/10.1017/S0022050719000561

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.

Subject

Moneda, Anàlisi transaccional, Integració econòmica, Integració europea, Història econòmica, Mercat financer

Subject (English)

Money, Transactional analysis, Economic integration, European federation, Economic history, Financial market

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Articles publicats en revistes (Història Econòmica, Institucions, Política i Economia Mundial)

Citation

NOGUÉS MARCO, Pilar, HERRANZ LONCÁN, Alfonso and ASLANIDIS, Nektarios. The Making of a National Currency: Spatial Transaction Costs and Money Market Integration in Spain (1825-1874). Journal of Economic History. 2019. Vol. 79, num. 4, pags. 1094-1128. ISSN 0022-0507. [consulted: 13 of June of 2026]. Available at: https://hdl.handle.net/2445/150427

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