The Making of a National Currency
Spatial Transaction Costs and Money Market Integration in Spain (1825-1874)
Bibliographic Data
| ID | 5753230 |
|---|---|
| Authors | Pilar Nogues-Marco (0000-0003-1164-519X, University of Geneva), Alfonso Herranz‐loncán (0000-0002-4921-2640, Clínica Diagonal), Nektarios Aslanidis (0000-0001-8990-920X, Universitat Rovira i Virgili) |
| Year | 2019 |
| Volume | 79 |
| Issue | 4 |
| Pages | 1094-1128 |
| Publication date | 2019-12-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic History (JOURNAL) |
| Journal identifiers | ISSN: 0022-0507 • E-ISSN: 1471-6372 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0022050719000561 |
| OpenAlex | W2771278656 |
| Language | EN |
| Citations received | 7 |
| References cited | 39 |
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
Business · Convergence (economics) · Currency · Database transaction · Economics · International economics · Macroeconomics · Market integration · Monetary economics · Monetary policy · Money market · Transaction cost · Culture, Economy, and Development Studies · Finance · Historical Economic and Social Studies · Monetary Policy and Economic Impact
The money market in transition
Market Access, the Skill Premium and Human Capital in Spain (1860–1930)
Private money and money market integration
Domestic migrations in Spain during its first industrialisation, 1840s–1870s
The redistributive effects of pandemics
The Impact of the First World War on the Spanish Money Market
Paving the way to modern growth
The Rise of the Western World
Sample Splitting and Threshold Estimation
Inference When a Nuisance Parameter Is Not Identified Under the Null Hypothesis
Estimating and Testing Linear Models with Multiple Structural Changes
Critical values for multiple structural change tests
An Inquiry into the Nature and Causes of the Wealth of Nations
Measuring Market Integration
The Making of National Money
Monetary geography before the Industrial Revolution
Why Did Spanish Regions Not Converge Before the Civil War? Agglomeration Economies and (Regional) Growth Revisited
The Remarkable Efficiency of the Dollar-Sterling Gold Standard, 1890–1906
What drove 19th century commodity market integration
Measuring integration in the English wheat market, 1770–1820
Intra- and international commodity market integration in the Atlantic economy, 1800–1913
Market Integration in the Golden Periphery. The Lisbon/London Exchange, 1854–1891
The upswing of regional income inequality in Spain (1860–1930)
The Empirics of International Currencies
Shrinking the world
How much do we know about market integration in Europe? 1
Competing Bimetallic Ratios
Estimating Financial Integration in the Middle Ages
Information asymmetry and the speed of adjustment
| Unique citing works | 7 |
|---|---|
| Citations per year | 1,4 |
| Citation span | 2021 - 2026 (6) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 7 |