My da|ra Login

Detailed view

metadata language: English

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

Version
1
Resource Type
Dataset
Creator
  • Nogues-Marco, Pilar (University of Geneva)
  • Herranz-Loncán, Alfonso (University of Barcelona)
  • Aslanidis, Nektarios (Universitat Rovira i Virgili)
Publication Date
2019-01-02
Description
  • 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 concentrated in 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.
Availability
Download

Update Metadata: 2019-09-04 | Issue Number: 1 | Registration Date: 2019-09-04

Nogues-Marco, Pilar; Herranz-Loncán, Alfonso; Aslanidis, Nektarios (2019): The Making of a National Currency: Spatial Transaction Costs and Money Market Integration in Spain (1825–1874). Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. http://doi.org/10.3886/E111701V1