全球智库信息集成服务系统(G2TT): DP12453 The making of a national currency. Spatial transaction costs and money market integration in Spain (1825-1874)

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来源类型	Discussion paper
规范类型	论文
来源ID	DP12453
	DP12453 The making of a national currency. Spatial transaction costs and money market integration in Spain (1825-1874)
	Pilar Nogues-Marco; Alfonso Herranz-Loncán; Nektarios Aslanidis
发表日期	2017-11-21
出版年	2017
语种	英语
摘要	This article analyses the integration of the Spanish money market in the 19th century. We use a Band-TAR model of prices of bills of exchange in 10 Spanish cities to measure convergence and efficiency in the market between 1825 and 1875. While price gaps generally decreased during the period, progress in efficiency was concentrated in a small group of cities. We suggest that increasing convergence was associated to the reduction in transaction costs, which started before the railways and the telegraph through improvements in roads and postal services. By contrast, the heterogeneous behavior of efficiency might have been largely associated to changes in the economic geography of Spain and their effects on the monetary market leadership structure.
主题	Economic History
关键词	Money market integration Spanish national currency Specie-point mechanism Bills of exchange Money market convergence Money market efficiency Transaction costs Financial development
URL	https://cepr.org/publications/dp12453-0
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/541264
推荐引用方式 GB/T 7714	Pilar Nogues-Marco,Alfonso Herranz-Loncán,Nektarios Aslanidis. DP12453 The making of a national currency. Spatial transaction costs and money market integration in Spain (1825-1874). 2017.