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Scuttle for Shelter : Investor Flight-to-Safety and Political Uncertainty during the Spanish Second Republic
Battilossi, Stefano - 2020
The Spanish Second Republic was a unique experiment of democratization in interwar Spain, which was characterized by extreme levels of political uncertainty. In response to this uncertainty, we find that investors sold stocks in favor of government bonds. In fact, political uncertainty had a...
Persistent link: https://www.econbiz.de/10012824918
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Market potential and regional economic growth in Spain, 1860-1930
Martínez-Galarraga, Julio; Tirado Fabregat, Daniel A.; … - 2014
In this paper we employ parametric and nonparametric techniques to analyse the effect of the changes registered on regional market potential on the growth of Spanish regions during the period 1860-1930. The study of the Spanish experience during these years conforms a case study that allows...
Persistent link: https://www.econbiz.de/10011494451
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Money in Spain. New Historical Statistics. 1830-1998
Martín-Aceña, Pablo - 2018
The purpose of this Working Paper is to present a reconstruction of the main monetary aggregates for the period 1830, when the first modern banknotes were issue, to1998, the last year before the substitution of the peseta by the euro. It offers series for currency in circulation and its...
Persistent link: https://www.econbiz.de/10012927159
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Why did Spanish regions not converge before the Civil War? Agglomeration and (regional) growth revisited: Spain, 1870-1930
Díez-Minguela, Alfonso; Martínez-Galarraga, Julio; … - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2013
In this paper we explore the relationship between the spatial agglomeration of economic activity and regional economic growth in Spain during the period 1870-1930. The study allows us to revisit the existence of a trade-off between economic growth and territorial cohesion and also to examine...
Persistent link: https://www.econbiz.de/10011095373
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Economy as Empire : Dutch Disease and the Decline of Imperial Spain
Schearer, Michael - 2019
The marriage of Ferdinand of Aragon and Isabella of Castile in 1469 began the process of the eventual unification of Spain. Over the ensuing decades, Spain finally conquered the Muslims at Granada in 1492 and completed the Reconquista. Spain then began a period of imperial expansion with...
Persistent link: https://www.econbiz.de/10014105441
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The medieval origins of the 'Financial Revolution': usury, rentes, and negotiablity
Munro, John H. - Volkswirtschaftliche Fakultät, … - 2002
interest-bearing debt certificates in secondary markets. The alternative solution, found elsewhere – first in northern French … had only one recourse: to seek out buyers in secondary markets. The true efficiency of modern public finance also rested … upon the development of such markets and thus upon the development of full-fledged negotiablity; and public finance also …
Persistent link: https://www.econbiz.de/10005031390
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Risk Sharing with the Monarch : Contingent Debt and Excusable Defaults in the Age of Philip II, 1556-1598
Drelichman, Mauricio; Voth, Hans-Joachim - 2011
Contingent sovereign debt has the potential to create important welfare gains – but actual issuance is rare. Using hand-collected archival data, we examine the first known case of large-scale issuance of contingent sovereign debt in history. Philip II of Spain entered into hundreds of...
Persistent link: https://www.econbiz.de/10014180396
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Serial Defaults, Serial Profits : Returns to Sovereign Lending in Habsburg Spain, 1566-1600
Drelichman, Mauricio - 2010
Philip II of Spain accumulated debts equivalent to 60% of GDP. He also defaulted four times on his short-term loans, thus becoming the first serial defaulter in history. Contrary to a common view in the literature, we show that lending to the king was profitable even under worst-case scenario...
Persistent link: https://www.econbiz.de/10013137652
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The diversity of organisational forms in banking: France, Italy and Spain 1900-2000
Maixe-Altes, J. Carles - Volkswirtschaftliche Fakultät, … - 2009
France, Italy and Spain. In all three countries, these institutions played an important role in the retail banking sector …
Persistent link: https://www.econbiz.de/10004992879
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String of defaults: Spanish financial crises through the years
Shachmurove, Tomer; Shachmurove, Yochanan - Volkswirtschaftliche Fakultät, … - 2011
Like many countries, Spain has gone through a series of financial crises, both before and after its industrialization. There are many underlying causes for these crises, as well as for the current Spanish downturn. It is worth noting that there are similarities between recessions throughout the...
Persistent link: https://www.econbiz.de/10009418511