Are transaction costs and half-lives between two cities the same in both directions in traditional city-based monetary systems? Market conditions and political circumstances may not justify this assumption; and we provide evidence that it does not hold in the 1825-1885 period in Spain. Moreover,...

Money and banking in Europe, 1700-1850 : the formation of new financial systems -- Banking regulation and provincial banks in Spain -- The bourgeoisie and provincial banking : social origins of the new banking elite -- Banks of the issue as private companies : earnings and assets -- Provincial...

In this paper we analyze the money demand functions of the four largest EMU countries and of the four-country (EMU-4) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 aggregate. For the case of Italy, results are less...