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Monetary and Financial Innovation in the Spanish Empire: Lights and Shadows

In: Explaining Monetary and Financial Innovation

Author

Listed:
  • Carlos Alvarez-Nogal

    (Universidad Carlos III de Madrid)

Abstract

Spanish history shows how risky it might be to judge the quality of the institutions according to the economic results of a country at any given moment. Independent of the type of government or the way of administrating power, it was essential for countries to make an effort to keep their economy open and competitive. Spain boasted an innovative financial and monetary system in the 16th century, along with other private and public institutions that contributed to its economic growth. This innovative capacity came primarily from the private sector, and it was possible because the Crown encouraged the opening of the Spanish economy, attracting entrepreneurs and bankers from all over Europe. The reputation of its currency and public debt attracted investors. The transfer of persons and goods aided business with other European territories whose economies had also been expanding since the end of the Middle Ages.

Suggested Citation

  • Carlos Alvarez-Nogal, 2014. "Monetary and Financial Innovation in the Spanish Empire: Lights and Shadows," Financial and Monetary Policy Studies, in: Peter Bernholz & Roland Vaubel (ed.), Explaining Monetary and Financial Innovation, edition 127, pages 301-321, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-06109-2_12
    DOI: 10.1007/978-3-319-06109-2_12
    as

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