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Early modern financial development in the Iberian peninsula

Author

Listed:
  • Freire Costa, Leonor
  • Münch Miranda, Susana
  • Nogues-Marco, Pilar

Abstract

Iberian colonies produced the vast majority of world precious metals in the Early Modern period, which increased liquidity in the Iberian Peninsula. In this paper we focus on the relationship between liquidity and financial development – including other relevant variables such as instruments and institutions – to examine the efficiency of the financial systems in Castile and Portugal.

Suggested Citation

  • Freire Costa, Leonor & Münch Miranda, Susana & Nogues-Marco, Pilar, 2021. "Early modern financial development in the Iberian peninsula," Working Papers unige:147492, University of Geneva, Paul Bairoch Institute of Economic History.
    • Handle: RePEc:gnv:wpaper:unige:147492
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    References listed on IDEAS

    as
    1. Carlos Álvarez-Nogal & Christophe Chamley, 2014. "Debt policy under constraints: Philip II, the Cortes, and Genoese bankers," Economic History Review, Economic History Society, vol. 67(1), pages 192-213, February.
    2. Broadberry,Stephen & Fukao,Kyoji (ed.), 2021. "The Cambridge Economic History of the Modern World," Cambridge Books, Cambridge University Press, number 9781107159457, January.
    3. Drelichman, Mauricio & Voth, Hans-Joachim, 2011. "Serial defaults, serial profits: Returns to sovereign lending in Habsburg Spain, 1566-1600," Explorations in Economic History, Elsevier, vol. 48(1), pages 1-19, January.
    4. Pablo Martín-Aceña & Pilar Nogues-Marco, 2012. "Crisis bancarias en la historia de España. Del Antiguo Régimen a los orígenes del capitalismo moderno," Documentos de Trabajo (DT-AEHE) 1201, Asociación Española de Historia Económica.
    5. Nogues-Marco, Pilar, 2017. "Money Markets and Exchange Rates in Pre-Industrial Europe," Working Papers unige:100808, University of Geneva, Paul Bairoch Institute of Economic History.
    6. Marco, Pilar Nogués & Malle-Sabouret, Camila Vam, 2007. "East India bonds, 1718–1763: early exotic derivatives and London market efficiency," European Review of Economic History, Cambridge University Press, vol. 11(3), pages 367-394, December.
    7. Nogues-Marco, Pilar & Esteves, Rui, 2019. "Monetary Systems and the Global Balance-of-Payments Adjustment in the Pre-Gold Standard Period, 1700-1870," CEPR Discussion Papers 13652, C.E.P.R. Discussion Papers.
    8. Hernández, Bernardo, 1997. "Hombres de negocios y finanzas públicas en la Cataluña de Felipe II," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 15(1), pages 51-86, March.
    9. Carlos Álvarez‐Nogal & Christophe Chamley, 2018. "Refinancing short‐term debt with a fixed monthly interest rate into funded juros under Philip II: an asiento with the Maluenda brothers," Economic History Review, Economic History Society, vol. 71(4), pages 1100-1117, November.
    10. Marc Flandreau & Christophe Galimard & Clemens Jobst & Pilar Nogués-Marco, 2009. "Monetary geography before the Industrial Revolution," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 2(2), pages 149-171.
    11. Freire Costa,Leonor & Lains,Pedro & Münch Miranda,Susana, 2019. "An Economic History of Portugal, 1143–2010," Cambridge Books, Cambridge University Press, number 9781108705936, January.
    12. Leonor Freire Costa & Pedro Neves & Tomás Pinto de Albuquerque, 2019. "A Alteração da Estrutura Acionista das Companhias Coloniais Pombalinas: Impactos do Mercado Secundário de Títulos em Portugal no Século XVIII," Working Papers GHES - Office of Economic and Social History 2019/60, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.
    13. Flandreau, Marc & Jobst, Clemens & Nogues-Marco, Pilar & Galimard, Christophe, 2006. "The Bell Jar: Commercial Interest Rates between Two Revolutions, 1688-1789," CEPR Discussion Papers 5940, C.E.P.R. Discussion Papers.
    14. repec:hal:pseose:halshs-00941859 is not listed on IDEAS
    15. Drelichman, Mauricio & Voth, Hans-Joachim, 2010. "The Sustainable Debts of Philip II: A Reconstruction of Castile's Fiscal Position, 1566–1596," The Journal of Economic History, Cambridge University Press, vol. 70(4), pages 813-842, December.
    16. Leonor Freire Costa & Maria Manuela Rocha & Paulo B. Brito, 2018. "The alchemy of gold: interest rates, money stock, and credit in eighteenth‐century Lisbon," Economic History Review, Economic History Society, vol. 71(4), pages 1147-1172, November.
    17. James Conklin, 1998. "The Theory of Sovereign Debt and Spain under Philip II," Journal of Political Economy, University of Chicago Press, vol. 106(3), pages 483-513, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    financial system; public debt; private credit market; precious metals; interest rates.;
    All these keywords.

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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