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Monetary Geography vs. Political Sovereignty: The Emergence of National Issuing Banking in Spain

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  • Nogues-Marco, Pilar

Abstract

Payment systems evolved from decentralized networks to centralized systems coordinated by a national bank. Contrary to the view that centralization was a natural economic process driven by the gradual concentration of interbank deposits in reputable banks, this research highlights state-driven institutional change. In Spain, the Bank of Spain secured a monopoly on national banknote issuance in 1874 during a civil war, despite opposition from regional issuing banks. While Northern Spain’s industrial growth challenged Madrid’s dominance as the payment system’s center, political motivations ultimately cemented Madrid as Spain’s geographical monetary center to support the nation-state’s building.

Suggested Citation

  • Nogues-Marco, Pilar, 2025. "Monetary Geography vs. Political Sovereignty: The Emergence of National Issuing Banking in Spain," Working Papers unige:183332, University of Geneva, Paul Bairoch Institute of Economic History.
    • Handle: RePEc:gnv:wpaper:unige:183332
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    More about this item

    Keywords

    Payment systems; National issuing banking; Monetary geography; Political sovereignty; Systèmes de paiement; Banque nationale d’émission; Géographie monétaire; Souveraineté politique;
    All these keywords.

    JEL classification:

    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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