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Interregional flows of long-term mortgage credit in eighteenth-century Spain. To what extent was the market fragmented?

Author

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  • Cyril Milhaud

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, EHESS - École des hautes études en sciences sociales)

Abstract

Recently, new research has challenged the traditional narrative: Spain did not suffer from a ruler that threatened his subjects' property with excessive taxes and forced loans. Instead, Spanish economic development was held back by a decentralized and non-predatory governance, unable to solve the coordination problems in the way of more integrated markets. Through the analysis of the governance and loan portfolios of an ecclesiastical order, this paper examines to which extent mortgage credit markets were fragmented in early modern Spain. This order not only collected resources that it subsequently lent, but pooled them. Indeed, it developed into a nationally integrated organization able to offer everything from small loans to farmers to substantial amounts to the king and the Madrid elite.

Suggested Citation

  • Cyril Milhaud, 2018. "Interregional flows of long-term mortgage credit in eighteenth-century Spain. To what extent was the market fragmented?," Working Papers hal-01180682, HAL.
    • Handle: RePEc:hal:wpaper:hal-01180682
    Note: View the original document on HAL open archive server: https://pse.hal.science/hal-01180682v3
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    References listed on IDEAS

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    Keywords

    Long-Term Credit; Market integration; Spain; Early Modern;
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