Divergent Paths to a Network World. An Approach to the IT from Savings Banks Industry

This study provides information on how the process of technological globalization was implemented prior to the Internet and what its limits were, which certainly helps to understand how computers are changing the world. One can see divergent patterns in the process of introducing computers (using the worldwide savings bank industry as a reference). However, the foundations of this divergence should be situated within an idiosyncratic and not an asymmetric landscape as a consequence of the role that adoption/appropriation processes (the end-user as an active participant) play in the perspective of technological diffusion

Divergent Paths to a Network World. An Approach to the IT from Savings Banks Industry

This study provides information on how the process of technological globalization was implemented prior to the Internet and what its limits were, which certainly helps to understand how computers are changing the world. One can see divergent patterns in the process of introducing computers (using the worldwide savings bank industry as a reference). However, the foundations of this divergence should be situated within an idiosyncratic and not an asymmetric landscape as a consequence of the role that adoption/appropriation processes (the end-user as an active participant) play in the perspective of technological diffusion

Money Market Integration in Spain in the Ninetheen Century: The Role of the 1875-1885 Decade

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, we show empirical evidence that market integration in Spain from 1875 to 1885 was a slow process of monetary unification with decreasing transaction costs, and a very inefficient convergence. Therefore, full integration did not happen in the period 1875-1885 and had to wait until mid-1880s, when the Spanish money-market was unified due to financial innovations

Banking, Currency, Stock Market and Debt Crises: Revisiting Reinhart & Rogoff Debt Analysis in Spain, 1850-1995

What type of crisis is generated when debt increases? We study the Spanish debt evolution in the 19th and 20th centuries by introducing currency and stock-market crises in the Reinhart and Rogoff (2011) framework. We find their same results for the determinants of banking and debt crises but substituting external and public debt with perpetual debt. Moreover, we find that currency crises depend strongly and positively on financial centers crises and negatively and mildly on perpetual debt. We justify the negative relationship due to an inflation tax. We also find that stock-market crises depend only positively and strongly on financial centers crises

Banking, Currency, Stock Market and Debt Crises: Revisiting Reinhart & Rogoff Debt Analysis in Spain, 1850-1995

What type of crisis is generated when debt increases? We study the Spanish debt evolution in the 19th and 20th centuries by introducing currency and stock-market crises in the Reinhart and Rogoff (2011) framework. We find their same results for the determinants of banking and debt crises but substituting external and public debt with perpetual debt. Moreover, we find that currency crises depend strongly and positively on financial centers crises and negatively and mildly on perpetual debt. We justify the negative relationship due to an inflation tax. We also find that stock-market crises depend only positively and strongly on financial centers crises

Domestic monetary transfers and the inland bill of exchange markets in Spain (1775-1885)

This article studies the monetary transfers system that was created by the short-term inland bill of exchange markets. For decades this system was the most practical way of channeling the growing volume of transfers which were taking place as a consequence of the growth of the Spanish economy. This analysis argues that, between 1775 and 1885, the markets involved in this activity became progressively more efficient, due largely to the multilateralization of the payment system. This situation lasted longer in Spain than in the rest of Europe since Spanish banking was, initially, slower to develop. Using univariate and multivariate GARCH models, it was possible to conclude that the inland bill of exchange markets constituted an essential monetary instrument, and one that faithfully reflects the integration of monetary markets in Spain.Domestic monetary transfers Integration of monetary markets Inland bill of exchange rate in Spain Eighteenth and nineteenth century Monetary and financial history