Central banking in the iberian peninsula : a comparison.

The paper explores the similiraties and differences between the origin, behavior and evolution of the central banks of Portugal and Spain. Portugal and Spain are two countries that share the same peninsular space in the west corner of Europe. Though different in size and population, the political, social and economic history of both nations offer more similarities than differences. In the financial sphere, he resemblances are remarkable. Both nations exhibit very low levels of financial intermediation, as measured by the ratio between total bank deposits and GDP. Another common feature of both Iberian nations is the dominance exerted by a sole institution. However, we also find some divergences between the financial structures of the two countries that are worth noting. Three differences merit our particular attention in this paper. The first diversity refers to the distinct composition of the quantity of money. The monetary regime is the second difference between the two countries (Portugal joined the gold standard while Spain remained off the gold standard). Finally, the Bank of Portugal and the Bank of Spain exhibit also significant contrasts in their behavior as central banks.Central banks; Monetary policy; Gold standard; Portugal; Spain;

Central banking in the iberian peninsula : a comparison

The paper explores the similiraties and differences between the origin, behavior and evolution of the central banks of Portugal and Spain. Portugal and Spain are two countries that share the same peninsular space in the west corner of Europe. Though different in size and population, the political, social and economic history of both nations offer more similarities than differences. In the financial sphere, he resemblances are remarkable. Both nations exhibit very low levels of financial intermediation, as measured by the ratio between total bank deposits and GDP. Another common feature of both Iberian nations is the dominance exerted by a sole institution. However, we also find some divergences between the financial structures of the two countries that are worth noting. Three differences merit our particular attention in this paper. The first diversity refers to the distinct composition of the quantity of money. The monetary regime is the second difference between the two countries (Portugal joined the gold standard while Spain remained off the gold standard). Finally, the Bank of Portugal and the Bank of Spain exhibit also significant contrasts in their behavior as central banks

Los precios en Europa durante los siglos XVI y XVII: Estudio comparativo

Editada en la Universidad Carlos IIIEl objetivo principal de este trabajo ha sido proporcionar una medición lo más precisa posible del crecimiento de los precios en Europa entre 1500 y 1700. En primer lugar, se calcula un índice ponderado de precios para Castilla la Nueva homogéneo con el de otras regiones europeas, y así poder incorporar a nuestro estudio una de las áreas en las que tradicionalmente se ha centrado el examen de la revolución de los precios. A continuación, y empleando los instrumentos que suministra la moderna teoría monetaria, he tratado de ofrecer una interpretación del comportamiento de los precios sustentada en la teoría cuantitativa del dinero que, a mi entender, sigue proporcionando la mejor explicación de los cambios a largo plazo en el nivel absoluto de precios.The main object of this paper is to present as precise a measure as possible of the growth of prices in Europe between 1500 and 1700. First, I calculate a weighted index of prices for Castilla la Nueva which is consistent with other European regions. This allows me to incorporate in the study one of the areas on which the study of the price revolution has traditionally centred. Second, employing the tools of modem monetary theory, I attempt to offer an interpretation of the behaviour of prices based on the quantity theory of money. This theory, in my opinion, continues to offer the best explanation of the long-run changes in the absolute level of prices.Publicad

The Banco de España, 1782-2017 : the history of a central bank

"This study provides an overview of the history of the Banco de España from its foundation up to the present day. The text has been divided into periods which reflect changes in the Spanish banking legal framework, monetary regimes and domestic and world politics that affected the life of the Bank (international and civil wars, the fall of the monarchy and the proclamation of two Republics, the long Franco dictatorship, the restoration of democracy, joining the EEC-EU).

Money in Spain : new historical statistics (1830-1998)

Incluye anexos estadísticosEl propósito de este Documento de Trabajo es presentar una reconstrucción de los principales agregados monetarios para el período comprendido entre 1830, cuando se pusieron en circulación los primeros billetes bancarios modernos, y 1998, el año anterior a la sustitución de la peseta por el euro. Ofrece series para el efectivo en circulación, los depósitos bancarios, la base monetaria y la oferta monetaria. Las estadísticas monetarias de este Documento de Trabajo mejoran las publicadas hasta ahora y cubren una etapa histórica de más de 150 años. El Documento de Trabajo proporciona, además, una breve descripción de la evolución de la cantidad de dinero en España y de los cambios en su composición. También se detallan las fuentes utilizadas y la metodología empleadaThe purpose of this Working Paper is to present a reconstruction of the main monetary aggregates for the period 1830, when the first modern banknotes were issue, to 1998, the last year before the substitution of the peseta by the euro. It offers series for currency in circulation and its components, bank deposits and its components, high-powered money and the money supply. With regard to previous monetary historical statistics, this Working Paper improves the quality and the time-span of the series, covering a period of more than 150 years. The Working Paper offers also a short approach to the long-term evolution of the quantity of money in Spain and the changes in its composition. The sources and methodology employed is explain in detai

Financial crises and financial reforms in Spain : what have we learned?.

Like the rest of the world, Spain has suffered frequent financial crises and undergone several changes in its regulatory framework. There have been crises that have been followed by reforms of the financial structure, and also troubled financial times with no modification of the regulatory and supervisory regime. In various instances, regulatory changes have predated financial crises, but in others banking crises have occurred without reference to changes in the regulatory regime. Regulation and supervision has been usually absent in the XIXth century, while in the XXth century policy makers have been more active and diligent. Moreover, all major financial crises have been followed by intense financial restructuring, although as elsewhere banking restructuring and interventions not always have been successful (in fact, the cases of failures and mixed results overcome the successful cases). The paper provides a short history of the major financial crises in Spain from 1856 to the present, and also reviews the main financial reforms and the distinctive regulatory regimes that have been in place in this last 150 years time span.Spanish banking; Financial crisis; Financial regulations; Banking reforms;

La industrialización española en el primer tercio del siglo XX

Publicad

Financial Crises In Spain: Lessons From The Last 150 Years

The financial disturbances that originated in the US in the second half of 2007 are the latest in a series of episodes in various regions of the world in recent years. However, financial crises are not unique to current financial systems, history being full of banking and exchange rate crises. Are crises alike? Do they share similar features or, on the contrary, are they strikingly distinct? Have they become more frequent, longer-lasting and more severe since the 20th century? Are we now living in a more vulnerable financial world? What does history tell us when comparing past and present crises? This paper chooses to address some of these questions for the case of Spain. The objective of this paper is to study the financial crises that have occurred in Spain over the last 150 years. Data are revised and different indicators constructed to identify financial crises. We consider all types of crises, namely currency, banking, stock market and debt crises and all their possible combinations, estimate their frequency by period and measure their length and depth. The Spanish case is compared to the results obtained for multi-country analyses in order to test whether the general conclusions obtained in those papers hold for one sole country. Finally, we perform an analysis of the main financial crises in order to establish hypotheses that could be tested in future research.financial crises, currency, banking, stock market and debt crises, Spanish banking history.

Santander : de local a internacional : 150 años de historia

En este artículo se presenta la historia del Banco Santander, un caso singular en la historia financiera española y europea, por su longevidad y por su trayectoria. Este banco no ha quebrado, no ha sido absorbido, no se ha fusionado perdiendo su personalidad corporativa. Muy pocas instituciones han disfrutado de tan larga existencia, un siglo y medio, y menos aún pueden exhibir una ejecutoria tan excepcional. La supervivencia del Santander se debe a la afortunada combinación de good policies, good banking y good luck

El comportamiento del gasto público en España durante la Segunda República, 1931-1935

Publicad