El papel de los Rothschild en la evolución de las finanzas públicas españolas durante el siglo XIX

Este trabajo intenta analizar el papel que desempeñaron los capitales movilizados por la Casa de banca Rothschild en la financiación de los gastos del Estado español durante el Siglo XIX. Por lo tanto, se pretende aportar una cronología elemental de las relaciones de la Casa Rothschild con las finanzas públicas españolas durante todo el periodo, analizar las operaciones más significativas, cuantificar su volumen anual agregado y hacer un mínimo acercamiento a las variables coste-beneficio que entraron en juego. Para cubrir estos fines se ha contado con fuentes primarias, localizadas en los archivos de las ramas británica y francesa de los Rothschild, cuyos fondos se han contrastado con los de la Administración francesa y española y de instituciones financieras claves en el periodo, como el Banco de España.This article attempts to analyse the role that the Rothschild House played in the evolution of Spanish Public Finances along the 19th Century. Therefore, it endeavours to describe an elementary chronology of the relationships between the Spanish Government and the Rothschild House during the whole Century, analysing the main financial operations they underwrote, quantifying their annual aggregate figures and, finally, trying to comment upon the different consequences of the process above mentioned. To cover these aims, we have deployed original records from the Rothschild Archives in London and Paris, their contents having been supplemented with information from National Public Records in Spain and France, and other financial institutions, namely the Bank of Spain.Publicad

Seeking out and building monopolies, Rothschild strategies in non ferrous metals international markets (1830-1940)

The aim of this article is to analyse the strategies employed by the Rothschilds until 1940 to limit competition in the non ferrous international market. We will study how they opted for rigid demand products of highly concentrated supply which were favourable to market control (mercury, nickel, lead and copper and sulphur) by assuming administrative monopolies (mercury from Spanish Almadn Mines) or through control of the leading businesses of the respective markets (Le Nickel, Pearroya and Rio Tinto). We will also analyse how the family was able to gain worldwide monopolies, or if not, how they promoted collusive oligopolies with the competition in any number of forms in their quest to maintain profitability and to flee from any competition.International Raw material markets, Cartels, Rothschild, mining, Non-ferrous metals.

The Rothschild House business network in Spain as an example of entrepreneurial decision-taking and management structure.

In the period between 1835 and 1931 the Rothschild House established one of the most complex and influential business networks in Spanish economic history. This network controlled a wide range of activities, including financial services for the Spanish Government and the Bank of Spain, as well as the management of industrial, mining and railway firms. Instances of these firms are Rio Tinto Co., Société Minière et Metallurgique Peñarroya, MZA railway company and Deutsch & Cie, which was the main oil refining firm in Spain at the end of the 19th century.Spain 1835-1931, Rothschild, networks, Weisweiller, Bauer, foreign investments in Spain, railways, mining and refining companies, international raw material market, Public Finances, entrepreneurial function, agency problems, rent-seeking.

The international mercury cartel, 1928-1949

Mercury has been one of the most persistent cases in contemporary history of international market regulations and this in spite of its having been affected by important technological changes and the regular discovery of new deposits. This paper offers an approach to the least known period, although perhaps the one in which the greatest rises in process and production occurred as a consequence of market manipulation. The period coincides with a series of agreements between the Spanish and the Italian producers and the outcome was a worldwide cartel known as “Mercurio Europeo” which came into being in 1928. The aims of this work will, therefore, be first to describe the features of the various stages of development of the international mercury market during the first half of the twentieth century, with emphasis on the characteristics and conditioning factors in each period. Secondly, the objective is to analyze the various market agreements that came about, the effectiveness of the clauses therein, the construction of distribution networks and the influence that the increase in production had on other mines and on certain technological developments

Treatment with tocilizumab or corticosteroids for COVID-19 patients with hyperinflammatory state: a multicentre cohort study (SAM-COVID-19)

Objectives: The objective of this study was to estimate the association between tocilizumab or corticosteroids and the risk of intubation or death in patients with coronavirus disease 19 (COVID-19) with a hyperinflammatory state according to clinical and laboratory parameters. Methods: A cohort study was performed in 60 Spanish hospitals including 778 patients with COVID-19 and clinical and laboratory data indicative of a hyperinflammatory state. Treatment was mainly with tocilizumab, an intermediate-high dose of corticosteroids (IHDC), a pulse dose of corticosteroids (PDC), combination therapy, or no treatment. Primary outcome was intubation or death; follow-up was 21 days. Propensity score-adjusted estimations using Cox regression (logistic regression if needed) were calculated. Propensity scores were used as confounders, matching variables and for the inverse probability of treatment weights (IPTWs). Results: In all, 88, 117, 78 and 151 patients treated with tocilizumab, IHDC, PDC, and combination therapy, respectively, were compared with 344 untreated patients. The primary endpoint occurred in 10 (11.4%), 27 (23.1%), 12 (15.4%), 40 (25.6%) and 69 (21.1%), respectively. The IPTW-based hazard ratios (odds ratio for combination therapy) for the primary endpoint were 0.32 (95%CI 0.22-0.47; p < 0.001) for tocilizumab, 0.82 (0.71-1.30; p 0.82) for IHDC, 0.61 (0.43-0.86; p 0.006) for PDC, and 1.17 (0.86-1.58; p 0.30) for combination therapy. Other applications of the propensity score provided similar results, but were not significant for PDC. Tocilizumab was also associated with lower hazard of death alone in IPTW analysis (0.07; 0.02-0.17; p < 0.001). Conclusions: Tocilizumab might be useful in COVID-19 patients with a hyperinflammatory state and should be prioritized for randomized trials in this situatio

Peñarroya: an expansive model of industrial mining corporation, 1881-1936

Este trabajo pretende describir las líneas fundamentales de la evolución histórico-empresarial de la Sociedad Minera y Metalúrgica Peñarroya, una entidad que pudo desplegar, partiendo de unos orígenes más bien modestos, un proceso ininterrumpido de expansión que le llevaría a alcanzar, desde la segunda década del siglo XX, el primer puesto en la producción mundial de plomo dulce y la cabeza de las empresas industriales radicadas en España por activos, con una red de más de 60 filiales y la práctica totalidad de sus actividades integradas. Se pretende, por otra parte, profundizar en los elementos que pudieron determinar esta imparable y peculiar evolución, siempre a la luz de las fuentes de la propia empresa, los archivos de su principal accionista, la casa de banca Rothschild Frères, y varios fondos documentales públicos depositados en Francia y España.This article describes the main lines of the historical evolution of the Société Minière et Metallurgique Peñarroya. This concern, starting from a modest origin, was able to develop a steady process of growing that led it, at the beginning of 1920’s, to the first place among the world lead producers and the top in the industrial enterprises in Spain, for assets, with more of 60 branches and all his activities integrated. This work tries to deep in the different elements that determined this peculiar evolution, in the light of the archives of the society, the main shareholder, the Rothschild family, and some public records located in Spain and France

[Sección] Noticias-crónicas

La historia financiera de luto. (Wim Duisenberg in memorian); Fiscalidad y agricultura en perspectiva histórica, XI Congreso de Historia agraria (Aguilar de Campoo, 15-18 de junio de 2005); VIII Congreso de economía aplicada, Revista de economía aplicada y Departamento de Economía Aplicada de la Universidad de Murcia; Jornada de Economía Internacional, la Laguna, 23, 24 y 25 de junio de 2005; Las Cajas de Ahorros en la economía española : ahorro, desarrollo regional y marco institucional, 1840-2000. Sesión B, Congreso de la Asociación Española de Historia Económica. Galicia, 13-16 de septiembre de 2005; La historia empresarial de las instituciones bancarias españolas, Sesión B13 del VIII Congreso de Historia Económica, Vigo, 16 de septiembre de 200