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Industrialización, desarrollo financiero y oferta monetaria en Barcelona a mediados del siglo XIX

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Author Info

  • Pere Pascual Domènech

    ()
    (Centre d’Estudis “Antoni de Capmany”, Universidad de Barcelona)

  • Carles Sudrià Triay

    ()
    (Centre d’Estudis “Antoni de Capmany”, Universidad de Barcelona)

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    Abstract

    The article deals with the need, inherent in any process of industrialization, to increase money supply in order to avoid deflationary tensions. We examine the case of a major financial and commercial centre: Barcelona in the mid-nineteenth century. The paper specifies the volume of different types of fiat money in circulation (bank notes, “validated” cheques, internal pay orders, short-term bonds…) and their characteristics as means of payment. The aim of the study is to show that, in a context of “free banking” without legal tender of the paper money, there was an automatic process towards a balance between supply and demand for money and that any possible oversupply was eliminated through a “crowding out” effect. In such systems, money-supply growth seems have not significant effects on prices, but instead, sudden contractions of money supply did have intense upward impacts on interest rate. KEY Classification-JEL: E41, E42, N13, N23

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    Bibliographic Info

    Article provided by Asociación Española de Historia Económica in its journal Investigaciones de Historia Económica (IHE) Journal of the Spanish Economic History Association.

    Volume (Year): 4 (2008)
    Issue (Month): 03 ()
    Pages: 45-77

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    Handle: RePEc:ahe:invest:v:04:y:2008:i:03:p:45-77

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    Related research

    Keywords: Industrialisation; Money supply; Prices; Interest rate; Spain; 19th Century;

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