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Mercado libre de divisas y ventaja competitiva de la banca andorrana, 1945-1998

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  • Marc Galabert Macià

    (Departament d’Història Econòmica, Institucions, Política i Economia Mundial, Universitat de Barcelona, Barcelona, España)

Abstract

Esta investigación explora el desarrollo de la banca andorrana durante la segunda mitad del siglo xx. El no establecer ninguna moneda de curso forzoso ha supuesto históricamente la libre circulación de divisas en el país. En este contexto, el trabajo plantea que la posibilidad de mantener cuentas en eurodivisas en los bancos andorranos se habría configurado como una de sus principales ventajas competitivas para atraer capital español y francés. Para contrastar esta hipótesis, se comparan las oportunidades de arbitraje que proporcionaron las principales divisas internacionales contra la peseta y el franco en el marco de los distintos sistemas cambiarios por los que transcurrieron. Los resultados muestran que, en todos los casos, el premio por trasladar capital a la banca andorrana y depositarlo en divisas fue superior al de mantener el capital onshore. Así mismo, el coste de oportunidad de no trasladar capital al país de los Pirineos habría sido mayor para el capital español que para el capital francés. KEY Classification-JEL: E42. G21. F31. N24

Suggested Citation

  • Marc Galabert Macià, 2019. "Mercado libre de divisas y ventaja competitiva de la banca andorrana, 1945-1998," Investigaciones de Historia Económica - Economic History Research (IHE-EHR), Journal of the Spanish Economic History Association, Asociación Española de Historia Económica, vol. 15(01), pages 47-61.
    • Handle: RePEc:ahe:invest:v:15:y:2019:i:01:p:47-61
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    More about this item

    Keywords

    Andorra. Banca. Ventaja competitiva. Mercado libre de divisas;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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