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Capital market integration in Spain? Introducing the Bilbao Stock Exchange, 1891-1936

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  • Houpt, Stefan
  • Rojo Cagigal, Juan Carlos

Abstract

This paper presents the first results of our most recent research on the Bilbao Stock Exchange (BSE) from its foundation in 1890 up to the Spanish Civil War. We examine the origin of the Exchange and follow its evolution over the first half-century of existence. To this end we introduce some of the stock exchange indexes we have calculated for Bilbao and put them into comparative perspective with the existing series on general economic and industrial activity and the indexes for other Spanish exchanges for the period considered. These comparisons show Bilbao’s evolution from a public debt-dominated market to an industrial exchange very much tied to regional development. Finally, we contrast the degree of financial market integration associated with the existing Spanish exchange indexes. Our analysis finds strong support for considering the BSE index as an industrial index and little evidence of capital market integration between the principal Spanish exchanges before the 1920s.

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  • Houpt, Stefan & Rojo Cagigal, Juan Carlos, 2010. "Capital market integration in Spain? Introducing the Bilbao Stock Exchange, 1891-1936," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 28(3), pages 535-573, December.
    • Handle: RePEc:cup:reveco:v:28:y:2010:i:03:p:535-573_00
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    Cited by:

    1. Miguel Artola Blanco & Luis Estévez Bauluz & Clara Martinez-Toledano, 2018. "Wealth in Spain, 1900-2014: A Country of Two Lands," World Inequality Lab Working Papers hal-02878216, HAL.
    2. Concha Betrán & Pablo Martín-Aceña & María Angeles Pons, 2011. "Financial Crises In Spain: Lessons From The Last 150 Years," Documentos de Trabajo (DT-AEHE) 1106, Asociación Española de Historia Económica.
    3. Jopp, Tobias A., 2017. "How does the public perceive alliances? The Central and Allied Powers in World War I," IBF Paper Series 12-17, IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main.

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