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The origins of the Bilbao Stock Exchange, 1891-1936

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  • Stefan Houpt

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  • Juan Carlos Rojo Cagigal

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Abstract

This paper presents first results of our more recent research on the Bilbao stock exchange from its foundation in 1890 up to the Spanish civil war. We examine the stock market’s origins 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. Finally, we contrast the degree of market integration associated to the existing Spanish exchange indexes. We find strong support for considering the Bilbao Stock Exchange index an industrial index and little evidence of capital market integration between the principal Spanish exchanges before the 1920s.

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Paper provided by Universidad Carlos III, Departamento de Historia Económica e Instituciones in its series Working Papers in Economic History with number wp10-05.

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Date of creation: Apr 2010
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Handle: RePEc:cte:whrepe:wp10-05

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Keywords: Bilbao; Stock exchange; Origins; Integration; Capital markets; Spain;

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  1. Allan w. Gregory & Bruce E. Hansen, 1992. "residual-Based Tests for Cointegration in Models with Regime Shifts," Working Papers 862, Queen's University, Department of Economics.
  2. Battilossi, Stefano & Houpt, Stefan, . "Risk, Return and Volume in an Emerging Stock Market: The Bilbao Stock Exchange, 1916-1936," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/5541, Universidad Carlos III de Madrid.
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