The origins of the Bilbao Stock Exchange, 1891-1936
AbstractThis 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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Bibliographic InfoPaper provided by Universidad Carlos III, Departamento de Historia Económica e Instituciones in its series Working Papers in Economic History with number wp10-05.
Date of creation: Apr 2010
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Bilbao; Stock exchange; Origins; Integration; Capital markets; Spain;
Other versions of this item:
- Houpt, Stefan & Rojo Cagigal, Juan Carlos, . "The origins of the Bilbao Stock Exchange, 1891-1936," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/7762, Universidad Carlos III de Madrid.
- N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
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- Allan w. Gregory & Bruce E. Hansen, 1992.
"residual-Based Tests for Cointegration in Models with Regime Shifts,"
862, Queen's University, Department of Economics.
- Gregory, Allan W. & Hansen, Bruce E., 1996. "Residual-based tests for cointegration in models with regime shifts," Journal of Econometrics, Elsevier, vol. 70(1), pages 99-126, January.
- Gregory, A.W. & Hansen, B.E., 1992. "Residual-Based Tests for Cointegration in Models with Regime Shifts," RCER Working Papers 335, University of Rochester - Center for Economic Research (RCER).
- 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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