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The origins of the Bilbao Stock Exchange, 1891-1936

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  • Houpt, Stefan
  • Rojo Cagigal, Juan Carlos

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 de Madrid in its series Open Access publications from Universidad Carlos III de Madrid with number info:hdl:10016/7762.

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Handle: RePEc:ner:carlos:info:hdl:10016/7762

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Web page: http://www.uc3m.es

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

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  1. 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).
  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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