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Industrialización, desarrollo financiero y oferta monetaria en Barcelona a mediados del siglo XIX


  • Pere Pascual Domènech

    () (Centre d’Estudis “Antoni de Capmany”, Universidad de Barcelona)

  • Carles Sudrià Triay

    () (Centre d’Estudis “Antoni de Capmany”, Universidad de Barcelona)


The article deals with the need, inherent in any process of industrialization, to increase money supply in order to avoid deflationary tensions. We examine the case of a major financial and commercial centre: Barcelona in the mid-nineteenth century. The paper specifies the volume of different types of fiat money in circulation (bank notes, “validated” cheques, internal pay orders, short-term bonds…) and their characteristics as means of payment. The aim of the study is to show that, in a context of “free banking” without legal tender of the paper money, there was an automatic process towards a balance between supply and demand for money and that any possible oversupply was eliminated through a “crowding out” effect. In such systems, money-supply growth seems have not significant effects on prices, but instead, sudden contractions of money supply did have intense upward impacts on interest rate. KEY Classification-JEL: E41, E42, N13, N23

Suggested Citation

  • Pere Pascual Domènech & Carles Sudrià Triay, 2008. "Industrialización, desarrollo financiero y oferta monetaria en Barcelona a mediados del siglo XIX," Investigaciones de Historia Económica (IHE) Journal of the Spanish Economic History Association, Asociacion Espa–ola de Historia Economica, vol. 4(03), pages 45-77.
  • Handle: RePEc:ahe:invest:v:04:y:2008:i:03:p:45-77

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    More about this item


    Industrialisation; Money supply; Prices; Interest rate; Spain; 19th Century;

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913


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