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The Spanish Flu and the Capital Market

In: Pandemics, Economics and Inequality


  • Sergi Basco

    (University of Barcelona)

  • Jordi Domènech

    (Universidad Carlos III de Madrid)

  • Joan R. Rosés

    (London School of Economics)


In this section, we discuss how pandemics affect the returns to capital. First, we explain how pre-industrial pandemics distorted capital (land) returns and review the existing empirical literature. Then, we focus on modern pandemics and explain their effect on housing. For modern pandemics, we focus on housing since it is the most important physical asset in industrialized economies. Lastly, we review the consequences of the Spanish Flu in Spanish housing markets and argue that modern pandemics may change capital allocation across regions.

Suggested Citation

  • Sergi Basco & Jordi Domènech & Joan R. Rosés, 2022. "The Spanish Flu and the Capital Market," Palgrave Studies in Economic History, in: Pandemics, Economics and Inequality, chapter 0, pages 65-81, Palgrave Macmillan.
  • Handle: RePEc:pal:palscp:978-3-031-05668-0_5
    DOI: 10.1007/978-3-031-05668-0_5

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