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The Bank of Spain: a National Financial Insitution

Author

Listed:
  • Pablo Martín-Aceña

    () (Universidad de Alcalá, Madrid)

  • Elena Martínez Ruíz

    (Universidad de Alcalá, Madrid)

  • Pilar Nogués Marco

    (Universidad Carlos III, Madrid)

Abstract

TThis paper explains the process by which the Bank of Spain became a national bank, first by obtaining the monopoly of issue in 1874 and then by extending its sphere of financial action by creating the country's only network of bank branches before 1900. The implementation of a "unified or national banknote" in 1884 and the creation of a system of free transfers for its clients were also decisive steps towards the Bank's transformation from a local Madrid -based institution into a Spanish national institution. The paper also argues that the transformation of the Bank of Spain into a genuine national financial institution contributed to the modernization of the Spanish administrative fabric.

Suggested Citation

  • Pablo Martín-Aceña & Elena Martínez Ruíz & Pilar Nogués Marco, 2012. "The Bank of Spain: a National Financial Insitution," Documentos de Trabajo (DT-AEHE) 1205, Asociacion Espa–ola de Historia Economica.
  • Handle: RePEc:ahe:dtaehe:1205
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    Cited by:

    1. Martínez-Ruiz, Elena & Nogues-Marco, Pilar, 2017. "The political economy of exchange rate stability during the gold standard. The case of Spain, 1874-1914," Working Papers unige:91510, University of Geneva, Paul Bairoch Institute of Economic History.

    More about this item

    Keywords

    Bank of Spain; financial history; banknote issue; banking modernization;

    JEL classification:

    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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