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A Colonial Bank under Spanish and American Sovereignty: The Banco Español de Puerto Rico, 1888-1913

Author

Listed:
  • Pablo Martín-Aceña

    () (Universidad de Alcalá,Madrid,Spain)

  • Inés Roldán de Montaud

    (Consejo Superior de Investigaciones Científicas,Madrid,Spain)

Abstract

This paper offers the history of the Banco Español de Puerto Rico from its creation in 1888 to its liquidation in 1913. The Banco Español was the sole note-issuing institution of the island until 1898, when Puerto Rico was transferred to the United States. The establishment of the Bank was plagued with difficulties and during its first decade of existence it met with diverse obstacles that hindered its financial development. However, it contributed to diversifying the underdeveloped banking structure of the colony, to bringing down the cost of credit, and to modernizing the island’s monetary system. The transfer of sovereignty was traumatic since the Bank lost its issue monopoly and had to adjust to US banking legislation. In 1905, its name was changed to Banco de Puerto Rico and its by-laws were reformed. The last years of the Bank’s life were prosperous and it once again made an important contribution to the island’s economy. All in all, the history of the institution is a mixture of errors and achievements, a history of setbacks and successes.

Suggested Citation

  • Pablo Martín-Aceña & Inés Roldán de Montaud, 2014. "A Colonial Bank under Spanish and American Sovereignty: The Banco Español de Puerto Rico, 1888-1913," Documentos de Trabajo (DT-AEHE) 1410, Asociacion Espa–ola de Historia Economica.
  • Handle: RePEc:ahe:dtaehe:1410
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    References listed on IDEAS

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    1. King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December.
    2. Richard S. Grossman, 2010. "Unsettled Account: The Evolution of Banking in the Industrialized World since 1800," Economics Books, Princeton University Press, edition 1, number 9219.
    3. Robert G. King & Ross Levine, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, Oxford University Press, vol. 108(3), pages 717-737.
    4. Pedro Tedde & Francisco Comín & Carles Sudrià Triay & Rafael Anes Álvarez & Pablo Martín Aceña & Carlos Marichal & Leonor Ludlow & Mario Cerutti, 1994. "La formación de los bancos centrales en España y América Latina (Siglos XIX y XX). Vol I: España y México," Estudios de Historia Económica, Banco de España;Estudios de Historia Económica Homepage, number 29, December.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Puerto Rico; banks; financial system; economic development; Spain; United States of America.;

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean

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