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Central banking in the iberian peninsula : a comparison

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  • Martín-Aceña, Pablo

Abstract

The paper explores the similiraties and differences between the origin, behavior and evolution of the central banks of Portugal and Spain. Portugal and Spain are two countries that share the same peninsular space in the west corner of Europe. Though different in size and population, the political, social and economic history of both nations offer more similarities than differences. In the financial sphere, he resemblances are remarkable. Both nations exhibit very low levels of financial intermediation, as measured by the ratio between total bank deposits and GDP. Another common feature of both Iberian nations is the dominance exerted by a sole institution. However, we also find some divergences between the financial structures of the two countries that are worth noting. Three differences merit our particular attention in this paper. The first diversity refers to the distinct composition of the quantity of money. The monetary regime is the second difference between the two countries (Portugal joined the gold standard while Spain remained off the gold standard). Finally, the Bank of Portugal and the Bank of Spain exhibit also significant contrasts in their behavior as central banks.

Suggested Citation

  • Martín-Aceña, Pablo, 2007. "Central banking in the iberian peninsula : a comparison," IFCS - Working Papers in Economic History.WH wp07-15, Universidad Carlos III de Madrid. Instituto Figuerola.
  • Handle: RePEc:cte:whrepe:wp07-15
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    File URL: https://e-archivo.uc3m.es/bitstream/handle/10016/1068/wp-07-15.pdf?sequence=1
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    References listed on IDEAS

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    1. Grossman, Gene M & Helpman, Elhanan, 1995. "Trade Wars and Trade Talks," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 675-708, August.
    2. Brainard, S. Lael & Verdier, Thierry, 1997. "The political economy of declining industries: Senescent industry collapse revisited," Journal of International Economics, Elsevier, pages 221-237.
    3. Anthony P. Thirlwall, 2011. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," PSL Quarterly Review, Economia civile, vol. 64(259), pages 429-438.
    4. Baack, Bennett D. & Ray, Edward John, 1983. "The political economy of tariff policy: A case study of the United States," Explorations in Economic History, Elsevier, vol. 20(1), pages 73-93, January.
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    More about this item

    Keywords

    Central banks;

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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