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Choosing a legal framework for Spanish stock markets, 1800-1936

  • Juan Carlos Rojo Cagigal

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    The paper analyses the legal transfer of formal rules regulating stock markets in Spain between 1800 and 1936. We argue that the transfer of French legislation in the 1830s provoked a “transplant effect”, which generated serious distortions in Spanish financial markets. As a result, Spain developed a unique system in which official French style stock markets coexisted with Anglo-Saxon style free markets and small traditional markets, reminiscent of the ancien regime. This unique schism of systems reflects the result of multiple natural experiments whereby each region constituted its own stock market system. Diverse economic scenarios and path-dependence processes determined different institutional settings. We find that the unparalleled Spanish system was the result of lacking central power, persistence of institutional inertia, and the diversity of Spain´s geographical economy.

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    File URL: http://e-archivo.uc3m.es/bitstream/10016/2365/1/wp_08-03.pdf
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    Paper provided by Universidad Carlos III, Instituto Figuerola de Historia y Ciencias Sociales in its series Working Papers in Economic History with number wp08-03.

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    Date of creation: Mar 2008
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    Handle: RePEc:cte:whrepe:wp08-03
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    1. Berkowitz, Daniel & Pistor, Katharina & Richard, Jean-Francois, 2003. "Economic development, legality, and the transplant effect," European Economic Review, Elsevier, vol. 47(1), pages 165-195, February.
    2. Frederick Schauer, 2000. "The Politics and Incentives of Legal Transplantation," CID Working Papers 44, Center for International Development at Harvard University.
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