Reconstruction of the Spanish money supply, 1492–1810

Yao Chen, Nuno Palma, Felix Ward*

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

1 Citation (Scopus)
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Abstract

How did the Spanish money supply evolve in the aftermath of the discovery of large amounts of precious metals in Spanish America? We synthesize the available data on the mining of precious metals and their international flow to estimate the money supply for Spain from 1492 to 1810. Our estimate suggests that the Spanish money supply increased more than ten-fold. Viewed through the equation of exchange this money supply increase can account for most of the price level rise in early modern Spain.

Original languageEnglish
Article number101401
JournalExplorations in Economic History
Volume81
DOIs
Publication statusPublished - Jul 2021

Bibliographical note

Funding Information:
We thank Kıvanç Karaman, Nicholas J. Mayhew, and Pilar Nogues-Marco, François R. Velde, as well as participants at various seminars and conferences for helpful comments. We are grateful to Carlos Álvarez-Nogal, Kıvanç Karaman, Leandro Prados de la Escosura, and Pilar Nogues-Marco for sharing their data with us. Any remaining errors are our own. Nuno Palma acknowledges financial support from Fundação para a Ciência e a Tecnologia (CEECIND/04197/2017). Replication data and codes are available at https://doi.org/10.3886/E139761V2 ( Chen et al., 2021 ).

Funding Information:
We thank K?van? Karaman, Nicholas J. Mayhew, and Pilar Nogues-Marco, Fran?ois R. Velde, as well as participants at various seminars and conferences for helpful comments. We are grateful to Carlos ?lvarez-Nogal, K?van? Karaman, Leandro Prados de la Escosura, and Pilar Nogues-Marco for sharing their data with us. Any remaining errors are our own. Nuno Palma acknowledges financial support from Funda??o para a Ci?ncia e a Tecnologia (CEECIND/04197/2017). Replication data and codes are available at https://doi.org/10.3886/E139761V2 (Chen et al., 2021).

Publisher Copyright:
© 2021 The Authors

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