Capital market integration in Spain? Introducing the Bilbao Stock Exchange, 1891-1936

Houpt, Stefan; Cagigal, Juan Carlos Rojo

doi:10.1017/s0212610910000145

Cited by 4 publications

(2 citation statements)

References 20 publications

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“…Then, to convert this series into market prices we use the quoted ratio between market prices to paid-up capital of the Spanish stock exchanges. For the period of 1900-1936Houpt et al (2010 have kindly provided this data for the Bilbao Stock Exchange, while for years 1941-1969 it can be derived from the official index of the Madrid bourse (Servicio de Estudios de la Bolsa de Madrid, 1992) 13 .…”

Section: Equity and Investment Fund Sharesmentioning

confidence: 99%

Wealth in Spain 1900–2017 A Country of Two Lands

Blanco

Bauluz

Martínez-Toledano

2020

The Economic Journal

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This study reconstructs Spain’s national wealth from 1900 to 2017. By combining new sources with existing accounts, we estimate the wealth of both private and government sectors and use a new asset-specific decomposition of the long-run accumulation of wealth. We find that during the 20th century, the national wealth-to-income ratio remained within a relatively narrow range—between 400 and 600%—until the housing boom of the early 2000s led to an unprecedented rise to 800% in 2007. Our results highlight the importance of land, housing capital gains and international capital flows as key elements of wealth accumulation.

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Section: Equity and Investment Fund Sharesmentioning

confidence: 99%

Wealth in Spain 1900–2017 A Country of Two Lands

Blanco

Bauluz

Martínez-Toledano

2020

The Economic Journal

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“…Data sources for Madrid and Barcelona are the EHE (Carreras and Tafunell 2005) (1850-1913) and Hortalá (2006) for 1913 to 1936 and Houpt and Rojo-Cagival (2010) for Bilbao.…”

Section: Banking Crisesmentioning

confidence: 99%

Financial Crises In Spain: Lessons From The Last 150 Years

2012

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Financial crises are not unique to current financial systems. Are crises alike? Have they become more frequent, longer lasting and more severe since the 20 th century? What does history tell us? The objective of this paper is to study the financial crises that have occurred in Spain over the last 150 years. We consider different types of crises (banking, currency and stock market crises), together with all their possible combinations, estimate their frequency by period and measure their length and depth. The main conclusion we obtain is that Spanish crises have been more frequent than in the rest of the world and have been more severe and more complex since 1973, as the 2007 crisis is confirming.

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How Does the Public Perceive Alliances?

Jopp

2018

Jahrbuch Für Wirtschaftsgeschichte / Economic History Yearbook

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World War I was fought by numerous countries siding together as the Central Powers and, respectively, the Allied Powers. The former began with the German Empire and Austria-Hungary and grew to four allies when the Ottoman Empire entered the scene in late 1914 and Bulgaria in late 1915; the latter centred on the alliance between England, France, and Russia and was informally extended to many more countries as they entered into the war ad-hoc by signalling common interests with the core Allied Powers. This article addresses a neglected dimension of the alliance formation phenomenon, namely how alliances were perceived by the public, in contrast to the perceptions of political and military leaders. Were the Central and Allied Powers perceived to be credible alliances – monolithic blocks – in the eyes of contemporaries? We seek to determine the degree of “alliance integration” among pairs of countries by applying cointegration analysis based on prices for securities. It is assumed that the prices of countries perceived as “integrated” should show signs of co-movement. In particular, we focus on the Amsterdam market for foreign government bonds providing us with a neutral perspective. Our analysis is based on the yields for representative bonds traded by 13 belligerent countries not only during the war, but also before and after. Among other findings, we cannot corroborate that investors simply recognized two monolithic blocks fighting the war against each other.

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Capital market integration in Spain? Introducing the Bilbao Stock Exchange, 1891-1936

Cited by 4 publications

References 20 publications

Wealth in Spain 1900–2017 A Country of Two Lands

Wealth in Spain 1900–2017 A Country of Two Lands

Financial Crises In Spain: Lessons From The Last 150 Years

How Does the Public Perceive Alliances?

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