Reconstruction of the Spanish money supply, 1492–1810

Chen, Yao; Palma, Nuno; Ward, Felix

http://hdl.handle.net/10451/48810

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Autores

Chen, Yao

Palma, Nuno

Ward, Felix

Resumo(s)

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.

Palavras-chave

Early modern period Equation of exchange Quantity theory of money

URI

http://hdl.handle.net/10451/48810

Editora

Elsevier

DOI

10.1016/j.eeh.2021.101401

Coleções

ICS - Artigos

Licença CC

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