Reconstruction of the Spanish Money Supply, 1492-1810

56 Pages Posted: 23 Dec 2020 Last revised: 14 May 2021

See all articles by Yao Chen

Yao Chen

Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE)

Nuno Pedro G. Palma

University of Manchester

Felix Ward

Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE)

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Date Written: December 2020

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.

JEL Classification: E31, E51, N13

Suggested Citation

Chen, Yao and Palma, Nuno Pedro G. and Ward, Felix, Reconstruction of the Spanish Money Supply, 1492-1810 (December 2020). CEPR Discussion Paper No. DP15509, Available at SSRN: https://ssrn.com/abstract=3753909

Yao Chen (Contact Author)

Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE) ( email )

P.O. Box 1738
3000 DR Rotterdam, NL 3062 PA
Netherlands

Nuno Pedro G. Palma

University of Manchester ( email )

Oxford Road
Manchester, M13 9PL
United Kingdom

Felix Ward

Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE) ( email )

P.O. Box 1738
3000 DR Rotterdam, NL 3062 PA
Netherlands

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