- -Bankruptcies, name and size of banks closed: MartÃn AceÃa, P., Betran, C. and Pons, M.A. (2009): Financial crises and financial reforms in Spain: what have we learned? Working Paper 10-01. Universidad Carlos III de Madrid.
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-Bilbao: Houpt, S. and Rojo-Cagival, J.C. (2010): âCapital market integration in Spain? Introducing the Bilbao Stock Exchange, 1891-1936â. Revista de Historia EconÃmica. Journal of Iberian and Latin American Economic History, v. 28, issue 3, pp. 535- 573.
- -M1: Spain, EHE, the UK, 1880-1952, Sheppard, D.K. (2006): The growth and role of the UK Financial Institutions. Abingdon. Routledge, 1952-2000, Mitchell, B. R. (1998): British Historical Statistics. Cambridge. Cambridge University Press, the US, 18691982, Gordon, R. J. (1986): The American Business Cycle. Continuity and Change.
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- -Madrid: nominal arithmetic index (Indice AritmÃtico Nominal) 1850-1936 and a general total return index (Indice General Total ) 1940-2000, EHE (2005) and prices EHE (2005).
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- -Number of banks: 1850-1875 Tortella, G. (1973): Los orÃgenes del capitalismo en EspaÃa. Tecnos, 1875-1935 Tedde de Lorca, P. (1974), âLa banca privada espaÃola durante la RestauraciÃn, 1874-1914â, en Tortella, G. (dir), La banca espaÃola en la RestauraciÃn. Banco de EspaÃa, 1939-1975, EHE (2005) and 1942-1995, Pueyo, J.
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- -Real banking profitability: EHE (2005) -Changes in bank deposits: EHE (2005) -Other complementary ratios such: Credits and Loans /GDP and Credit and Loans/Deposits. EHE (2005) Stock Market crises -Barcelona: nominal arithmetic index (Indice AritmÃtico Nominal) 1850-1936, EHE (2005) and prices EHE (2005).
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- -Reserves: Spain, 1850-1913, Prados (2009), 1914-1930, Martin-AceÃa, P. (1985): La cantidad de dinero en EspaÃa, 1900-1935. Madrid. Banco de EspaÃa. Servicio de Estudios, and 1931-2000, EHE (2005). The UK, 1991-1911, Accominotti,O., Flandreau, M. and Rezzikâs, R. (2010): âThe Spread of Empire: Clio and the Measurement of Colonial Borrowing Costsâ, forthcoming The Economic History Review, 1912-1994, Mitchell, B.R. (1994): International Historical Statistics. Cambridge. Cambridge University Press. The USA, 1874-1998, Carter, S.B., Gartner, S.S., Haines, M.R., Olmstead, A.L., Sutch, R. and Wright, G. (2006): Historical Statistics of the US. New York. Cambridge University Press.
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- (2003): Las condiciones de la competencia en la banca espaÃola, 1921-1974. Tesis Doctoral. Universidad de Barcelona.
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- Accominotti, O. Flandreau, M. and Rezzikâs, R. (2010): âThe Spread of Empire: Clio and the Measurement of Colonial Borrowing Costsâ, forthcoming, The Economic History Review.
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- According to CastaÃeda and Tafunell (2001), the main differences between Barcelona and Madrid are a consequence of the different kinds of firms listed on the indexes. The Barcelona index reflected the expectations and results of the large companies in the region, whereas Madrid reflected a mixture of market crises in Madrid from 1850 to 1940, only considers private securities. However, as Madrid included all the major equity trading of the major companies from the 1940s onwards, the index is restricted to this market after 1940.
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- Barro J. R. and UrsÃa, J. F. (2008): âMacroeconomic Crisis since 1870â, National Bureau of Economic Research, WP, 13940.
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- Barro J. R. and UrsÃa, J. F. (2009): âStock Market crashes and Depressionsâ, National Bureau of Economic Research, WP, 14760.
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Bordo, M., Eichengreen, B., Klingebiel, D. and Martinez-Peria, M.S. (2001): âFinancial crisis. Lessons from the last 120 years. Is the crisis problem growing more severe?â, Economic Policy, April, pp. 53-82.
- Carreras, A. and Tafunell, X. (2003), Historia econÃmica de la EspaÃa contemporÃnea. Barcelona, CrÃtica.
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- Carter, S.B., Gartner, S.S., Haines, M.R., Olmstead, A.L., Sutch, R. and Wright, G. (2006): Historical Statistics of the US. New York. Cambridge University Press.
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- CastaÃeda L. and Tafunell, X. (2001): âLa Bolsa de Barcelona entre 1840 y 1913: un nuevo Ãndiceâ, in C. SudriÃ, and D. Tirado, eds: Peseta y protecciÃn. Comercio exterior, moneda y crecimiento econÃmico en la EspaÃa de la RestauraciÃn. Barcelona. Universidad de Barcelona, pp. 208-236.
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- Chancellor, E. (1999), Devil takes the hindmost: a history of financial speculation. London, Macmillan.
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- Chicago and London. The University of Chicago Press, 1982-1992, Carter, S.B., Gartner, S.S., Haines, M.R., Olmstead, A.L., Sutch, R. and Wright, G. (2006): Historical Statistics of the US. New York. Cambridge University Press, 1993-2000, Federal Reserve Bank of St. Louis, http://www.stlouisfed.org/ Banking crises: -Real bank stock prices: bank stock index Hoyo, A. (2007): EconomÃa y Mercado de valores en la EspaÃa contemporÃnea. La evoluciÃn de la bolsa antes del big bang espaÃol, 1831-1988. Santander. Universidad de Cantabria. Prices from EHE (2005).
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- Cuevas, J. (2011): âLas crisis bursÃtiles en la historia de EspaÃa. Una visiÃn de largo plazoâ. X Congreso Internacional de la AEHE, Sevilla, unpublished paper.
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- DATA APPENDIX Currency crises As regards the data, there are two options when it comes to analysing the evolution of the exchange rate. On the one hand, Carreras and Tafunell (2003) constructed an exchange rate series. From 1850 to 1913 they only consider the peseta/ exchange rate, from 1914 to 1936 the exchange rate of the peseta with respect to a basket of currencies (the pound, the dollar and the French franc) and for the rest of the period they combined different exchange rate data (the peseta/$ exchange rate and from 1962, a basket of currencies in which each is weighted by its importance to Spanish foreign trade). On the other hand, we have the /pts rate of exchange from 1850 to 1913 and the $/pts rate of exchange from Spanish Historical Statistics (EHE).
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- Dermirguc-Kunt, A. and Detragiache, E. (1998): âThe Determinants of banking crises in developing and developed countriesâ. IMF Staff Papers, v.45, n 1, March.
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- Eichengreen, B. and Bordo, M. (2003), Crises now and then: what lesson from the last era of financial globalization, in P. Mitzen (ed), Monetary history, exchange rates and financial markets. Essays in honour of Charles Goodhart. Edward Elgar.
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- Eichengreen, B., Rose A. and Wypplosz, C. (1997): âContagious currency crisesâ. National Bureau of Economic Research, WP 5681.
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Eichengreen, B., Rose, A. and Wypplosz, C. (1996), Contagious currency crises: first tests, Scandinavian Journal of Economics, 98, 4.
- Frankel, J.A. and Rose, A.K. (1996): âCurrency crashes in emerging markets: an empirical treatmentâ. Journal of International Economics, v.41. issues 3-4, pp. 351-366.
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Goodhart, Ch. and Delargy, P.J.R (1998), Financial crises: plus Ãa change, plus cest la mÃme chose, International Finance, 1, 2, pp. 261-287.
Gordon, R. J. (1986): The American Business Cycle. Continuity and Change. Chicago and London. The University of Chicago Press.
- Homer, S. and Sylla, R. (2005): A History of Interest rates. New Brunswick and New Jersey. Rutgers University Press.
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- HortalÃ, J. (2006): Crisis y auges en la Bolsa de Barcelona: 1830-2006. Cuadernos de EconomÃa, v. 29, pp.5-68.
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- Houpt, S. and Rojo-Cagival, J.C. (2010): âCapital market integration in Spain? Introducing the Bilbao Stock Exchange, 1891-1936â. Revista de Historia EconÃmica. Journal of Iberian and Latin American Economic History, v. 28, issue 3, pp. 535- 573.
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- Hoyo, A. (2007): EconomÃa y Mercado de valores en la EspaÃa contemporÃnea. La evoluciÃn de la bolsa antes del big bang espaÃol, 1831-1988. Santander. Universidad de Cantabria.
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- International Monetary Fund (1998): Financial crises: characteristics and indicators of vulnerability, World Economic Outlook (May), IMF, Washington, DC.
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Kaminsky, G.L. and Reinhart, C. (1999): âThe twin crises: The causes of banking and Balance of Payment Problemsâ. The American Economic Review. June, pp. 473-500.
- Kindleberger, Ch. P. (2000, 4th edn), Manias, panics and crashes: a history of financial crises. Chichester, John Wiley.
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- Li, J., Rajan, R.S. and Willet, T. (2006): âMeasuring currency crises using Exchange Market Pressure indexes: the imprecision of precision weightsâ. Unpublished paper.
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- MartÃn-AceÃa, P., BetrÃn, C. and Pons, M.A. (2009a): âFinancial crises and financial reforms in Spain: what have we learned?â. Working Paper 10-01. Universidad Carlos III de Madrid.
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- MartÃn-AceÃa, P., Pons, M.A. and BetrÃn, C. (2009b): âFinancial Crisis and Financial reforms in Spain. What Have We Learned?â. Banca dItalia.
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- Martin-AceÃa, P. (1985): La cantidad de dinero en EspaÃa, 1900-1935. Madrid. Banco de EspaÃa. Servicio de Estudios.
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- Minsky, H.P. (1977), A theory of systemic fragility, in E.I. Altman and A.W. Sametz (eds), Financial crises: institutions and markets in a fragile economic environment. Wiley.
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- Mitchell, B. R. (1998): British Historical Statistics. Cambridge. Cambridge University Press.
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- Mitchell, B.R. (1994): International Historical Statistics. Cambridge. Cambridge University Press.
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- More sophisticated data are required to construct the EMP ratio. In reference to the anchor currencies, the /pts rate was considered from 1850 to 1913 and the $/pts from 1914 to 2000. Data on short term interest rates for Spain are from EHE and for the UK (1850-1913) and the USA (1914-1989) from Homer and Sylla (2005). USA interest rate data for the last years (1989-2000) are from the Federal Reserve Statistic Release.
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- Navas, M. y SudriÃ, C (2007): âLa crisi financera de 1866 a Catalunya: una revisiÃâ. ReÃerques, 55, pp. 35-52.
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- Palafox, J. (1991): Atraso econÃmico y democracia. La Segunda repÃblica y la economÃa espaÃola, 1892-1936. Barcelona. Ed. Critica.
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- Pons, M.A. (2002): Regulating Spanish Banking, 1939-1975. Aldershoot. Ashagate.
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- Prados de la Escosura, L. (2003): El progreso econÃmico de EspaÃa, Madrid, FundaciÃn BBVA.
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Prados de la Escosura, L. (2009): âSpainâs International Position, 1850-1913â. Working Paper 09-09. Universidad Carlos III de Madrid.
Prices EHE (2005) Debt crises EHE (2005) Reinhart (2010): From Financial Crisis to Debt Crisis, NBER, WP 15795.
- Pueyo, J. (2003): Las condiciones de la competencia en la banca espaÃola, 1921-1974. Tesis Doctoral. Universidad de Barcelona.
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Reinhart, C. and Rogoff, K.S. (2008a): âBanking crisis: an equal opportunity menaceâ. National Bureau of Economic research, WP 14587.
Reinhart, C. and Rogoff, K.S. (2008b): âThis time is different? A panoramic view of eight centuries of financial crisisâ, National Bureau of Economic Research, March 2008, WP, 13882.
Reinhart, C. and Rogoff, K.S. (2008c): âIs the 2007 US sub-prime financial crises so different? An international historical comparison?â. National Bureau of Economic Research, WP 13761.
Reinhart, C. and Rogoff, K.S. (2010): âFrom Financial Crisis to Debt Crisisâ, National Bureau of Economic Research, WP 15795.
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Serrano Sanz, J.M. and Asensio Castillo, M.J. (1997): âEl ingenierismo cambiario: la peseta en los tiempos del cambio mÃltiple, 1948-1959â. Revista de Historia EconÃmica, n 3, otoÃo-invierno, pp. 545- 573.
- Serrano Sanz, J.M.: âLa internacionalizaciÃn financiera espaÃola: de la peseta al euroâ, Banco de EspaÃa (2006): 150 aÃos de Historia del Banco de EspaÃa. Madrid. Banco de EspaÃa.
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- Sheppard, D.K (2006): The growth and role of the UK Financial Institutions. Abingdon. Routledge.
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- Tedde de Lorca, P. (1974), âLa banca privada espaÃola durante la RestauraciÃn, 18741914 â, Tortella, G. (dir), La banca espaÃola en la RestauraciÃn. Banco de EspaÃa.
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- This index includes shares in banks, railways, electricity, mining, shipping and industry (see Houpt and Cagival 2010).
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- Tortella, G. (1973): Los orÃgenes del capitalismo en EspaÃa. Madrid. Tecnos.
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