Early Modern Financial Development in the Iberian Peninsula

Leonor Freire Costa, Susana Münch Miranda, Pilar Nogues Marco

Research output: Working paper


Iberian colonies produced the vast majority of world precious metals in the Early Modern period, which increased liquidity in the Iberian Peninsula. In this paper, we focus on the relationship between liquidity and financial development – including other relevant variables such as instruments and institutions – to examine the efficiency of the financial systems in Castile and Portugal.
Original languageEnglish
Place of PublicationGenève
PublisherPaul Bairoch Institute of Economic History
Number of pages28
Publication statusPublished - 18 Jan 2021


  • Interest rates
  • Financial systems
  • Public debt
  • Private credit market
  • Precious metals


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