Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153994
Authors: 
Moro, Alessio
Nuño, Galo
Tedde, Pedro
Year of Publication: 
2013
Series/Report no.: 
ECB Working Paper 1561
Abstract: 
We document the twin crisis that affected Spain in the mid-1860s. First, we trace back its origins to the international crisis of 1864-66. Next, we describe the particular banking sector of Spain, characterized by the coexistence of the Bank of Spain with multiple local banks of issue. We analyze the microeconomic behavior of each bank in response to the crisis and find that, overall, the banks of issue performed well during the crisis. The Bank of Spain resulted as the most destabilizing institute due to its involvement with a Government on the brink of default.
Subjects: 
financial crisis
Gurney and Co
Lender of Last Resort
Overend
sudden stop
JEL: 
N13
N23
E31
E5
Document Type: 
Working Paper

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