The Making of a National Currency: Spatial Transaction Costs and Money Market Integration in Spain (1825–1874)
分析19世纪西班牙货币市场的整合程度，使用十个城市的汇票价格数据，发现价格差距缩小但效率提升仅限少数城市，整合与铁路前的道路和邮政改善有关。
This article analyzes the integration of the Spanish money market in the nineteenth century. We use a Band-Threshold Autoregression model of prices of bills-of-exchange in ten cities to measure market convergence and efficiency in 1825–1875. While price gaps generally decreased during the period, progress in efficiency was limited to a small group of cities. We suggest that convergence was associated to the reduction in transaction costs, which started well before the railways through improvements in roads and postal services. By contrast, the heterogeneous behavior of efficiency might be associated to economic geography changes and their effects on monetary leadership.