Choosing a legal framework for Spanish stock markets, 1800-1936

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dc.contributor.author Rojo Cagigal, Juan Carlos
dc.contributor.editor Universidad Carlos III de Madrid. Departamento de Historia Económica e Instituciones
dc.contributor.editor Universidad Carlos III de Madrid. Instituto Figuerola de Historia Económica
dc.date.accessioned 2008-04-08T08:55:47Z
dc.date.available 2008-04-08T08:55:47Z
dc.date.issued 2008-03
dc.identifier.uri http://hdl.handle.net/10016/2365
dc.description.abstract The paper analyses the legal transfer of formal rules regulating stock markets in Spain between 1800 and 1936. We argue that the transfer of French legislation in the 1830s provoked a “transplant effect”, which generated serious distortions in Spanish financial markets. As a result, Spain developed a unique system in which official French style stock markets coexisted with Anglo-Saxon style free markets and small traditional markets, reminiscent of the ancien regime. This unique schism of systems reflects the result of multiple natural experiments whereby each region constituted its own stock market system. Diverse economic scenarios and path-dependence processes determined different institutional settings. We find that the unparalleled Spanish system was the result of lacking central power, persistence of institutional inertia, and the diversity of Spain´s geographical economy.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.language.iso eng
dc.relation.ispartofseries Working papers in Economic History
dc.relation.ispartofseries 08-03
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.other Stock markets
dc.subject.other Exchanges
dc.subject.other Commercial law
dc.subject.other Comparative law
dc.subject.other Legal origins
dc.subject.other Legal transfer
dc.subject.other Legal transplant
dc.subject.other Rule of law
dc.subject.other Spain
dc.title Choosing a legal framework for Spanish stock markets, 1800-1936
dc.type workingPaper
dc.subject.jel N23
dc.subject.jel N24
dc.subject.jel N43
dc.subject.jel N44
dc.subject.jel K20
dc.subject.jel K22
dc.subject.eciencia Economía
dc.subject.eciencia Historia
dc.rights.accessRights openAccess
dc.identifier.repec wp08-03
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