Money Market Integration in Spain in the Ninetheen Century: The Role of the 1875-1885 Decade

Are transaction costs and half-lives between two cities the same in both directions traditional city-based monetary systems? Market conditions political circumstances may not justify this assumption; we provide evidence that it does hold 1825-1885 period Spain. Moreover, show empirical market integration Spain from 1875 to 1885 was a slow process of unification with decreasing costs, very inefficient convergence. Therefore, full did happen 1875-1885 had wait until mid-1880s, when Spanish money-market unified due financial innovations.