The foreign exchange market in Barcelona at the beginning of the fifteenth century

Based on the reconstruction of monetary flows a merchant-banking company operating in Barcelona at beginning fifteenth century, this study aims to understand reasons behind exchange-rate variations local currency with respect principal European markets, as well modalities and predictability such oscillations. By using real rather than ‘hearsay’ rates, we present new assessments seasonal character exchange rates their sensitivity conditions abundance or shortage. In addition, econometric analysis shows that volatility was quite modest dependent geographic macroeconomic factors, system commercial flows.