Books by Carlos Álvarez Nogal
Articles by Carlos Álvarez Nogal
Investigaciones de Historia Económica - Economic History Research 16 (2020) 35-48, 2020
The Black Death was the most devastating demographic shock in recorded human history. However, th... more The Black Death was the most devastating demographic shock in recorded human history. However, the effects in the European population were highly asymmetrical as were its economic consequences. This paper surveys the short and long run economic effects of the plague in Spain in European perspective. While the demographic impact in Spain was moderate compared to the European average, the economic effects were more severe and incomes per head fell sharply. This was a consequence of the existence of a frontier economy in Spain charac-terised by a relative scarcity of labour and a fragile equilibrium between factors of production. Unlike most of Europe, in Spain the Black Death increased inequality as the remuneration of labour decreased more rapidly than proprietors' gains. In the long term the Plague reinforced the frontier economy status. © 2020 Asociación Española de Historia Económica JEL classification: I10 N13 N33 O52 Keywords Black Death Frontier economy Malthusian economy Spain Los efectos económicos de la peste negra: España en perspectiva europea R E S U M E N Códigos JEL: I10 N13 N33 O52 Palabras clave: Peste negra Economía de frontera Economía Malthusiana España La peste fue el shock demográfico más devastador registrado en la historia de la humanidad. Sin embargo, los efectos en la población europea y en sus economías fueron asimétricos. Este trabajo estudia los efectos econó-micos de la peste en España en el corto y largo plazo en perspectiva europea. Mientras que el impacto demo-gráfico en España fue moderado comparado con la media europea, los efectos económicos fueron más severos y el ingreso per cápita descendió abruptamente. Esto se debió a la existencia de una economía de frontera en España caracterizada por la escasez de trabajo y un frágil equilibrio entre los factores de producción. Al contra-rio que en la mayoría de Europa, en España la peste incremento la desigualdad al descender la remuneración del trabajo más rápidamente que las ganancias de los propietarios. En el largo plazo la peste reforzó el estatus de economía de frontera.
Economic History Review, 2018
In the fragmented geographical, fiscal, and financial state inherited by Philip II of Spain, whil... more In the fragmented geographical, fiscal, and financial state inherited by Philip II of Spain, while the public debt reached an unprecedented level (50-60 per cent of GDP), the critical refinancing of unfunded asientos into funded juros was operated by merchant-bankers who signed the asientos. This process is illustrated, using abundant archival documentation, by an asiento with the Maluenda brothers in 1595, which provided the Crown with steady monthly cash payments for a year with options to sell juros for two-thirds of the credit, and a monthly rate of 1 per cent on the interim balance. Other examples are provided.
Men of finance raised funds for loans, asientos, to Philip II by trading short-term financial ins... more Men of finance raised funds for loans, asientos, to Philip II by trading short-term financial instruments in credit markets and by selling long-term annuities, juros. These activities are illustrated by an asiento with the Maluenda brothers (July 13, 1595), where short-term credit secured by the equity of the fleets from the Indies were, for more than one half, converted into funded life annuities that were sold by the Maluendas. The new analysis of this asiento relies on its dossier of more than 400 pages in the archives of Simancas, including the contract, the monitoring attachments, and the final audit.
Economic History Review, nº 67-1, 2014, pp. 192-213 , Feb 2014
Under Philip II, Castile was the first country with a large nation-wide domestic public debt. A n... more Under Philip II, Castile was the first country with a large nation-wide domestic public debt. A new view of that fiscal system is presented that is potentially relevant for other fiscal systems in Europe before 1800.The credibility of the debt, mostly in perpetual redeemable annuities, was enhanced by decentralized funding through taxes administered by cities making up the Realm in the Cortes.The accumulation of
short-term debt depended on refinancing through long-term debt. Financial crises in the short-term debt occurred when the service of the long-term debt reached the revenues of its servicing taxes. They were not caused by liquidity crises and were resolved after protracted negotiations in the Cortes by tax increases and interest rate reductions
Economic History Review, nº 66-1, 2013, pp. 1-37, 2013
Two distinctive regimes are distinguished in Spain over half a millennium. The first one (1270s–1... more Two distinctive regimes are distinguished in Spain over half a millennium. The first one (1270s–1590s) corresponds to a high land–labour ratio frontier economy, which is pastoral, trade-oriented, and led by towns. Wages and food consumption were
relatively high. Sustained per capita growth occurred from the end of the Reconquest (1264) to the Black Death (1340s) and resumed from the 1390s only broken by late fifteenth-century turmoil. A second regime (1600s–1810s) corresponds to a more
agricultural and densely populated low-wage economy which, although it grew at a pace similar to that of 1270–1600, remained at a lower level. Contrary to preindustrial western Europe, Spain achieved its highest living standards in the 1340s, not by mid-fifteenth century. Although its death toll was lower, the plague had a more damaging impact on Spain and, far from releasing non-existent demographic pressure, destroyed the equilibrium between scarce population and abundant resources.
Pre-1350 per capita income was reached by the late sixteenth century but only exceeded after 1820
Revista de Historia de la Economía y de la Empresa, n. 7, 2013, pp. 187-215. , 2013
Castile created in the 16th century the large nation-wide domestic public debt in Europe. Given h... more Castile created in the 16th century the large nation-wide domestic public debt in Europe. Given historical and institutional constraints, the feasibility of the debt depended on the funding through taxes administered by the towns. Short-term debt depended on the intermediation of commercial paper through Genoese bankers who managed international transfers. Philip II`s financial crises were caused by protracted negotiations about domestic taxation in the Cortes. During the most important one, 1573-1577, the king suspended the payments to the bankers, inducing the towns to accept higher taxes.
Studia Histórica. Historia Moderna, nº 32, 2010, pp. 47-82, 2010
European Review of Economic History, Sep 1, 2007
This article attempts to quantify the decline of Spain over the period 1500–1850. In contrast to ... more This article attempts to quantify the decline of Spain over the period 1500–1850. In contrast to earlier estimates that focus almost exclusively on Castilian agriculture, we look at trends in urbanisation and construct new measures of agricultural and aggregate output at both regional and national levels. A distinctive long-run behaviour is found across Spanish regions that rejects the identification between Castile and Spain. Per capita income grew in the sixteenth and early nineteenth centuries, while contraction and stagnation occurred in the seventeenth and eighteenth centuries. In the long run, output per head did not improve until the early nineteenth century. At the time of its imperial expansion Spain was a relatively affluent nation and, by 1590, was only behind the Low Countries and Italy in terms of per capita income. Spain’s decline has its roots in the
seventeenth century while its backwardness deepened in the first half of the nineteenth century.
Quaderni Storici, n. 124/1, 2007, pp. 97-111, 2007
During the 16th and 17th Centuries Genoese Bankers provided financial services all around Europe.... more During the 16th and 17th Centuries Genoese Bankers provided financial services all around Europe. Their success can be explained by the organization of their companies and the large numbers of agents they had distributed in different European commercial towns. This research studies the network of Gregorio and Bartolomeo Spinola. Apart from many different commercial activities, this family played a critical role financing the Spanish Monarchy between 1610 and 1656. Their companies resulted an excellent mechanism to process and manage financial information. They used two different networks: the first one to obtain credit in Europe, and the other to settle their accounts in Spain and transfer precious metals to different creditors in other countries. Each network managed a distinct type of information.
Rives méditerranéennes, 2007
Rivista Storia Economica, 2006, n.1, pp. 59-90, 2006
La decadenza spagnola nell'Eta Moderna: una revisione quantitativa * L'ídea della decadenza della... more La decadenza spagnola nell'Eta Moderna: una revisione quantitativa * L'ídea della decadenza della Spagna ha goduto dí un ampio consenso tra i modemisti e gli storici dell' economía, ed e stata ripresa recentemente dalla cliometria. 1 n dibattito sulle * Desideriamo ringraziare David Reher, che ci ha gentilmente messo a disposizione le sue stime inedite sulla popolazione spagnola ed ha risposto a tutti i nostri quesiti, e Paolo Malanima, per le sue osservazioni sulla prima versione di questo testo. Ringraziamo anche i partecipanti al seminario su! Declino economico in prospettiva storica, tenutosi a Na poli il 2 dicembre 2005. RIVISTA DI STORIA ECONOMICA, a. XXII, n. 1, aprile 2006
Cuadernos económicos de ICE n. 70, (2), 2005, pp. 77-96, 2005
Tradicionalmente se ha venido considerando que la venta de tierras "baldías" llevada a cabo por l... more Tradicionalmente se ha venido considerando que la venta de tierras "baldías" llevada a cabo por la Corona a finales del siglo XVI fue una de las principales causas de la decadencia de Castilla. La razón es que ese proceso de ventas endeudó a muchos campesinos o les expulsó de la actividad agraria. Este trabajo plantea el problema desde una perspectiva distinta. El origen de la crisis pudo no estar en la venta de los "baldíos", sino la existencia de este tipo de tierras al comenzar la expansión agraria. Los baldíos incentivaron el aumento de la producción sobre tierras marginales porque, aunque la Corona era su dueña, no ejerció sus derechos de propiedad sobre ellas hasta la década de 1570. Durante décadas, el uso de baldíos apenas tuvo un coste para los campesinos. Los baldíos fueron un poderoso incentivo para aumentar el uso del factor tierra, en detrimento de otros factores; o para primar un crecimiento extensivo en lugar de mejorar la productividad.
Hispania, LXV/1, nº 219, pp. 67-90, 2005
Hispania, LXV/ I, núm. 219 (2005)
Revista de Historia Económica, nº Extra, 2005, pp. 370-408, Jan 1, 2005
Las monedas de plata eran un excelente instrumento de pago en la España del siglo XVII y también ... more Las monedas de plata eran un excelente instrumento de pago en la España del siglo XVII y también en el resto de Europa, pero dado su elevado peso y valor, su uso y transporte tenía riesgos y costes. ¿Se puede hacer una estimación de los mismos? Hasta ahora sabemos lo que la Corona pagaba a los banqueros por realizar este servicio, pero ¿cuánto pagaban los banqueros? ¿Y los particulares? ¿Qué era más barato: utilizar letras de cambio o moneda en metálico? ¿Cómo funcionaba en España la exportación de metal precioso?
Revista de Historia Económica, nº Extra, 2001, pp. 17-37, 2001
Este trabajo analiza los efectos de la regulación del tipo de cambio vellón-plata en la contratac... more Este trabajo analiza los efectos de la regulación del tipo de cambio vellón-plata en la contratación del crédito a corto plazo por parte la Corona española durante el siglo XVII. Compara los tipos de cambio máximos aprobados oficialmente con aquellos que se fijaron en los contratos de los banqueros del rey. La teoría de regulación de precios y los estudios que analizan los mercados negros ayudan a entender por qué la regulación no sirvió para abaratar el valor del metal precioso como pretendía la Corona. Al contrario, incrementó los costes de negociación del crédito que solicitaba a corto plazo, y modificó la estrategia adoptada por los agentes financieros en los mercados
Revista de Historia Económica (Second Series), 1999
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Books by Carlos Álvarez Nogal
Articles by Carlos Álvarez Nogal
short-term debt depended on refinancing through long-term debt. Financial crises in the short-term debt occurred when the service of the long-term debt reached the revenues of its servicing taxes. They were not caused by liquidity crises and were resolved after protracted negotiations in the Cortes by tax increases and interest rate reductions
relatively high. Sustained per capita growth occurred from the end of the Reconquest (1264) to the Black Death (1340s) and resumed from the 1390s only broken by late fifteenth-century turmoil. A second regime (1600s–1810s) corresponds to a more
agricultural and densely populated low-wage economy which, although it grew at a pace similar to that of 1270–1600, remained at a lower level. Contrary to preindustrial western Europe, Spain achieved its highest living standards in the 1340s, not by mid-fifteenth century. Although its death toll was lower, the plague had a more damaging impact on Spain and, far from releasing non-existent demographic pressure, destroyed the equilibrium between scarce population and abundant resources.
Pre-1350 per capita income was reached by the late sixteenth century but only exceeded after 1820
seventeenth century while its backwardness deepened in the first half of the nineteenth century.
short-term debt depended on refinancing through long-term debt. Financial crises in the short-term debt occurred when the service of the long-term debt reached the revenues of its servicing taxes. They were not caused by liquidity crises and were resolved after protracted negotiations in the Cortes by tax increases and interest rate reductions
relatively high. Sustained per capita growth occurred from the end of the Reconquest (1264) to the Black Death (1340s) and resumed from the 1390s only broken by late fifteenth-century turmoil. A second regime (1600s–1810s) corresponds to a more
agricultural and densely populated low-wage economy which, although it grew at a pace similar to that of 1270–1600, remained at a lower level. Contrary to preindustrial western Europe, Spain achieved its highest living standards in the 1340s, not by mid-fifteenth century. Although its death toll was lower, the plague had a more damaging impact on Spain and, far from releasing non-existent demographic pressure, destroyed the equilibrium between scarce population and abundant resources.
Pre-1350 per capita income was reached by the late sixteenth century but only exceeded after 1820
seventeenth century while its backwardness deepened in the first half of the nineteenth century.
cambio vellón-plata completamente alejado de su precio real de mercado.
La moneda de vellón fue utilizada por la Monarquía para incrementar sus recursos en el siglo XVII de cara a la negociación del crédito, pero en cuanto perdió su reputación
como instrumento de cambio, se convirtió en un serio obstáculo al negociar con los banqueros. Sin embargo, como a pesar de las grandes incertidumbres que generaba la moneda, ambas partes estaban muy interesadas en mantener una estrecha relación en
torno al crédito, tanto la Corona como sus banqueros adoptaron diferentes estrategias que les permitieron continuar sus negociaciones."