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.

中文翻译：

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国家货币的制作：西班牙的空间交易成本和货币市场整合（1825-1874）

本文分析了 19 世纪西班牙货币市场的一体化。我们使用十个城市汇票价格的带阈值自回归模型来衡量 1825-1875 年的市场趋同和效率。虽然在此期间价格差距普遍缩小，但效率方面的进步仅限于少数城市。我们认为，这种融合与交易成本的降低有关，这在铁路之前就已经通过改善道路和邮政服务而开始了。相比之下，效率的异质行为可能与经济地理变化及其对货币领导力的影响有关。