How did the Spanish money supply evolve in the aftermath of the discovery of large amounts of precious metals in Spanish America? We synthesize the available data on the mining of precious metals and their international flow to estimate the money supply for Spain from 1492 to 1810. Our estimate suggests that the Spanish money supply increased more than ten-fold. Viewed through the equation of exchange this money supply increase can account for most of the price level rise in early modern Spain.

中文翻译：

---

西班牙货币供应的重建，1492-1810

在西班牙美洲发现大量贵金属后，西班牙的货币供应如何演变？我们综合了有关贵金属开采及其国际流动的可用数据来估计西班牙从 1492 年到 1810 年的货币供应量。我们的估计表明西班牙的货币供应量增加了十倍以上。从交换方程来看，这种货币供应量的增加可以解释近代西班牙早期物价水平上涨的大部分原因。