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Bullionism, Specie-point Mechanism and Bullion Flows in the Early 18th Century Europe

Pilar Nogués-Marco

出版	2010
URL	http://books.google.com.hk/books?id=ux8btwAACAAJ&hl=&source=gbs_api

註釋

The market requires that exchanges are voluntary and the law may restrict the workings of a given market. This is the case with Castile bullionist regulations, which led to an illegal bullion market in Early Modern Cadiz. This paper focuses on the structure of this illegal bullion market in order to understand the logic of silver outflows. Arbitrage is explained by the presence of an oligopsony power that depressed the price of silver in Cadiz and created a systematic bias between domestic and international market prices. The lesson that emerges from this paper is that understanding the specie-flow mechanism in the Early Modern Period demands the comprehension of the bullion market structure for the place and time examined.