Standardization of bank financial statements in the early stages of Spanish industrialization

Authors

  • Mercedes Bernal Llorens Universidad de Murcia
  • Juan Pedro Sánchez Ballesta Universidad de Murcia

DOI:

https://doi.org/10.1344/rhi.v17i36.19863

Keywords:

Historia bancaria, Normalización de estados contables, Bancos de Emisión

Abstract

The aim of this paper is twofold: first, we propose a methodology to harmonize all the balance sheets published in the Madrid Gazette by the banks of issue during the first stages of the development of the Spanish financial system; and second, based on this methodology we analyse the composition and evolution of these balance sheets in the period 1848-1868 in order to assess the degree of development of asset and liability structures, and the effect of the crisis of 1866. The analysis of the balance sheets shows that asset structure became less liquid over time due to the allocation of spare resources to more profitable investments. As regards the composition of liabilities, there was an increase of equity, and a decrease of current accounts and notes in circulation along the period.

Published

2017-09-14

Issue

Section

Articles