Abstract

TORRES, James Vladimir. Price movements in a pre-industrial economy: Popayán, viceroyalty of New Granada (Colombia), 1706-1819. Cuad. Econ. [online]. 2015, vol.34, n.spe66, pp.629-680. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v34n66.50611.

This article analyzes price series for 38 commodities in the city of Popayan between 1706 and 1819. The study has three important findings. The first is that the prices in this economy were quite dynamic. As a consequence, the market was far from being static as is sustained by some scholars. The second is that there was a change in relative prices favoring some sectors over others. Finally, the analysis of the general price index showed the existence of inflation-deflation cycles that revealed a significant relationship with mining. To explain this, the study proposes a model that exposes the link between real and nominal variables

Keywords : Economic history; prices; money; New Granada; Popayán; mining.

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