Financial crises have had a decisive influence on banking regulations in Spain. During the mid-19th century the publication of the financial statements of banks was considered key to the stability of the financial system. All new joint stock banking companies were to publish their statements in the Madrid Gazette in return for the privilege of limited liability. Similar obligations were placed on issuing banks. The copious publication of financial statements coincided with a period of financial prosperity. However, the crises that followed from 1864 to 1868 led to a reduction in the official publication of statements. This paper is concerned with an early response to crises in financial reporting. The study focuses on the relationship between the publication of accounting statements by banks and the GDP in Spain during the mid-19th century. The results suggest that the frequency of publication of financial statements may be an indicator of economic performance.
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1 December 2004
Research Article|
December 01 2004
FINANCIAL CRISES AND THE PUBLICATION OF THE FINANCIAL STATEMENTS OF BANKS IN SPAIN, 1844–1868
Mercedes Bernal Lloréns
Mercedes Bernal Lloréns
UNIVERSITY OF MURCIA
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Received:
September 01 2002
Revision Received:
March 01 2004
Accepted:
April 01 2004
Online ISSN: 2327-4468
Print ISSN: 0148-4184
© 2004 American Accounting Association
2004
Accounting Historians Journal (2004) 31 (2): 1–26.
Citation
Mercedes Bernal Lloréns; FINANCIAL CRISES AND THE PUBLICATION OF THE FINANCIAL STATEMENTS OF BANKS IN SPAIN, 1844–1868. Accounting Historians Journal 1 December 2004; 31 (2): 1–26. https://doi.org/10.2308/0148-4184.31.2.1
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