Pilar Nogues-Marco



Ph.D. in Economics (International Finance) at Sciences-Po Paris, Pilar Nogues-Marco is an Associate Professor in Economic History at the University of Geneva (Paul Bairoch Institute), Research Fellow at Centre for Economic Policy Research (CEPR) and Trustee of the European Historical Economics Society (EHES). Her research focuses on monetary and financial history from the early modern period to nowadays. Before joining the University of Geneva in 2015, she held teaching and research positions at Carlos III University of Madrid, University Pompeu Fabra, Sciences-Po Paris and University of Barcelona.

Hamilton Prize 2020 to the best article published in international journals, awarded by the Spanish Association of Economic History, for the article: Nogues-Marco, P., Herranz-Loncán, A. and Aslandinis, N. (2019): The making of a national currency. Spatial transaction costs and money market integration in Spain (1825-1874), Journal of Economic History, 79 (4), pp. 1094-1128 (summary)


CV Pilar Nogues-Marco

Website: Google Scholar / ResearchGate Academia / RePec



Research Interests

Financial Development; Monetary Systems; Globalisation


Research Projects

2021-2022 Near-Money in History: Cryptocurrencies vs. Bills of Exchange (together with Nektarios Aslanidis, Universitat Rovira i Virgili), funded by the Bank of Spain  



- Freire Costa, L., Münch Miranda S. and Nogues-Marco, P. (2022): "Early Modern Financial Development in the Iberian Peninsula", in Lains, P. (ed.) An Economic History of the Iberian Peninsula, 700-2000, chapter 13, Cambridge: Cambridge University Press (forthcoming) [WP IHEPB]

- Esteves, R. P., and Nogues-Marco, P. (2021): "Monetary systems and the global balance-of-payments adjustment in the pre-gold standard period, 1700-1870", in S. Broadberry and K. Fukao (eds.), The Cambridge Economic History of the Modern World, Cambridge: Cambridge University Press, volume I, pp. 438-467 [CEPR DP13652]

- Nogues-Marco, P. (2021): "Measuring Colonial Extraction. The East India Company's Rule and the Drain of Wealth, 1757-1858", Capitalism. A Journal of History and Economics, 2(1), pp. 154-193  [CEPR DP15431[published version]

- Martín-Aceña, P., Martínez-Ruiz, E. and Nogues-Marco, P. (2020): "Maximizing Profits or Pursuing the Public Good? The Bank of Spain as a Central Bank", Journal of European Economic History, 48 (1), pp. 111-141 [published version]

- Nogues-Marco, P., Herranz-Loncán, A. and Aslandinis, N. (2019): The making of a national currency. Spatial transaction costs and money market integration in Spain (1825-1874), Journal of Economic History, 79 (4), pp. 1094-1128 [CEPR DP12453] [published version]

 - Nogues-Marco, P. (2018): "Money Markets and Exchange Rates in Preindustrial Europe", in S. Battilossi, Y. Cassis and K. Yago (eds.), Handbook of the History of Money and Currency, Singapore: Springer [CEPR DP13372[published version]

- Martínez-Ruiz, E. and Nogues-Marco, P. (2014): Crisis cambiarias y políticas de intervención en España, 1880-1975, Madrid: Banco de España-Estudios de Historia Económica, n. 66 [published version]  

- Nogues-Marco, P. (2013): "Competing Bimetallic Ratios: Amsterdam, London and Bullion Arbitrage in mid-18th century", Journal of Economic History, 73(2), pp. 445-476. [CEPR DP9300] [published version]

- Jobst, C. and Nogues-Marco, P. (2013): "Commercial finance in Europe, 1700-1815", in Gerard Caprio (ed.), Handbooks in Financial Globalization: Handbook of Key Global Financial Markets, Institutions and Infrastructure, London: Elsevier, pp. 95-105 [published version] 

- Martínez-Ruiz, E. and Nogues-Marco, P. (2013): "La peseta, de la independencia a la integración: las crisis cambiarias entre 1874 y 2000", E. Martínez-Ruiz and M.A. Pons (eds.), Las crisis financieras en la España contemporánea, 1850-2012, Barcelona: Crítica, pp. 115-157 [published version]

- Martín-Aceña, P., Martínez-Ruiz, E. and Nogues-Marco, P. (2013): "The Bank of Spain: A national financial institution", Journal of European Economic History, 42 (1), pp. 11-45, [reprinted in Oliver Feiertag and Michel Margairaz (dir.) (2016): Les Banques centrales et l’État-nation/ The Central Banks and the Nation-State, Paris: Presses de Sciences-Po] [published version]

- Martín-Aceña, P. and Nogues-Marco, P. (2013): “Crisis bancarias en la historia. Del Antiguo Régimen a los orígenes del capitalismo moderno”, in F. Comín and M. Hernández (eds.), Las crisis económicas en España, 1300-2012. Lecciones de la Historia, Madrid: Alianza Editorial, pp. 141-167  [published version]  

- Martín-Aceña, P., Martínez-Ruiz, E. and Nogues-Marco, P. (2012): “Floating against the Tide: Spanish Monetary Policy, 1870-1931”, in Anders Ögren and Lars F. Øksendal (eds.), The Gold Standard Peripheries: Monetary Policy, Adjustment and Flexibility in a Global Setting, Basingstoke: Palgrave Macmillan, pp. 145-173  [published version]  

- Nogues-Marco, P. (2011): "Bullionism, specie-point mechanism and bullion flows in the early 18th-century Europe", Journal of Economic History, 71 (2), pp. 470-475

- Nogues-Marco, P. (2011): Tipos de cambio y tipos de interés en Cádiz en el siglo XVIII (1729-1788), Banco de España-Estudios de Historia Económica, n. 58  [published version]   

- Flandreau, M., Galimard, C., Jobst, C. and Nogues-Marco, P. (2009): "Monetary Geography before the Industrial Revolution", Cambridge Journal of Regions, Economy and Society, 2 (2), pp. 149-171 [CEPR DP7169]  [published version]

- Flandreau, M., Galimard, C., Jobst, C. and Nogues-Marco, P. (2009): “The Bell Jar: Commercial Interest Rates between Two Revolutions, 1688-1789”, in Jeremy Atack and Larry Neal (ed.), The Origins and Development of Financial Markets and Institutions. From the Seventeenth Century to the Present, Cambridge University Press, Cambridge, pp. 161-208 [CEPR DP5940] [published version]

- Nogues-Marco, P. and Vam Malle-Sabouret, C. (2007): “East India bonds, 1718-1763: early exotic derivatives and London market efficiency”, European Review of Economic History, 11 (3), pp. 367-394. Figuerola Prize to the best paper published in the EREH (2007-2009), awarded by the EHES [published version]

- Blasco, Y, and Nogues-Marco, P. (2007): “The Accounting Mirror of the Banking Business: The Bank of Barcelona (1845-1856)”, De Computis. Spanish Journal of Accounting History, n. 7, pp. 3-37 [published version] 

- Blasco, Y. and Nogues-Marco, P. (2007): “La política crediticia del Banco de Barcelona entre 1844 y 1856: ¿prudente o pro-cíclica?”, Revista de Historia Industrial, núm. 34, pp.11-38 [published version]  

- Nogues-Marco, P. (2005): “Análisis de la deflación española de la primera mitad del siglo XIX: una comparación internacional”, Revista de Historia Económica, vol. XXIII, núm. 2, pp. 371-405 [published version]   


 New Working Papers

- Martínez-Ruiz, E., and Nogues-Marco, P. (2018): The political economy of exchange rate stability during the gold standard. Spain, 1874-1914, Working Papers of the Hitotsubashi Institute for Advanced Study; HIAS-E-75. Tokyo


Teaching - Master

History of Global Capitalism

Atelier pour la Préparation du Mémoire

- Mémoire de Maîtrise en Histoire Économique International


Teaching - Bachelor

Early Modern Economic and Social History

International Economic History

- Projet de Recherche en Histoire, Baccalauréat Universitaire en Relations Internationales

- Projet de Recherche en Histoire Économique, Baccalauréat Universitaire en Histoire, Économie et Société 


PhD Supervision - currently supervising

- Sébastien Savoy (enrolled Sept 2017; under completion) (co-supervision with Françoise Briegel), "Les contestations des réformes fiscales dans les États de Savoie (fin XVIIe-XVIIIe siècles)", PhD in Social Sciences-Economic History, Unige, Geneva.


PhD Supervision - recently completed

- Anna Solé del Barrio (Jan 2020) (co-supervision with Fernando Guirao), "The negotiation of an asymmetrical European monetary system and the decision of high inflation countries to join the system", PhD in History, Institute of History Jaume Vicens Vives, University Pompeu Fabra, Barcelona. Nowadays Adjunct Lecturer, University Pompeu Fabra.

- Jacopo Timini (Dec 2018) (co-supervision with Stefano Battilossi), "Essays on monetary integration and the political economy of international trade, 1860-1913", Multi-Partner ITN Marie Curie Initial Training Networks (FP7-PEOPLE-2013-ITN), PhD in Economic History, Social Sciences Department, Universidad Carlos III de Madrid, Madrid. Nowadays Senior Economist, Bank of Spain.

- Damian Clavel (Nov 2018) (co-supervision with Marc Flandreau), "Perdants souverains, financiers de seconde catégorie et asymétries d'information en période de globalisation précoce: une étude de l'échec de Poyais 1820-1838", PhD in History, Department of International History, Graduate Institute of International and Development Studies (IHEID). Nowadays Research Fellow, University of Oxford. 


Academic Responsibilities    

- Director of the Scientific Committee for the Economic History Doctoral Program
- Director of the Scientific Committee for the Master in International Economic History
- Convenor Geneva History Seminar, joint seminar of the University of Geneva - Department of History and Paul Bairoch Institute of Economic History - and the Graduate Institute of International and Development Studies - Department of International History