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 Affiliate 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. She currently advises the Bank for International Settlements' macro-historical data project, Historical Monetary and Financial Statistics. 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.

AEHR Excellence in Refereeing Award 2016

CV (english)


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Research Interests

Monetary History / Financial Development / Early Modern European History


 New Working Papers

- Nogues-Marco, P., Herranz-Loncán, A. and Aslandinis, N. (2017): The making of a national currency. Spatial transaction costs and money market integration in Spain (1825-1874), CEPR DP12453

- Martínez-Ruiz, E., and Nogues-Marco, P. (2017): The political economy of exchange rate stability during the gold standard. Spain, 1874-1914, Working Papers of the Paul Bairoch Institute of Economic History; 1/2017. Geneva



- Esteves, R. P., and Nogues-Marco, P. (2019): "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 (forthcoming)

 - 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, Berlin: Springer (forthcoming) [IHEPB WP7/2017]

 - 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, XIII (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): 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]   


PhD Students

- Damian Clavel (enrolled Sep 2014) (co-supervision with Marc Flandreau, University of Pennsylvania), "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 candidate in History, Department of International History, Graduate Institute of International and Development Studies (IHEID), Geneva.

- Sébastien Savoy (enrolled Sep 2017) (co-supervision with Françoise Briegel, University of Geneva), "La cadastration du duché de Savoie au XVIIIe siècle, une réforme fiscale et administrative dans l'Europe des Lumières", PhD candidate in Economic and Social History, Paul Bairoch Institut of Economic History, University of Geneva, Geneva.

- Anna Solé del Barrio (enrolled Sep 2014) (co-supervision with Fernando Guirao, University Pompeu Fabra), "The negotiation of an asymmetric EMS: a second best for high inflation countries", PhD candidate in History, Institute of History Jaume Vicens Vives, University Pompeu Fabra (UPF), Barcelona.

- Jacopo Timini (enrolled Nov 2014) (co-supervision with Stefano Battilossi, University Carlos III de Madrid), "Essays on monetary integration and the political economy of international trade, 1860-1913", PhD candidate in Economic History, Department of Social Sciences, University Carlos III de Madrid (UC3M), Madrid.


Teaching - Master

Directions Actuelles de la Recherche en Histoire Économique

History of Economic Globalization

Atelier pour la Préparation du Mémoire

- Mémoire de Maîtrise en Histoire Économique International


Teaching - Bachelor

Early Modern Economic and Social History

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

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


Responsabilités administratives à la Faculté des Sciences de la Société (UNIGE)    

 - Siège Comité Scientifique Programme Doctoral Histoire Contemporaine, Conférence Universitaire de Suisse Occidentale (CUSO)
- 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