Pilar Nogues-Marco


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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) and a Research Fellow at Centre for Economic Policy Research (CEPR). Her research focuses on monetary and financial history from the early modern period to the present day. Before joining the University of Geneva in 2015, she held teaching and research positions at Carlos III University of Madrid, Pompeu Fabra University, Sciences-Po Paris, and the University of Barcelona.

Scientific committee member of Economic History Research


Hamilton Prize 2020 for 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





The public library Plural Histories of Capitalism is your go-to collaborative library to cultivate an inclusive understanding of how capitalism has shaped the world. See more:

We understand the challenge of covering the vast expanse of knowledge alone, so we have crafted a technical solution to make inclusivity more accessible and effortless. The library gathers references written by diverse scholars in one place. Accessing the content on the Zotero platform is not only free but also conveniently straightforward. Join us in building this library together! Share your favorite readings, discover new insights, and help us spread the word about groundbreaking research by women and people of colour. 

This library is the initiative led by Sabrina Sigel and Pilar Nogues-Marco, from the Paul Bairoch Institute of Economic History – Department of History, Economics and Society at the University of Geneva. It has received financial support from the Geneva School of Social Sciences and the IT Commission of the University of Geneva.


Research Interests

Financial Development; Monetary Systems; Globalisation; Capitalism


Research Projects

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



- Nogues-Marco, P. (2024): “The Money Doctor Raimundo Fernández Villaverde and the Classical Gold Standard in Spain”, in Alvarez, A., Bignon, V. Ögren, A., and Shizume, M. (eds.): Money Doctors Around the Globe – A Historical Perspective, Singapore: Springer (forthcoming) [WP IHEPB]

- Freire Costa, L., Münch Miranda S. and Nogues-Marco, P. (2024): "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, pp. 335-357 [WP IHEPB] [DOI published version]

- Nogues-Marco, P. (2023): "Quality, Technology, and Dexterity. Female silk-spinning manufacture in Barcelona at the end of the Old Regime", RiSES. Ricerche di Storia Economica e Sociale (Journal of Economic and Social History) VIII (1-2), pp. 63-110 [WP IHEPB]

- 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]

- 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[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] [DATABASE & GAUSS CODES]

 - 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]  [DATASET]

- 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] [DATASET]  

- 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]


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