Financial market integration in the early modern period in Spain: Results from a threshold error correction model

► Estimating transaction costs in early modern period by threshold error correction models. ► Exchange rates of the Ducato and Groat in Seville and Medina del Campo from 1564-1603. ► Deviations of the two rates up to 6 percent, larger deviations are corrected by adjustment in Medina del Campo.