Financiación y especialización productiva: el mercado de crédito malagueño a finales del siglo XVIII

The role played by financial services is a key element in favouring the growth potential of an economy, especially for those who move from one subsistence framework to one dominated by market relations, and integration into broader commercial circuits. In this paper, an analysis is made of the functioning of the credit market in Malaga through a type of loan/obligation contract during a period of economic expansion at end of the eighteenth century, linking financial development with the situation of the local economy, dominated by the production and the subsequent export of wine derivatives. The generalisation of certain market practices among multiple lenders seems to respond to the need to mould the lending instruments to local material reality, with the aims of ensuring greater market efficiency, and overcoming the obstacles to an optimal allocation of resources.