The Real Mesa Censória as a Source for the History of Economic Information and Financial Markets in Portugal

Abstract

This article examines the documentary holdings of the Real Mesa Censória as a source for studying the circulation of economic information in the Lisbon financial market during the eighteenth century. Starting from the problem of information asymmetry in markets, it aims to demonstrate how economic agents outside traditional merchant networks accessed relevant data for their investment decisions. Through the analysis of national and foreign periodicals, loose printed papers, and financial literature inspected by the censorship authority, the study highlights the existence of functional information mechanisms, albeit mediated and constrained by the institutional framework of censorship. The research is based on direct empirical work conducted at the Arquivo Nacional da Torre do Tombo, underscoring the value of this collection as an infrastructure for preserving economic information. Finally, by comparing Lisbon with other European centres such as Madrid, London, and Amsterdam, the article characterises the Portuguese capital as a semi-opaque market, with endogenous solutions for mitigating informational asymmetry, contributing to a reinterpretation of the history of capital markets in the Portuguese Ancien Régime.