Thesis: This project analyses the evolutions of long-term credit markets (the censos) in eraly modern Spain. After a description of the actors and the functioning of these markets in the first chapter, the second chapter focuses on the consequences of jurisdictional fragmentation on credit market integration. Then, the third chapter examines the functioning and the economic governance of a single religious order and sheds light on the integration role performed by ecclesiastical institutions. The last chapter studies the financial repression implemented by the Crown in the late eighteenth century and its decisive role in the withdrawal of religious institutions from the credit market and the subsequent credit contraction.