LONDON — Those inclined to the view that no price can be placed on freedom have presumably missed the action in the Spanish bond market.

Investors have taken heed of the independence referendum in Catalonia and the violent efforts from the Spanish authorities to halt the vote. They have absorbed a potential constitutional crisis and the threat of social unrest. And many have decided that there are better things to do with their money than lend it to the Spanish government.

As a result, Spain now finds itself having to pay slightly higher premiums to persuade investors to buy its debt. That is likely to translate into higher borrowing costs for Spanish banks, and less credit for Spanish businesses and households, depriving the economy of fuel.

Increased borrowing costs were showing no signs of spilling into Italy, Portugal or other regional economies on Friday. The euro — seemingly never far from danger — was, at least for the time being, spared fresh crisis.