Was Spanish debt sustainable? A debt sustainability analysis between 1850 and 1913
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Título: | Was Spanish debt sustainable? A debt sustainability analysis between 1850 and 1913 |
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Autor/es: | Roldán, Alba |
Grupo/s de investigación o GITE: | Historia e Instituciones Económicas (HIE) |
Centro, Departamento o Servicio: | Universidad de Alicante. Departamento de Análisis Económico Aplicado | Universidad de Alicante. Instituto Interuniversitario de Economía Internacional |
Palabras clave: | Debt | Sustainability | Spain | 19-20th century |
Fecha de publicación: | 15-ago-2023 |
Editor: | Oxford University Press |
Cita bibliográfica: | European Review of Economic History. 2023. https://doi.org/10.1093/ereh/head020 |
Resumen: | At the end of the nineteenth century, Spain suffered from constant budget deficits. This article seeks to establish whether the Spanish debt was sustainable or not between 1850 and 1913 and how debt sustainability changed due to the various policies implemented by policymakers. This paper sheds new light on the analysis of Spanish fiscal solvency by estimating Bohn’s test (fiscal reaction function). The results are interpreted using narrative evidence and data from previous studies. The findings reveal that Spanish debt was unsustainable between 1850 and 1902 while the debt restructuring of Raimundo Fernández Villaverde made the Spanish public debt sustainable from 1902. |
Patrocinador/es: | I have received funds from the Department of Applied Economic Analysis (University of Alicante). This article is part of the R&D&I project “Trade Treaties, Foreign Policy and Interests in Spain (1860-1913)” (PID2022-138431NB), funded by MCIN/AEI/10.13039/501100011033/and by ERDF A way of doing Europe. |
URI: | http://hdl.handle.net/10045/136948 |
ISSN: | 1361-4916 (Print) | 1474-0044 (Online) |
DOI: | 10.1093/ereh/head020 |
Idioma: | eng |
Tipo: | info:eu-repo/semantics/article |
Derechos: | © The Author(s) 2023. Published by Oxford University Press on behalf of the European Historical Economics Society |
Revisión científica: | si |
Versión del editor: | https://doi.org/10.1093/ereh/head020 |
Aparece en las colecciones: | INV - Historia e Instituciones Económicas - Artículos de Revistas |
Archivos en este ítem:
Archivo | Descripción | Tamaño | Formato | |
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Roldan_2023_EuroRevEconHist_final.pdf | Versión final (acceso restringido) | 1,28 MB | Adobe PDF | Abrir Solicitar una copia |
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