Voth, Hans-Joachim; Drelichman, Mauricio. Debt Sustainability in Historical Perspective: the Role of Fiscal Repression. 2010
http://hdl.handle.net/10230/6059
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Title:
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Debt Sustainability in Historical Perspective: the Role of Fiscal Repression |
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Author:
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Voth, Hans-Joachim; Drelichman, Mauricio
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Other authors:
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Universitat Pompeu Fabra. Departament d'Economia i Empresa
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Abstract:
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This article examines the debt history of two contenders for European hegemony: 16th-century Spain and 18th-century Britain. We analyze their fiscal behavior using measures of overborrowing and fiscal policy functions. Our results suggest that stringency was not key for Britain's success in avoiding default. Instead, fiscal repression allowed the United Kingdom to borrow at below-market rates, thereby outspending its continental rivals.
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Document type:
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Working paper
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Date:
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2010 |
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Rights:
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Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (http://creativecommons.org/licenses/by-nc-nd/2.5/es/)
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