The sustainable debts of Philip II: A reconstruction of Castile's fiscal position, 1566-1596
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- dc.contributor.author Drelichman, Mauricio
- dc.contributor.author Voth, Hans-Joachim
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2020-05-25T09:26:58Z
- dc.date.available 2020-05-25T09:26:58Z
- dc.date.issued 2006-12-01
- dc.date.modified 2020-05-25T09:22:20Z
- dc.description.abstract The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. We reassess the fiscal position of Habsburg Castile, deriving comprehensive estimates of revenue, debt, and expenditure from new archival data. The king s debts were sustainable. Primary surpluses were large and rising. Debt-to-revenue ratios remained broadly unchanged during Philip s reign. Castilian finances in the sixteenth century compare favorably with those of other early modern fiscal states at the height of their imperial ambitions, including Britain. The defaults of Philip II therefore reflected short-term liquidity crises, and were not a sign of unsustainable debts.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1121
- dc.identifier.citation The Journal of Economic History, December 2010, 70 (4), pp. 813-842.
- dc.identifier.uri http://hdl.handle.net/10230/630
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1121
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword debt sustainability
- dc.subject.keyword early modern economic history
- dc.subject.keyword philip ii
- dc.subject.keyword state borrowing
- dc.subject.keyword debt overhang
- dc.subject.keyword tax reform
- dc.subject.keyword Economic and Business History
- dc.title The sustainable debts of Philip II: A reconstruction of Castile's fiscal position, 1566-1596
- dc.type info:eu-repo/semantics/workingPaper