Deficit sustainability, and monetary versus fiscal dominance: The case of Spain, 1850-2000

被引：19

作者：

Bajo-Rubio, Oscar ^{[1
]}

Diaz-Roldan, Carmen ^{[1
]}

Esteve, Vicente ^{[2
,3
,4
]}

机构：

[1] Univ Castilla La Mancha, E-13071 Ciudad Real, Spain

[2] Univ Valencia, E-46003 Valencia, Spain

[3] Univ La Laguna, E-38207 San Cristobal la Laguna, Spain

[4] Univ Alcala, Madrid, Spain

来源：

JOURNAL OF POLICY MODELING | 2014年 / 36卷 / 05期

关键词：

Fiscal policy; Sustainability; Fiscal theory of the price level; Monetary dominance; Fiscal dominance; UNIT-ROOT TESTS; FEDERAL-BUDGET; POLICY; DEBT;

D O I：

10.1016/j.jpolmod.2014.07.004

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, we provide a test of the sustainability of the Spanish government deficit over the period 1850-2000, emphasizing the role played by monetary and fiscal dominance in order to get fiscal solvency. Since the condition of fiscal solvency was satisfied, government deficit would have been sustainable along the sample period. In addition, the whole period can be characterized as one of fiscal dominance. (C) 2014 Society for Policy Modeling. Published by Elsevier Inc. All rights reserved.

引用

页码：924 / 937

页数：14

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