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Financial bubbles and sustainability of public debt: The case of Spain

Vicente Esteve and Maria Prats ()
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Vicente Esteve: Universidad de Valencia and Universidad de Alcalá, Spain

No 2111, Working Papers from Department of Applied Economics II, Universidad de Valencia

Abstract: In this paper the dynamics of the Spanish public debt-GDP ratio is analysed during the period 1850-2020. We use a recent procedure to test for recurrent explosive behaviour (Phillips, Wu and Yu, 2011, and Phillips, Shi and Yu, 2015a, 2015b) in order to identify episodes of explosive public debt dynamics and also the episodes of fiscal adjustments over this long period.

Keywords: Public debt; Fiscal sustainability; Explosiveness; Recursive unit root test; Spain; COVID-19 (search for similar items in EconPapers)
JEL-codes: C12 C22 E62 H62 H63 (search for similar items in EconPapers)
Date: 2021-09
New Economics Papers: this item is included in nep-cwa, nep-fdg, nep-his and nep-mac
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