The dynamics of Spanish public debt and sustainable paths for fiscal consolidation

Piero Esposito, Antonio Paradiso () and B. Rao

MPRA Paper from University Library of Munich, Germany

Abstract: This paper analyses possible patterns for the Spain debt-to-GDP ratio with a small macroeconomic model. The role of international macroeconomic variables (such as the US and French GDP growth rates, prices of raw materials, ECB monetary policy stance) and domestic policy instruments is analyzed in the debt dynamics. We find that external conditions, together with policies aimed to stimulate the growth and fulfilling Maastricht restrictions on deficit, play a fundamental role for fiscal consolidation in Spain and help to reach a sustainable pattern.

Keywords: Debt to GDP Ratio; Spain Economy; International Factors; SUR (search for similar items in EconPapers)
JEL-codes: E62 H63 H68 (search for similar items in EconPapers)
Date: 2011-07-25
New Economics Papers: this item is included in nep-eec and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:32563

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