EconPapers    
Economics at your fingertips  
 

Debt sustainability in historical perspective: The role of fiscal repression

Hans-Joachim Voth and Mauricio Drelichman

Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra

Abstract: 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.

JEL-codes: E4 F41 N23 (search for similar items in EconPapers)
Date: 2008-05
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7) Track citations by RSS feed

Downloads: (external link)
https://econ-papers.upf.edu/papers/1184.pdf Whole Paper (application/pdf)

Related works:
Journal Article: Debt Sustainability in Historical Perspective: The Role of Fiscal Repression (2008) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:upf:upfgen:1184

Access Statistics for this paper

More papers in Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra
Bibliographic data for series maintained by ().

 
Page updated 2020-02-16
Handle: RePEc:upf:upfgen:1184