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Debt Sustainability in Historical Perspective: The Role of Fiscal Repression

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Author Info
Mauricio Drelichman
Hans-Joachim Voth

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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: E4, F41, N23) (c) 2008 by the European Economic Association.

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File URL: http://www.mitpressjournals.org/doi/pdfplus/10.1162/JEEA.2008.6.2-3.657
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Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 6 (2008)
Issue (Month): 2-3 (04-05)
Pages: 657-667
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Handle: RePEc:tpr:jeurec:v:6:y:2008:i:2-3:p:657-667

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Find related papers by JEL classification:
E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

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This page was last updated on 2009-11-16.

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