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Beating fiscal dominance. The case of Spain, 1874-1998

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Author Info

  • María Dolores Gadea

    (University of Zaragoza)

  • Marcela Sabaté

    ()
    (Department or Applied Economics. Faculty of Economics. University of Zaragoza)

  • Regina Escario

    (University of Zaragoza)

Abstract

Despite the theoretical agreement on the inflationary effects of persistent deficits empirical work did not provide supporting evidence until the inclusion of non-developed countries in panel studies. This paper proposes an alternative approach, by exploiting the changes in development in a single country in the very long run, Spain over 1874-1998. As a main result, the use of different econometric tools shows that the causality from fiscal to monetary variables weakens as time goes by. More importantly, as in previous research, the intensity of the link markets, fiscal dominance holding until the easier access to foreign markets that followed its entry into the European Community in 1985.

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Bibliographic Info

Paper provided by Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza in its series Documentos de Trabajo with number dt2008-08.

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Date of creation: Aug 2008
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Handle: RePEc:zar:wpaper:dt2008-08

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Keywords: Fiscal dominance; money; financial development;

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References

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  1. Marco Terrones & Luis Catão, 2001. "Fiscal Deficits and Inflation," IMF Working Papers 01/74, International Monetary Fund.
  2. Giannaros, Demetrios S. & Kolluri, Bharat R., 1985. "Deficit spending, money, and inflation: Some international empirical evidence," Journal of Macroeconomics, Elsevier, Elsevier, vol. 7(3), pages 401-417.
  3. Sabate, Marcela & Gadea, Maria Dolores & Escario, Regina, 2006. "Does fiscal policy influence monetary policy? The case of Spain, 1874-1935," Explorations in Economic History, Elsevier, Elsevier, vol. 43(2), pages 309-331, April.
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Cited by:
  1. Coşkun Tunçer, 2012. "Monetary sovereignty during the classical gold standard era: the Ottoman Empire and Europe, 1880-1913," Economic History Working Papers, London School of Economics and Political Science, Department of Economic History 44725, London School of Economics and Political Science, Department of Economic History.
  2. Arghyrou, Michael G. & Gadea, Maria Dolores, 2012. "The single monetary policy and domestic macro-fundamentals: Evidence from Spain," Journal of Policy Modeling, Elsevier, Elsevier, vol. 34(1), pages 16-34.
  3. Natividad Blasco & Pilar Corredor & Sandra Ferreruela, 2009. "Detecting intentional herding: what lies beneath intraday data in the spanish stock market," Documentos de Trabajo, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza dt2009-01, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.
  4. M. T. Aparicio & I. Villanúa, 2012. "Selection criteria for overlapping binary Models," Documentos de Trabajo, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza dt2012-01, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.
  5. Regina Escario & María Dolores Gadea & Marcela Sabaté, 2009. "Government Solvency or just Pseudo-Sustainability? a Long-Run Multicointegration Approach for Spain," Documentos de Trabajo, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza dt2009-07, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.
  6. Ana Yetano & Sonia Royo & Basisilo Acerete, 2009. "What is driving the increasing presence of citizen participation initiatives?," Documentos de Trabajo, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza dt2009-02, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.

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