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La sombra monetaria del déficit en la España de la peseta

Listed author(s):
  • Regina Escario


    (Universidad de Zaragoza)

  • Marcela Sabaté


    (Universidad de Zaragoza)

  • María Dolores Gadea


    (Universidad de Zaragoza)

According to the literature, the predominance of budget deficits conditioned money growth in Spain while the peseta was its currency. The idea of a long-running fiscal interference in monetary dynamics is partly backed by the contribution of the public component to monetary base growth in 1874-1998. This paper confirms the existence of this interference by finding a long-running causal relationship between budget and money for the whole period. The weakening of causality between budget and the monetary base allows us to locate the end of seigniorage in Spain in the mid-1980s. It is not until the 1990s that the weakening of causality between budget and a broader definition of money (Liquid Assets held by the Public) reflected the efforts towards nominal convergence prior to joining the European Monetary Union. KEY Classification-JEL: E5, H6, N1

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Article provided by Asociacion Espa–ola de Historia Economica in its journal Investigaciones de Historia Económica (IHE) Journal of the Spanish Economic History Association.

Volume (Year): 07 (2011)
Issue (Month): 01 ()
Pages: 151-181

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Handle: RePEc:ahe:invest:v:07:y:2011:i:01:p:151-181
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