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

  • María Dolores Gadea

    (University of Zaragoza)

  • Marcela Sabaté

    ()

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

  • Regina Escario

    (University of Zaragoza)

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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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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  1. 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, vol. 43(2), pages 309-331, April.
  2. Luis Catão & Marco Terrones, 2003. "Fiscal Deficits and Inflation," IMF Working Papers 03/65, International Monetary Fund.
  3. Giannaros, Demetrios S. & Kolluri, Bharat R., 1985. "Deficit spending, money, and inflation: Some international empirical evidence," Journal of Macroeconomics, Elsevier, vol. 7(3), pages 401-417.
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