The empirical link between the post-WWII expansion of international market integration and the growth of national public expenditure has been widely noted, with no consensus as yet regarding the interpretation of this correlation. We posit that a likely link between increased openness and public...

This paper aims to describe the evolution of the external risk in the United Kingdom between 1961 and 2008. We first present a theoretical description of the risk indicator. Then, we calculate this measure for the British economy in the period of study. In general, the results reveal a very...

This paper analyses the relationship between the Spanish peseta, the currency of a peripheral country, and the pound sterling, the central currency of the gold standard. From 1883, when Spain suspended metallic convertibility, until 1931, when Great Britain definitively abandoned gold, the...

This paper studies the relationship among Italian, Spanish and United Kingdom prices over the period 1874-1998, for most of which the currencies of these three countries maintained a floating exchange rate regime. By using cointegration techniques with broken linear trends, we find a single...

The concept of multicointegration allows to test the sustainability of public finances by assessing dynamic equilibrium relationships between flow and stock variables. This paper focus on the very long-run Spanish case, characterized by the more or less intensive use of monetization to offset...

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...

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...

This paper studies the role played by different trade barriers (transport costs, customs and currency) in the evolution of Spanish imports during the <italic>First Globalization</italic> (1870-1913). Through the estimation of several gravity equations with panel data analysis, we obtain the elasticities of...

The case of Spain in the first globalization illustrates how the gravity equation, as a tool from which to derive a comprehensive measure of trade costs, can be used to test the soundness of alternative direct measures of specific costs.

Spanish long-run fiscal sustainability is analysed by using the multicointegration methodology. It permits the estimation of dynamic equilibrium relationships between flow and stock variables, and is here adjusted to fit the recurrent use of monetization. The results reveal that seigniorage was...