Financial bubbles and sustainability of public debt: The case of Spain
In this paper thed ynamics of the Spanish public debt-GDP ratio is analysed during the period 1850-2020. We use a recent procedure to test for recurrent explosive behaviour (Phillips, WuandYu, 2011, and Phillips, ShiandYu, 2015a, 2015b) in order to identify episodes of explosive public debt dynamics and also the episodes of …scal adjustments over this long period.
Keywords: Public debt; Fiscal sustainability; Explosiveness; Recursive unit root test; Spain; COVID-19
JEL classification: C12, C22, E62, H62, H6
Pza. San Diego, s/n
28801 - Alcalá de Henares (Madrid)
España
Información: +34 91 885 50 00 ciu@uah.es
Centralita: +34 91 885 40 00
2016 © Universidad de Alcalá Mapa Web | Política de cookies | Política de Privacidad | Aviso legal