Does fiscal policy influence monetary policy? The case of Spain, 1874–1935

Sabaté, Marcela; Gadea, Marı́a Dolores; Escario, Regina

doi:10.1016/j.eeh.2005.03.003

Cited by 28 publications

(20 citation statements)

References 23 publications

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“…As we have said, Spain never formally adhered to the gold standard precisely because of the need to monetize deficits (seigniorage) at certain moments (Sabaté et al, 2006). However, the inflationist consequences of these special situations were habitually followed by stabilizing efforts and the final result was a succession of inflation/deflation episodes that compensated for each other during the period 1874-1914 (Fig.…”

Section: Decomposition Of the Permanent-transitory Componentsmentioning

confidence: 95%

Exchange rate regimes and prices: The cases of Italy, Spain and the United Kingdom (1874–1998)

Gadea

Kaabia

Sabaté

2009

Journal of International Financial Markets, Institutions and Mo

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Section: Decomposition Of the Permanent-transitory Componentsmentioning

confidence: 95%

Exchange rate regimes and prices: The cases of Italy, Spain and the United Kingdom (1874–1998)

Gadea

Kaabia

Sabaté

2009

Journal of International Financial Markets, Institutions and Mo

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“…7 The definition of the Bank of Spain for Liquid Assets held by the Public includes broad money supply (M3); liabilities of credit institutions and money-market instruments (such as insurance-like liabilities with savings banks); and treasury notes or bills held by the public. 8 The strong influence that fiscal policy has historically exerted over monetary policy in Spain has been documented by Sabaté et al (2006) and Gadea et al (2008).…”

mentioning

confidence: 96%

The single monetary policy and domestic macro-fundamentals: Evidence from Spain

Arghyrou

Gadea

2012

Journal of Policy Modeling

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in CARDIFF BUSINESS SCHOOL WORKING PAPER SERIESThis working paper is produced for discussion purpose only. These working papers are expected to be published in due course, in revised form, and should not be quoted or cited without the author's written permission. University of Zaragoza AbstractWe model pre-euro Spanish monetary policy and use our findings to assess the compatibility of the interest rates set by the ECB since 1999 with Spanish macrofundamentals. We find that in the 1990s Spain implemented successfully a monetary strategy tailored to its own domestic fundamentals; and by abolishing it to join the euro she has paid a cost in the form of a sub-optimal monetary policy. Spain's experience suggests a cautious approach with regards to the timing of further EMU enlargement.

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“…Tortella (1994) identified the financial problems of the Government as the main cause of the nominal depreciation of the Spanish currency between 1891 and 1905. More recently, Marcela Sabaté et al (2006) concluded that the treasuryfinancing needs led to money creation and, hence, to sacrificing a fixed exchange rate.…”

Section: Assessments Of Spain's International Positionmentioning

confidence: 99%

Spain’s international position, 1850-1913^,

Escosura

2010

RHE / JILAEH

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Spain's financial position during the late 19 th and early 20 th centuries has usually been presented as one of persistent deficit on current account, which resulted from her integration into international commodity and factor markets and this, in turn, slowed down the growth of the economy. In this essay a preliminary reconstruction of the balance of payments on current account allows us to reject this view. In fact, a net capital inflow made possible to meet the demand for investment-boosting economic performance. Current account reversals in a context of macroeconomic domestic imperfections help to explain the economic slowdown at the turn of the century.

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Does fiscal policy influence monetary policy? The case of Spain, 1874–1935

Cited by 28 publications

References 23 publications

Exchange rate regimes and prices: The cases of Italy, Spain and the United Kingdom (1874–1998)

Exchange rate regimes and prices: The cases of Italy, Spain and the United Kingdom (1874–1998)

The single monetary policy and domestic macro-fundamentals: Evidence from Spain

Spain’s international position, 1850-1913^,

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Does fiscal policy influence monetary policy? The case of Spain, 1874–1935

Cited by 28 publications

References 23 publications

Exchange rate regimes and prices: The cases of Italy, Spain and the United Kingdom (1874–1998)

Exchange rate regimes and prices: The cases of Italy, Spain and the United Kingdom (1874–1998)

The single monetary policy and domestic macro-fundamentals: Evidence from Spain

Spain’s international position, 1850-1913,

Contact Info

Product

Resources

About

Spain’s international position, 1850-1913^,