Financial bubbles and sustainability of public debt: The case of Spain

Authors
Esteve, Vicente; Prats, María A.
Identifiers
Permanent link (URI): http://hdl.handle.net/10017/51140
ISSN: 2172-7856
Publisher
Universidad de Alcalá. Instituto Universitario de Análisis Económico y Social
Date
2022-02
Affiliation
Universidad de Alcalá. Instituto Universitario de Análisis Económico y Social (IAES)
Bibliographic citation
Documentos de trabajo. IAES-Instituto Universitario de Análisis Económico y Social, Universidad de Alcalá, N. 02, 2022. ISSN 2172-7856
Keywords
Fiscal sustainability
Explosiveness
Recursive unit root test
Spain
COVID-19
Public debt
Description / Notes
31 p.
Document type
info:eu-repo/semantics/workingPaper
Version
info:eu-repo/semantics/publishedVersion
Rights
Attribution-NonCommercial-NoDerivatives 4.0 Internacional
Access rights
info:eu-repo/semantics/openAccess
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Abstract
In this paper the dynamics 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, Wu and Yu, 2011, and Phillips, Shi and Yu, 2015a, 2015b) in order to identify episodes of explosive public debt dynamics and also the episodes of Öscal adjustments over this long period.
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