In this paper the sustainability of the Spanish fiscal policy is examined. The aim of the paper is to test whether the government's budget is balanced intertemporally in the context of a growing economy. where the variables are normalised by real GDP and population. The conclusions are, first, th...
Camarero, Mariam
,
Esteve, Vicente
,
Tamarit, Cecilio
,
[Ausencia de señoreaje y Solvencia del Gobierno ante la U.E.M ¿Puede España cumplir ambas condiciones?]
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Ausencia de señoreaje y Solvencia del Gobierno ante la U.E.M ¿Puede España cumplir ambas condiciones?
This paper examines whether there is convergence between the interest rates of the Spanish and German economies or at least with a weighted average of the European Union (EU). For this purpose a time series approach is adopted and some unit root tests allowing for structural breaks when the break...
Camarero, Mariam
,
Esteve, Vicente
,
Tamarit, Cecilio
,
[Convergencia en Tipos de Interés de la Economía Española ante la Unión Monetaria Europea]
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Convergencia en Tipos de Interés de la Economía Española ante la Unión Monetaria Europea
In this paper we enquire about the link among Spanish real effective exchange rate relative to the EU, The terms of trade and the real interest rate differential over the period 1980-1994. This period is of interest to the Spanish economy due to the fact the monetary authorities were applying the...
Camarero, Mariam
,
Esteve, Vicente
,
Tamarit, Cecilio
,
[Efectos del Programa de Desinflación Competitiva en España sobre el Tipo de Cambio Real]
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Efectos del Programa de Desinflación Competitiva en España sobre el Tipo de Cambio Real
In this paper, we analyze the evolution of the counterinflation reputation implied by joining the exchange rate mechanism of the European Monetary System. We apply a Backus and Driffill (1985a, b) type model where maintaining the existing parity would improve the probability perceived by agents t...
Esteve, Vicente
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Sapena, Juan
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Tamarit, Cecilio R.
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[Reputación Antiinflacionaria y Compromiso Cambiario: La Peseta en el SME]
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Reputación Antiinflacionaria y Compromiso Cambiario: La Peseta en el SME
In this paper we use a endogenous growth model with productive public\par capital to investigate the degree to which observed Spanish fiscal poli-cies can account for slowdown in the growth rates of labor productivity since 1970. The model implies a long-run relationship exists between the labor ...
Esteve, Vicente
,
[Política Fiscal y Productividad del Trabajo en la Economía Española: Un Análisis de Series Temporales]
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Política Fiscal y Productividad del Trabajo en la Economía Española: Un Análisis de Series Temporales