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...

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...

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...

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...

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.