Serial defaults, serial profits: Returns to sovereign lending in Habsburg Spain, 1566-1600

Philip II of Spain accumulated debts equivalent to 60% of GDP. He also defaulted four times onhis short-term loans, thus becoming the first serial defaulter in history. Contrary to a commonview in the literature, we show that lending to the king was profitable even under worst-casescenario assumptions. Lenders maintained long-term relationships with the crown. Lossessustained during defaults were more than compensated by profits in normal times. Defaultswere not catastrophic events. In effect, short-term lending acted as an insurance mechanism,allowing the king to reduce his payments in harsh times in exchange for paying a premium intranquil periods. © 2010 Elsevier Inc. All rights reserved.

Statistical modeling on coordinates

This paper is a first draft of the principle of statistical modelling on coordinates. Several causes —which would be long to detail—have led to this situation close to the deadline for submitting papers to CODAWORK’03. The main of them is the fast development of the approach along thelast months, which let appear previous drafts as obsolete. The present paper contains the essential parts of the state of the art of this approach from my point of view. I would like to acknowledge many clarifying discussions with the group of people working in this field in Girona, Barcelona, Carrick Castle, Firenze, Berlin, G¨ottingen, and Freiberg. They have given a lot of suggestions and ideas. Nevertheless, there might be still errors or unclear aspects which are exclusively my fault. I hope this contribution serves as a basis for further discussions and new developments

Gaudeix.net : Portal web d'oci en ASP.NET MVC

Treball de fi carrera de l'àrea de .NET. Es tracta del desenvolupament d'un portal web en ASP.NET MVC3 i una aplicació en Windows Forms per gestionar les dades del portal.

The Sustainable Debts of Philip II: A Reconstruction of Spain's Fiscal Position, 1560-1598

The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. Four times during his reign the king failed to honor his debts and had to renegotiate borrowing contracts. In this paper, we reassess the fiscal position of Habsburg Spain. New archival evidence allows us to derive comprehensive estimates of debt and revenue. These show that primary surpluses were sufficient to make the king's debt sustainable in most scenarios. Spain's debt burden was manageable up to the 1580s, and its fiscal position only deteriorated for good after the defeat of the "Invincible Armada." We also estimate fiscal policy reaction functions, and show that Spain under the Habsburgs was at least as "responsible" as the US in the 20th century or as Britain in the 18th century. Our results suggest that the outcome of uncertain events such as wars may influence on a history of default more than strict adherence to fiscal rules.

The sustainable debts of Philip II: A reconstruction of Castile's fiscal position, 1566-1596

The defaults of Philip II have attained mythical status as the origin of sovereigndebt crises. We reassess the fiscal position of Habsburg Castile, derivingcomprehensive estimates of revenue, debt, and expenditure from new archivaldata. The king s debts were sustainable. Primary surpluses were large and rising.Debt-to-revenue ratios remained broadly unchanged during Philip s reign.Castilian finances in the sixteenth century compare favorably with those of otherearly modern fiscal states at the height of their imperial ambitions, includingBritain. The defaults of Philip II therefore reflected short-term liquidity crises,and were not a sign of unsustainable debts.

La élite municipal leridana bajo los Austrias

¿Cómo y respondiendo a qué intereses fue ejercido el poder municipal por las élites locales catalanas en el periodo de la formación del Estado moderno hispánico? tales son las cuestiones fundamentales que se intentan responder acudiendo al ejemplo concreto de la ciudad de Lleida, población altamente representativa del entorno urbano catalán dominante en los siglos XVI y XVII. Una breve introducción al marco urbano o institucional catalán abre paso al núcleo del estudio centrado en la caracterización social de la élite gobernante. La evolución del grupo social que dirigía la ciudad, sus características socio-económicas, la movilidad de sus integrantes o sus comportamientos familiares, conforman un retrato que culmina con el análisis de sus actitudes en el gobierno municipal y su actuación política en los siglos de los Austrias.

Sant Llorenç del Montsec (La Noguera): un despoblat medieval

The medieval deserted village of St. Lloreng, a fortified place in the west lands of Catalonia, in Lleida, near Aragon, is studied from its origins in 11th. century unti1 14th.C. The growth and evolution of population during this time is shown by the houses, placed between the castle and the church, some so simply with only one room, some wider. The authors don't know why the village became deserted, but they indicate the possible move of the population into the limits of the Ager valley.

Addenda a la biografia i l'obra del pintor Joan Arnau Moret (1603-1693)

The present article treats of the painter Joan Arnau Moret, catalan painter of the 17th century. Aspects treat each other as the order of the great picture preserved in the cathedral of Barcelona with the iconography The de live ry o f the ke ys of the city of Barcelona to the Immaculate, the biographical news it extracted of the process of canonization of santa Maria of Cervelló or the professional relation that Joan Arnau joined with the prince Joan Josep d’Àustria newly finished the Segadors war (The Reapers’ War). Of them the study also announces a work – the Saint Cathe rine o f Ale xandria of the chapel of Saint Catherine of the cathedral of Girona – proposes to attribute four paintings more – the paintings of the altarpiece of The Saints fo ur Martyrs of the cathedral of Girona – and thinks about the controversial paintings of the altarpiece of the Castle of Vilassar and of the monastery of Sant Joan of the Abadesses. Finally, by means of the stylistic reading of the new works, which the author considers of the best of his catalogue, one tries to demonstrate that thesources of your figurative culture and stylistic are in the painting of Madrid of the first decades of the 17th century