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.

Risk sharing with the monarch: Excusable defaults and contingent debt in the age of Philip II, 1556-1598

Contingent sovereign debt can create important welfare gains. Nonetheless,there is almost no issuance today. Using hand-collected archival data, we examine thefirst known case of large-scale use of state-contingent sovereign debt in history. Philip IIof Spain entered into hundreds of contracts whose value and due date depended onverifiable, exogenous events such as the arrival of silver fleets. We show that this allowedfor effective risk-sharing between the king and his bankers. The data also stronglysuggest that the defaults that occurred were excusable they were simply contingenciesover which Crown and bankers had not contracted previously.

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.

Lending to the borrower from hell: Debt and default in the age of Philip II, 1556-1598

What sustained borrowing without third-party enforcement, in the early days of sovereignlending? Philip II of Spain accumulated towering debts while stopping all payments tohis lenders four times. How could the sovereign borrow much and default often? Weargue that bankers ability to cut off Philip II s access to smoothing services was key. Aform of syndicated lending created cohesion among his Genoese bankers. As a result,lending moratoria were sustained through a cheat the cheater mechanism (Kletzer andWright, 2000). Our paper thus lends empirical support to a recent literature emphasizingthe role of bankers incentives for continued sovereign borrowing.

Effect of Seasonal Dynamics on Queen Densities of the Argentine Ant (Linepithema Humile) in an Invaded Natural Area of the NE Iberian Peninsula

The annual elimination of large numbers of Argentine ant queens near the advance front of an invasion could be a useful tool for weakening the species’ dispersion and, therefore, limiting its establishment in non-invaded areas. However, before carrying out trials to test the effectiveness of this method it would be essential to have sufficient knowledge of the effect of seasonal dynamics acting on the queens’ densities of the species in order to determine the most favourable period of the year to act. We analyzed the seasonal densities and nest dynamics of Argentine ant queens in an invaded Mediterranean natural ecosystem. We observed that the queens’ density varied depending on the season of the year and that this variation was mainly due to the seasonal dynamics of nest aggregations in winter and ant dispersions in summer. The greatest densities per litre of nest soil were observed in winter (December to March, approximately) and the lowest densities were observed in summer ( June to July). This information is essential for improving current knowledge of the Argentine ant’s biology and developing control methods based on the elimination of queens in invaded natural areas

Material flow accounting of Spain

Material throughput is a means of measuring the so-called social metabolism, or physical dimensions of a society’s consumption, and can be taken as an indirect and approximate indicator of sustainability. Material flow accounting can be used to test the dematerialisation hypothesis, the idea that technological progress causes a decrease in total material used (strong dematerialisation) or material used per monetary unit of output (weak dematerialisation). This paper sets out the results of a material flow analysis for Spain for the period from 1980 to 2000. The analysis reveals that neither strong nor weak dematerialisation took place during the period analysed. Although the population did not increase considerably, materials mobilised by the Spanish economy (DMI) increased by 85% in absolute terms, surpassing GDP growth. In addition, Spain became more dependent on external trade in physical terms. In fact, its imports are more than twice the amount of its exports in terms of weight.

Human capital as a factor of growth and employment at the regional level. The case of Spain

We use statistical techniques to quantify the effects of school attainment on individual wages, participation rates and employment probabilities in Spain, and to measure the contribution of education to labour productivity at the regional level. These estimates are then combined with data on private and public expenditure on education and with information on taxes and social benefits to construct measures of the private and social returns to schooling, to explore the effects of public policies on private incentives to invest in human capital, and to analyse the long-term effects of schooling on public finances. The results are used, together with estimates of the returns to alternative assets, to draw some tentative conclusions regarding the adequacy of the aggregate investment patterns observed in the regions of Spain, and to identify changes in the design of national and EU cohesion and growth policies that may help enhance their effectiveness.

Political elites in federalized countries: the case of Spain (1980-2005)

This paper explores the social profile of the regional elite that has emerged in Spain since the federalization of the State. For the first time, researchers present data about crucial variables like gender, place of birth, age, education, and profession. They make interregional comparisons, and try to explain some unexpected findings like the behavior of political elites in some regions like Catalonia. The authors compare also the social profile of MPs of the two largest parties.

Cost-containment in health care: The case of Spain from the eighties up to 1997

The purpose of this paper is to provide an overview of the evolutionof health care expenditure in Spain during the period 1980-1997, andhenceforth to comment on the cost containment measures put forwardto control its growth. The paper is divided into three separatesections. The first offers a brief description of the Spanish HealthCare System, with emphasis placed on the issue of expenditure controland health planning targets. The second part outlines a set of costcontainment measures that has accompanied the process of extendinguniversal health care coverage which occurred during the mentionedperiod and which has helped keep public expenditure under control.Finally, the third part describes some of the more recent proposalsfor reform of the Spanish Health Care Sector.

Do interregional transfers improve the economic performance of poor regions? The case of Spain

The 17 regional governments of Spain receive grants from both thecentral government and the European Union. The grants are generallyredistributive and are intended to stimulate economic activity inthe poorer regions. We evaluate the effectiveness of the grants bycomparing the economic performance of the regions before and afterthe implementation of the grant programs using a differences--in--differences approach. We find that these policies have not beeneffective at stimulating private investment or improving the overalleconomies of the poorer regions.

International accounting harmonisation - A comparison of Spain, Sweden and Austria

Despite attempts to secure harmonisation of accounting practice,significant variations in accounting rules and practice continueto arise in European countries, variations which give rise tocompliance costs for multinational companies.Firstly, this paper considers the relevance of internationalaccounting harmonisation for European business. It then proceedsto examine accounting regulation in three countries: Spain, Swedenand Austria, highlighting the key regulatory issues of the 'trueand fair' view requirement and the link between taxation andaccounting. The three countries are selected because of theinteresting contrasts which they provide; these contrasts areexamined in detail in the paper.The work is based upon a series of interviews carried out withleading accounting practitioners in the three countries during1996-97.The paper concludes that there are significant obstacles toaccounting harmonisation in Europe and that there is potentialfor continuing diversity of national accounting practice.

Geographical determinants of the creation of manufacturing firms: The regions of Spain

La complexitat dels mecanismes que determinen l'entrada i la sortida de signatures augmenta quan diferències geogràfiques de l'estructura de producció, la capital humana i l'atur són considerades. Variacions interregionals en la tarifa de les noves de signatures dintre de cada activitat industrial persisteixen durant els períodes llargs de temps, una circumstància que indica que hi ha determinants no-conjunturals en la capacitat de regions per a crear nous projectes industrials. Aquest estudi està preocupat amb l'establiment d'influència variables geogràfiques sobre la fundació de nous establiments de la fabricació. Les indústries (NEIX la R 25) en les regions espanyoles (el BOIG 2) han estat preses com les unitats d'anàlisis per al període 1980-1992

Wasps (Insecta: Vespida=Hymenoptera) from the Early Cretaceous of Spain.

Wasps and their relatives from the Lower Cretaceous lithographic limestones of Spain have been studied. Thirty specimens representing 30 species (4 of them with undetermined placement), at least 21 genera and 11 families are recorded. We erect 1 new family - Andrenelidae-, 6 new genera and 11 new species: Meiaghilarella cretacica n.gen., n.sp. (Sepulcidae Ghilarellinae), Eosyntexis catalonicus n.sp., Cretosyntexis montsecensis n.gen., n.sp. (Anaxyelidae Syntexinae), Montsecephialtites zherikhini n.gen., n.sp. (Ephialtitidae Ephialtitinae), Karataus hispanicus n.sp. (Ephialtitidae Symphytopterinae), Manlaya ansorge i n.sp. (Gasteruptiidae Baissinae), Andrenelia pennata n.gen., n.sp. (Andrenelidae n. fam.), Cretoserphus gomezi n.gen., n.sp. (Mesoserphidae), Montsecosphex jarzembow skii n.gen., n.sp., Angarosphex penyalveri n.sp., Pompilopterus (?) noguerensis n.sp. (Sphecidae Angarosphecinae), Cretoscolia conquensis n.sp. (Scoliidae Archaeoscoliinae). The Mesozoic family Ephialtitidae is revisited based on the restudy of the type-species. We compare these Spanish Cretaceous assemblages with other ones from various parts of the world: Central and Eastern Asia, England, Australia, and Brazil. The number of genera and families identified in the Spanish fossil-sites is almost the same as in the English Purbeck and Wealden. The absence of some hymenopteran groups as Xyelidae, is consistent with the warm climate know to exist in Spain during the Early Cretaceous. We conclude that both La Cabrúa and La Pedrera assemblages - the two sites that have yielded the greatest number of species- correspond to the Lower Cretaceous"Baissin type" (sensu Rasnitsyn et al., 1998), but including some Jurassic"survivors". La Pedrera assemblage fits equally well in the"angarosphecine subtype", while La Cabrúa roughly corresponds to the"proctotrupid" one, although shows a comparative ly high proportion of angarosphecins. This fact may suggest: a) possibly asynchrony between these two fossilsites, b) environmental differences not reflected in the lithological record, c) different taphonomic processes and/or, d) insufficient sample size - to reflect the reality of the source populations-. La Pedrera assemblage is very similar to those from Weald Clay (England), Bon Tsagan (Mongolia) and Santana (Brazil). La Cabrúa approaches to a some extent, though not quite agrees with the Purbeck (UK), Koonwarra (Australia), and most Lower Cretaceous Asian assemblages.

Geographical determinants of the creation of manufacturing firms: The regions of Spain

La complexitat dels mecanismes que determinen l'entrada i la sortida de signatures augmenta quan diferències geogràfiques de l'estructura de producció, la capital humana i l'atur són considerades. Variacions interregionals en la tarifa de les noves de signatures dintre de cada activitat industrial persisteixen durant els períodes llargs de temps, una circumstància que indica que hi ha determinants no-conjunturals en la capacitat de regions per a crear nous projectes industrials. Aquest estudi està preocupat amb l'establiment d'influència variables geogràfiques sobre la fundació de nous establiments de la fabricació. Les indústries (NEIX la R 25) en les regions espanyoles (el BOIG 2) han estat preses com les unitats d'anàlisis per al període 1980-1992