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

Journal of Economic History

Volumn 70, Issue 4, 2010, Pages 813-842

  Drelichman, Mauricio ^a   Voth, Hans Joachim ^b  

^a UNIVERSITY OF BRITISH COLUMBIA   (Canada)

^b DEPARTMENT OF ECONOMICS AND BUSINESS   (Spain)

Author keywords

[No Author keywords available]

Indexed keywords

DEBT CRISIS; ECONOMIC HISTORY; FINANCIAL SYSTEM; HISTORICAL GEOGRAPHY; HISTORICAL PERSPECTIVE; RECONSTRUCTION; SOVEREIGNTY; SUSTAINABILITY;

CASTILE; SPAIN;

CASTILIA;

EID: 79952950898     PISSN: 00220507     EISSN: 14716372     Source Type: Journal    
DOI: 10.1017/S0022050710000732     Document Type: Article

References (81)

1. Aizenman, Joshua, and Brian Pinto. Managing Economic Volatility and Crises: A Practitioner's Guide. Cambridge: Cambridge University Press, 2005.
2. Alvarez Nogal, Carlos. "The Role of Institutions to Solve Sovereign Debt Problems: The Spanish Monarchy's Credit (1516-1665)." Working Paper, Universidad Carlos III de Madrid, 2003.
3. Alvarez Nogal, Carlos, and Leandro Prados de la Escosura. "The Decline of Spain (1500-1850): Conjectural Estimates." European Review of Economic History 11, no. 3 (2007): 319-66.
4. Artola, Miguel. La Hacienda del Antiguo Régimen. Madrid: Alianza, 1982.
5. Barro, Robert J. "Government Spending, Interest Rates, Prices, and Budget Deficits in the United Kingdom, 1701-1918." Journal of Monetary Economics 20, no. 2 (1987): 221-47.
6. Bilbao, Luis María. "Ensayo de reconstrucción histórica de la presión fiscal en Castilla durante el Siglo XVI." In Haciendas Forales y Hacienda Real: homenaje a Miguel Artola y Felipe Ruiz Martín, edited by Fernández de Pinedo y Emiliano Fernández, 37-61. Universidad del País Vasco, 1990.
7. Bonney, Richard. The Rise of the Fiscal State in Europe, c. 1200-1815. Oxford: Oxford University Press, 1999.
8. -. "European State Finance Database. 1995-2007. http://www.le.ac.uk/ hi/bon/ESFDB/(accessed 23 August 2007).
9. Braudel, Fernand. The Mediterranean and the Mediterranean World in the Age of Philip II. Second Revised Edition. Glasgow: William Colins & Sons, 1966.
10. Brewer, John S. The Sinews of Power. Cambridge, MA: Harvard University Press, 1988.
11. Carande, Ramón. Carlos Vy sus banqueros. 3 vols. Barcelona: Crítica, 1987.
12. Carlos Morales, Carlos Javier de. Felipe II: El Imperio en Bancarrota. Madrid: Dilema, 2008.
13. Carreras, Albert. "Modern Spain." In The Oxford Encyclopedia of Economic History, edited by J. Mokyr, 546-53. New York: Oxford University Press, 2003.
14. Carretero Zamora, Juan Manuel. Cortes, monarquía, ciudades: Las Cortes de Castilla a comienzos de la época moderna (1476-1515). Madrid: Siglo XXI, 1988.
15. Conklin, James. "The Theory of Sovereign Debt and Spain Under Philip II." Journal of Political Economy 106, no. 3 (1998): 483-513. (Pubitemid 128501742)
16. Crafts, N. F. R. "Exogenous or Endogenous Growth? The Industrial Revolution Reconsidered." The Journal of Economic History 55, no. 4 (1995): 754-72.
17. Dandelet, Thomas James. Roma Hispanica: The Creation of Spanish Rome in the Golden Age. Ph.D. Diss., University of California, Berkeley, 1995.
18. -. "Spanish Rome, 1500-1700". New Haven, CT: Yale University Press, 2001.
19. De Lamar, Jensen. Diplomacy and Dogmatism: Bernardino de Mendoza and the French Catholic League. Cambridge, MA: Harvard University Press, 1964.
20. De Vries, Jan, and Ad Van der Woude. The First Modern Economy. Cambridge: Cambridge University Press, 1997.
21. Drelichman, Mauricio. "The Curse of Montezuma: American Silver and the Dutch Disease." Explorations in Economic History 42, no. 3 (2005): 349-80. (Pubitemid 40792232)
22. Drelichman, Mauricio, and Hans-Joachim Voth. "Debt Sustainability in Historical Perspective: The Role of Fiscal Repression. " Journal of the European Economic Association 6, no. 2-3 (2008): 657-67.
23. -. "Institutions and the Resource Curse in Early Modern Spain." In Institutions and Economic Performance, edited by E. Helpman, 120-47. Cambridge, MA: Harvard University Press, 2008.
24. -. "Lending to the Borrower from Hell: Debt and Default in the Age of Philip II, 1556-1598. " Working Paper, University of British Columbia, Vancouver, 2010.
25. -. "Serial Defaults, Serial Profits: Returns to Sovereign Lending in the Age of Philip II. " Working Paper, University of British Columbia, Vancouver, 2010.
26. Eichengreen, Barry, and Richard Portes. "Settling Defaults in the Era of Bond Finance." World Bank Economic Review 3, no. 2 (1989): 211-39.
27. España. Ministerio de Cultura. Archivo General de Simancas. Sections: "Contadurias Generales 2a Epoca" and "Consejo y Juntas de Hacienda."
28. Ferguson, Niall. The Cash Nexus: Money and Power in the Modern World, 1700-2000. New York: Basic Books, 2002.
29. Fortea Perez, José Ignacio. Las Cortes de Castilla y León bajo los Austrias: una interpretación. Junta de Castilla y León, 2009.
30. Fritschy, W. "A 'Financial Revolution' Reconsidered: Public Finance in Holland During the Dutch Revolt, 1568-1648." Economic History Review 56, no. 1 (2003): 57-89. (Pubitemid 36873144)
31. Gelabert, Juan. "Castile, 1504-1808." In The Rise of the Fiscal State in Europe, c. 1200-1815, edited by R. Bonney, 201-42. Oxford: Oxford University Press, 1999.
32. Grossman, Herschel I., and John B. Van Huyck. "Sovereign Debt as a Contingent Claim: Excusable Default, Repudiation, and Reputation. " American Economic Review 78, no. 5 (1988): 1088-97.
33. Hamilton, Earl J. American Treasure and the Price Revolution in Spain, 1501-1650. Cambridge, MA: Harvard University Press, 1934.
34. Hoffman, Philip T., and Kathryn Norberg. Fiscal Crises, Liberty, and Representative Government, 1450-1789. Stanford, CA: Stanford University Press, 1994.
35. International Monetary Fund. World Economic Outlook. Washington: IMF, 2003.
36. Jago, Charles. "Habsburg Absolutism and the Cortes of Castile." The American Historical Review 86, no. 2 (1981): 307-26.
37. -. "Philip II and the Cortes of Castile: The Case of the Cortes of 1576." Past & Present 109 (1985): 22-43.
38. Kennedy, Paul M. The Rise and Fall of the Great Powers: Economic Change and Military Conflict from 1500 to 2000. New York: Random House, 1987.
39. Koenigsberger, H. G. The Government of Sicily Under Philip II of Spain: A Study in the Practice of Empire. London: Staples, 1951.
40. Lapeyre, Henri. Simón Ruiz et les "asientos" de Philippe II. Paris: Librairie Armand Colin, 1953.
41. Las Cortes de Castilla y León en la Edad Moderna. Valladolid: Cortes de Castilla y León, 1989.
42. Lovett, A. W. "The Castilian Bankruptcy of 1575." The Historical Journal 23, no. 4 (1980): 899-911.
43. -. "The General Settlement of 1577: An Aspect of Spanish Finance in the Early Modern Period. " The Historical Journal 25, no. 1 (1982): 1-22.
44. Lynch, J. "Philip II and the Papacy. " Transactions of the Royal Historical Society 11 (1961): 23-42.
45. Marcos Martín, Alberto. España en los siglos XVI, XVII, y XVIII. Barcelona: Critica, 2000.
46. Mitchell, Brian R. British Historical Statistics. Cambridge: Cambridge University Press, 1988.
47. Mitchener, Kris J., and Marc D. Weidenmier. "Supersanctions and Sovereign Debt Repayment." Journal of International Money and Finance 29, no. 1 (2010): 19-36.
48. Morineau, Michel. Incroyables gazettes et fabuleux metaux. Cambridge: Cambridge University Press, 1985.
49. Nadal i Oller, Jordi. La población española: siglos XVI a XX. First corrected and augmented ed. Barcelona: Ariel, 1984.
50. O' Brien, Patrick K. "Mercantilist Institutions for the Pursuit of Power with Profit: The Management of Britain' s National Debt, 1756-1815." In The Fiscal Military State in Eighteenth-Century Europe, edited by C. Storrs, 167-200. Farnham and Burlington: Ashgate, 1997.
51. Ormrod, W. M., Richard Bonney, and Margaret Bonney. Crises, Revolutions, and Self-Sustained Growth: Essays in European Fiscal History. Stamford: Shaun Tyas, 1999.
52. Parker, Geoffrey. "Spain, Her Enemies, and the Revolt of the Netherlands, 1559-1648." Past & Present 49, no. 1 (1970): 71-95.
53. -. "The Dutch Revolt". New York: Penguin Books, 1977.
54. -. "Spain and the Netherlands, 1559-1659". London: William Collins & Sons, 1979.
55. -. "The Grand Strategy of Philip II". New Haven, CT and London: Yale University Press, 1998.
56. -. "The Army of Flanders and the Spanish Roady, 1567-1659: The Logistics of Spanish Victory and Defeat in the Low Countries' War. 2nd edition. New York: Cambridge University Press, 2004.
57. Reinhart, Carmen M., Kenneth S. Rogoff, and Miguel A. Savastano. "Debt Intolerance." Brookings Papers on Economic Activity 2003, no. 1 (2003): 1-74. (Pubitemid 37104745)
58. Ruiz Martín, Felipe. "Un expediente financiero entre 1560 y 1575: La hacienda de Felipe II y la Casa de Contratación de Sevilla." Moneda y Crédito 92 (1965): 3-58.
59. -. "Las finanzas españolas durante el reinado de Felipe II." Cuadernos de Historia, Anexos de la Revista Hispania 2 (1968): 181-203.
60. Sargent, Thomas J., and Francois R. Velde. "Macroeconomic Features of the French Revolution." Journal of Political Economy 103, no. 3 (1995): 474-518.
61. Sims, Chris. "Comments on 'Debt Intolerance.'" Brookings Papers on Economic Activity 2003v, no. 1 (2003): 63-74.
62. Tenace, Edward Shannon. The Spanish Intervention in Brittany and the Failure of Philip II's Bid for European Hegemony, 1589-1598. Ph.D. diss., University of Illinois, 1997.
63. -. "A Strategy of Reaction: The Armadas of 1596 and 1597 and the Spanish Struggle for European Hegemony." English History Review 118 (2003): 855-82.
64. t'Hart, Marjolein. "The United Provinces, 1579-1806." In The Rise of the Fiscal State in Europe, c. 1200-1815, edited by R. J. Bonney, 309-26. Oxford: Oxford University Press, 1999.
65. Thompson, I. A. A. War and Government in Habsburg Spain. London: The Athlone Press-University of London, 1976.
66. -. "War and Society in Habsburg Spain: Selected Essays". Brookfield: Ashgate Publishing Company, 1992.
67. -. "Crown and Cortes: Government, Institutions, and Representation in Early Modern Castile". Aldershot: Variorum, 1993.
68. -. "Castile: Absolutism, Constitutionalism, and Liberty." In Fiscal Crises, Liberty, and Representative Government, 1450-1789. Stanford, CA: Stanford University Press, 1994.
69. -. "Castile: Polity, Fiscality, and Fiscal Crisis." In Fiscal Crises, Liberty, and Representative Government, 1450-1789, edited by P. T. Hoffman and K. Norberg, 140-80. Stanford, CA: Stanford University Press, 1994.
70. Toboso Sánchez, Pilar. La deuda pública castellana durante el Antiguo Régimen (juros) y su liquidación en el siglo XIX. Madrid: Instituto de Estudios Fiscales, 1987.
71. Tomz, Michael. Reputation and International Cooperation: Sovereign Debt Across Three Centuries. Princeton, NJ: Princeton University Press, 2007.
72. Torres López, Manuel, and J. M. Pérez-Prendes. Los Juros (aportación documental para una historia de la deuda pública en España). Fábrica de Moneda y Timbre, 1963.
73. Tortella, Gabriel, and Francisco Comín. "Fiscal and Monetary Institutions in Spain (1600-1900)." In Transferring Wealth and Power from the Old World to the New: Monetary and Fiscal Institutions in the Seventeenth Through the Nineteenth Centuries, edited by M. D. Bordo and R. Cortés Conde, 140-86. Cambridge: Cambridge University Press, 2001.
74. Ulloa, Modesto. La hacienda real de Castilla en el reinado de Felipe II. 2 ed. Madrid: Fundación Universitaria Española, Seminario Cisneros, 1977.
75. Velde, Francois R. "John Law's System." American Economic Review 97, no. 2 (2007): 276-79.
76. Weir, David R. "Tontines, Public Finance, and Revolution in France and England, 1688-1789." The Journal of Economic History 49, no. 1 (1989): 95-124.
77. White, Eugene. "Was There a Solution to the Financial Crisis of the Ancien Regime?" The Journal of Economic History 49, no. 3 (1989): 545-69.
78. -. "The French Revolution and the Politics of Government Finance, 1770-1815." The Journal of Economic History 55, no. 2 (1995): 227-55. (Pubitemid 26430675)
79. -. "France and the Failure to Modernize Macroeconomic Institutions." In Transfering Wealth and Power from the Old to the New World, edited by M. Bordo and R. Cortes Conde, 59-99. Cambridge: Cambridge University Press, 2001.
80. Yun Casalilla, Bartolomé. "El Siglo de la Hegemonía Castellana (1450-1590)." In Historia Económica de España, Siglos X-XX, edited by F. Comín, M. Hernández and E. Llopis, 51-83. Barcelona: Crítica, 2002.
81. -. "Marte contra Minerva: El precio del imperio español, c. 1450-1600. Barcelona: Crítica, 2004.