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External sustainability in Spanish economy:Bubbles and crises, 1970–2020

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External sustainability in Spanish economy:Bubbles and crises, 1970–2020

dc.contributor.author	Esteve García, Vicente
dc.contributor.author	Prats Albentosa, María A.
dc.date.accessioned	2023-03-22T08:50:16Z
dc.date.available	2023-03-23T05:45:06Z
dc.date.issued	2022	es_ES
dc.identifier.citation	Esteve, V., & Prats, M. A. (2023). External sustainability in Spanish economy: Bubbles and crises, 1970–2020. Rev Int Econ, 31( 1), 60– 80.	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/85839
dc.description.abstract	We address the issue of the sustainability Spain’s exter-nal debt, using data for the period 1970–2020. To detect episodes of potentially explosive behavior of the Spanish net foreign assets over GDP ratio and the current account balance over GDP ratio, as well as episodes of external adjustments over this long period, we employ a recursive unit root test approach. Our empirical analysis leads us to conclude that there is some evidence of bubbles in the ratio between Spanish net foreign assets and the GDP. In contrast, the evidence that the ratio between the Spanish current account balance and the GDP had explosive subperiods is very weak. The episode of explosive behavior identified in the position of net foreign assets during the period 2002–2015 was the result of the country’s economic expansion 1995–2007. The results also show an external adjustment during the period 2008–2019 after the start of a cyclical economic recession.	es_ES
dc.language.iso	en	es_ES
dc.publisher	Wiley	es_ES
dc.subject	explosiveness	es_ES
dc.subject	external imbalances	es_ES
dc.subject	intertemporal external budget constraint	es_ES
dc.subject	recursive unit root test	es_ES
dc.subject	sustainability	es_ES
dc.title	External sustainability in Spanish economy:Bubbles and crises, 1970–2020	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	10.1111/roie.12611	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES