The Sustainable Debts of Philip II: A Reconstruction of Castile's Fiscal Position, 1566-1596

• 成果类型: Article
• 署名作者: University of British Columbia; Pompeu Fabra University
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050710000732
• 发表日期: 2010
• 页码: 813-842
• 关键词: public-finance; Sovereign debt; revolution

摘要

The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. We reassess the fiscal position of Habsburg Castile, deriving comprehensive estimates of revenue, debt, and expenditure from new archival data. 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 other early modern fiscal states at the height of their imperial ambitions, including Britain. The defaults of Philip II therefore reflected short-term liquidity crises, and were not a sign of unsustainable debts.