On the sustainability of the Spanish public budget performance

In this paper, we address the issue of whether the current fiscal policy in Spain is sustainable. For this purpose we apply traditional empirical tests of fiscal sustainability proposed in the literature and, in addition, we introduce a deeper univariate analysis of the series involved. Our results show that a structural break seems to have taken place gradually in the Spanish budget performance, allowing to verifying the intertemporal borrowing constraint in a «strong sense», which means that no problems in marketing public debt are expected to arise if fiscal variables follow the pattern of the past in the future. Classification-JEL : E60, F41,: Sustainability, cointegration, structural breaks, intertemporal borrowing constraint.

The economic effects of exogenous fiscal shocks in Spain: a SVAR approach

This paper estimates the effects of exogenous fiscal policy shocks in Spain in a VAR framework. Government expenditure expansionary shocks are found to have positive effects on output in the short-term at the cost of higher inflation and public deficits and lower output in the medium and long term. Tax increases are found to drag economic activity in the medium term while entailing an only temporary improvement of the public budget balance. The application of these results to the analysis of fiscal policy in Spain since the mid-nineties points to the conclusion that the consolidation process does not seem to have involved costs in terms of output growth. Moreover, the stance of fiscal policy has become more counter-cyclical in that period. JEL Classification: E62, H30Fiscal multipliers, Fiscal shocks, VAR

La poesía española actual y la pintura

Esta conferencia tiene por objeto analizar la compleja relación de la poesía española de las últimas décadas con las artes. Se trata, en primer lugar, de plantear los principios teóricos de la écfrasis y la imitación artística desde los orígenes y su desarrollo en la literatura de la contemporaneidad. A continuación se realiza un breve recorrido a partir de ejemplos del Modernismo y la Generación del 27 para, finalmente, analizar las diversas manifestaciones de la relación entre los dos lenguajes artÍsticos en varios casos recientes, desde la Generación del 50 y los Novísimos hasta la poesía de las generaciones más jóvenes.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tec

Economic Determinants of Driver's Behavior in Minas Gerais

The aim of the paper is to evaluate the behavior of drivers when they face a safe-traffic environment. Some studies suggest that the laws that demand auto makers to produce safer vehicles also stimulate their drivers to drive carelessly, since the cost of driving carefully decreases. Likewise, a safer traffic environment or less dangerous surroundings can stimulate drivers to drive more aggressively and less carefully. This study tries to test whether the undesirable behavior described by Peltzman (1975) is observed on the highways and roads of the State of Minas Gerais, Brazil. Estimates based on data found in the Brazilian Federal Road Police's accident report databank confirm drivers'' lack of attention in safer environments. The results suggest that careless behavior in traffic increases when safer conditions prevail.

Jorge Guillén: un poeta de la afirmación

Abstract not availabl

Notes sobre premsa política a Mallorca: El Cantón Balear 1873-74

Abstract not availabl