Debt Sustainability in Historical Perspective: The Role of Fiscal Repression
比较了16世纪西班牙和18世纪英国的债务历史，发现英国避免违约的关键并非财政紧缩，而是通过财政压制以低于市场利率借款，从而在竞争中胜出。
This article examines the debt history of two contenders for European hegemony: 16th-centurySpain and 18th-century Britain. We analyze their fiscal behavior using measures of overborrowingand fiscal policy functions. Our results suggest that stringency was not key for Britain ssuccess in avoiding default. Instead, fiscal repression allowed the United Kingdom to borrowat below-market rates, thereby outspending its continental rivals.