77072 20250130163245.0 doi 10.1016/j.eeh.2018.12.002 sideral 109640 ART-2019-109640 eng Sabaté Sort, Marcela Universidad de Zaragoza (orcid)0000-0002-9047-4853 Budget deficits and money creation: Exploring their relation before Bretton Woods 2019 Access copy available to the general public Unrestricted The sovereign debt crisis in the Eurozone has rekindled the use of the North–South (core-periphery) terminology to refer to the heterogeneity of countries belonging to the Economic and Monetary Union (EMU). In the gold standard literature, this geographical partition had already been employed to oppose the fiscal profligacy and subsequent problems of convertibility of southern countries against the fiscal probity and long convertibility records of their northern counterparts. We provide statistical evidence that the group of countries that, with available data for 1870–1938, exhibited convertibility problems during the classical gold standard, for this reason called the pre-WWI “sometimes-floaters”, shared a pattern of fiscal dominance. This finding for the sometimes-floaters (southern European and South American countries plus Japan) differs from the non-fiscal dominance pattern that we obtain for the pre-WWI “never-floaters” (northern Europe and North America countries) when the Great War and its aftermath years are omitted. We also show that the presence of fiscal dominance was partly due to the lower levels of tax efficiency and political stability in the South. info:eu-repo/grantAgreement/ES/DGA/S44-17R info:eu-repo/grantAgreement/ES/MINECO/HAR2015-67017 info:eu-repo/semantics/openAccess by-nc-nd http://creativecommons.org/licenses/by-nc-nd/3.0/es/ 1.411 2019 HISTORY OF SOCIAL SCIENCES 3 / 34 = 0.088 2019 Q1 T1 ECONOMICS 187 / 371 = 0.504 2019 Q3 T2 1.699 2019 History 2019 Q1 Economics and Econometrics 2019 Q1 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Fillat, Carmen Universidad de Zaragoza (orcid)0000-0002-9076-3743 Escario, Regina Universidad de Zaragoza (orcid)0000-0003-2131-7851 4008 225 Universidad de Zaragoza Dpto. Estruc.Hª Econ.y Eco.Pb. Área Economía Aplicada 72 (2019), 38-56 Explor. econ. hist. EXPLORATIONS IN ECONOMIC HISTORY 0014-4983 Budget deficits and money creation: Exploring their relation before Bretton Woods. Replication data http://doi.org/10.3886/E107861V1 1455496 http://zaguan.unizar.es/record/77072/files/texto_completo.pdf Postprint 2132530 http://zaguan.unizar.es/record/77072/files/texto_completo.jpg?subformat=icon icon Postprint oai:zaguan.unizar.es:77072 articulos driver 2025-01-30-16:31:06 ARTICLE