<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0124-5996</journal-id>
<journal-title><![CDATA[Revista de Economía Institucional]]></journal-title>
<abbrev-journal-title><![CDATA[Rev.econ.inst.]]></abbrev-journal-title>
<issn>0124-5996</issn>
<publisher>
<publisher-name><![CDATA[Universidad Externado de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0124-59962025000200027</article-id>
<article-id pub-id-type="doi">10.18601/01245996.v27n53.0</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[LA DEUDA PÚBLICA. ASPECTOS DE HISTORIA ECONÓMICA Y POLÍTICA]]></article-title>
<article-title xml:lang="en"><![CDATA[Public Debt: Aspects of Economic and Political History]]></article-title>
<article-title xml:lang="pt"><![CDATA[A dívida pública. Aspectos de história econômica e política]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Avella Gómez]]></surname>
<given-names><![CDATA[Mauricio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Bogotá  ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<volume>27</volume>
<numero>53</numero>
<fpage>27</fpage>
<lpage>64</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0124-59962025000200027&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0124-59962025000200027&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0124-59962025000200027&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Este artículo examina la evolución histórica de la deuda pública en las principales economías desarrolladas y su papel en la consolidación del Estado moderno. A partir del análisis de episodios de endeudamiento y consolidación, se identifican los factores fiscales, políticos y bélicos que los explican. El texto revisa los debates actuales sobre sostenibilidad, austeridad y las implicaciones institucionales del endeudamiento soberano.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This article explores the historical evolution of public debt in major developed economies and its role in shaping the modern state. By analyzing episodes of accumulation and consolidation, it identifies key fiscal, political, and military drivers. The text also engages with current debates on debt sustainability, austerity, and the institutional dimensions of sovereign borrowing.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo: Este artigo analisa a evolução histórica da dívida pública nas principais economias desenvolvidas e seu papel na consolidação do Estado moderno. A partir do estudo de episódios de acumulação e consolidação, identificam-se fatores fiscais, políticos e bélicos relevantes. O texto também discute os debates contemporâneos sobre sustentabilidade, austeridade e as implicações institucionais do endividamento soberano.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[deuda pública, historia fiscal, sostenibilidad, austeridad, instituciones]]></kwd>
<kwd lng="es"><![CDATA[JEL: H63, N10, H11, H62, E62]]></kwd>
<kwd lng="en"><![CDATA[public debt, fiscal history, sustainability, austerity, institutions]]></kwd>
<kwd lng="en"><![CDATA[JEL: H63, N10, H11, H62, E62]]></kwd>
<kwd lng="pt"><![CDATA[dívida pública, história fiscal, sustentabilidade, austeridade, instituições]]></kwd>
<kwd lng="pt"><![CDATA[JEL: H63, N10, H11, H62, E62]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Abbas]]></surname>
<given-names><![CDATA[S. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Belhocine]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[ElGanaini]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Horton]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[A historical public debt database (IMF Working Paper WP/10/245)]]></source>
<year>2010</year>
<publisher-name><![CDATA[International Monetary Fund]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Abbas]]></surname>
<given-names><![CDATA[S. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Pienkowski]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Rogoff]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<source><![CDATA[Sovereign debt: A guide for economists and practitioners]]></source>
<year>2020</year>
<publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aguiar]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Amador]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[The economics of sovereign debt and default]]></source>
<year>2021</year>
<publisher-name><![CDATA[Princeton University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Alesina]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The end of large public debts]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Giavazzi]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Spaventa]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<source><![CDATA[High public debt: The Italian experience]]></source>
<year>1988</year>
<page-range>13-78</page-range><publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Alesina]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Perotti]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[The political economy of budget deficits (NBER Working Paper No. 4637)]]></source>
<year>1991</year>
<publisher-name><![CDATA[National Bureau of Economic Research]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Alesina]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Favero]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Giavazzi]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Austerity: When it works and when it doesn't]]></source>
<year>2019</year>
<publisher-name><![CDATA[Princeton University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Arslanalp]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Eichengreen]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<source><![CDATA[Living with high public debt]]></source>
<year>2023</year>
<publisher-name><![CDATA[Federal Reserve Bank of Kansas City]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barciela]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Melgarejo]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Di Vittorio]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[La evolución de la hacienda pública en Italia y España (siglos XVIII-XXI)]]></source>
<year>2015</year>
<publisher-name><![CDATA[Universidad de Alicante]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Berman]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[La formación de la tradición jurídica de Occidente]]></source>
<year>1994</year>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blanchard]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Deciding when debt becomes unsafe]]></article-title>
<source><![CDATA[Finance &amp; Development, International Monetary Fund]]></source>
<year>2022</year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blanchard]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
<name>
<surname><![CDATA[Amighini]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Giavazzi]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Macroeconomia. Una prospettiva europea]]></source>
<year>2018</year>
<publisher-name><![CDATA[Il Mulino]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bodin]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Los seis libros de la República]]></source>
<year>1985</year>
<publisher-name><![CDATA[Editorial Tecnos]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bonney]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Systèmes économiques et finances publiques]]></source>
<year>1996</year>
<publisher-name><![CDATA[Presses Universitaires de France]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brewer]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[The sinews of power: War, money and the English state, 1688-1783]]></source>
<year>1989</year>
<publisher-name><![CDATA[Unwin Hyman]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bulow]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Rogoff]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A constant recontracting model of sovereign debt]]></article-title>
<source><![CDATA[Journal of Political Economy]]></source>
<year>1989</year>
<volume>97</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>155-78</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Clapham]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Bank of England: A history (Vol. 1)]]></source>
<year>1966</year>
<publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Comín]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La evolución de la Hacienda Pública en Italia y España: Dos historias casi paralelas]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Barciela]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[La evolución de la hacienda pública en Italia y España (siglos XVIII-XXI)]]></source>
<year>2015</year>
<page-range>29-62</page-range><publisher-name><![CDATA[Universidad de Alicante]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Conti]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[La filigrana crediticia della moneta]]></source>
<year>2023</year>
<publisher-name><![CDATA[Mimesis Edizioni]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cox]]></surname>
<given-names><![CDATA[G. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Was the Glorious Revolution a constitutional watershed?]]></article-title>
<source><![CDATA[The Journal of Economic History]]></source>
<year>2012</year>
<volume>72</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>567-94</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Daunton]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The politics of British taxation, from the Glorious Revolution to the Great War]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Yun-Casalilla]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[O'Brien]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Comín]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[The rise of fiscal states]]></source>
<year>1996</year>
<page-range>187-208</page-range><publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Deane]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[La primera revolución industrial]]></source>
<year>1977</year>
<publisher-name><![CDATA[Editorial Península]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Debrun]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
<name>
<surname><![CDATA[Ostry]]></surname>
<given-names><![CDATA[J. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Willems]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Wyplosz]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Debt sustainability]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Abbas]]></surname>
<given-names><![CDATA[S. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Pienkowski]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Rogoff]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<source><![CDATA[Sovereign debt]]></source>
<year>2020</year>
<page-range>213-38</page-range><publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dickson]]></surname>
<given-names><![CDATA[P. G. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[The financial revolution in England: A study in the development of public credit, 1688-1756]]></source>
<year>2016</year>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Drelichman]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Voth]]></surname>
<given-names><![CDATA[H.-J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Lending to the borrower from hell: Debt, taxes, and default in the age of Phillip II]]></source>
<year>2014</year>
<publisher-name><![CDATA[Princeton University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="book">
<source><![CDATA[Diccionario Latino-Español]]></source>
<year>1960</year>
<publisher-name><![CDATA[Ediciones SPES]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Domar]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The burden of the debt and the national income]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>1944</year>
<volume>34</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>798-827</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Duverger]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Hacienda pública]]></source>
<year>1980</year>
<publisher-name><![CDATA[Editorial Bosch]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Eaton]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Gersovitz]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Debt with potential repudiation: Theoretical and empirical analysis]]></article-title>
<source><![CDATA[Review of Economic Studies]]></source>
<year>1981</year>
<volume>48</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>289-309</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Eichengreen]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<source><![CDATA[Trends and cycles in foreign lending (CEPR Discussion Paper No. 451)]]></source>
<year>1991</year>
<publisher-name><![CDATA[Centre for Economic Policy Research]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Eichengreen]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[El-Ganainy]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Esteves]]></surname>
<given-names><![CDATA[R. P.]]></given-names>
</name>
<name>
<surname><![CDATA[Mitchener]]></surname>
<given-names><![CDATA[K. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Public debt through the ages]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Abbas]]></surname>
<given-names><![CDATA[S. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Sovereign debt]]></source>
<year>2020</year>
<page-range>9-61</page-range><publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Eichengreen]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[El-Ganainy]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Esteves]]></surname>
<given-names><![CDATA[R. P.]]></given-names>
</name>
<name>
<surname><![CDATA[Mitchener]]></surname>
<given-names><![CDATA[K. J.]]></given-names>
</name>
</person-group>
<source><![CDATA[In defense of public debt]]></source>
<year>2020</year>
<publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Eltis]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Debt, deficits and default]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Maloney]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Debt and deficits: An historical perspective]]></source>
<year>1998</year>
<page-range>45-70</page-range><publisher-name><![CDATA[Edward Elgar]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Epstein]]></surname>
<given-names><![CDATA[S. R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Freedom and growth: The rise of states and markets in Europe, 1300-1750]]></source>
<year>2000</year>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="book">
<collab>Fraser Institute</collab>
<source><![CDATA[Fraser research bulletin: The quarterly, Summer 2024]]></source>
<year>2024</year>
<publisher-name><![CDATA[Fraser Institute]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Giavazzi]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Pagano]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Can severe fiscal contractions be expansionary? Tales of two small European countries (NBER Working Paper No. 1926)]]></source>
<year>1986</year>
<publisher-name><![CDATA[National Bureau of Economic Research]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Goldsmith]]></surname>
<given-names><![CDATA[R. W.]]></given-names>
</name>
</person-group>
<source><![CDATA[Premodern financial systems: A historical comparative study]]></source>
<year>1987</year>
<publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Harsin]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[El Banco y el sistema de Law]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Franco]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Historia de la economía por los grandes maestros]]></source>
<year>1965</year>
<page-range>75-104</page-range><publisher-name><![CDATA[Aguilar]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hart]]></surname>
<given-names><![CDATA[M. 't]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Émergence et consolidation de l'État fiscal. Le XVIIe siècle]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Bonney]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Systèmes économiques et finances publiques]]></source>
<year>1996</year>
<page-range>101-24</page-range><publisher-name><![CDATA[Presses Universitaires de France]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Körner]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Le crédit public]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Bonney]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Systèmes économiques et finances publiques]]></source>
<year>1996</year>
<page-range>235-60</page-range><publisher-name><![CDATA[Presses Universitaires de France]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lerner]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The burden of the national debt]]></article-title>
<source><![CDATA[Income, employment and public policy: Essays in honor of Alvin Hansen]]></source>
<year>1948</year>
<page-range>255-75</page-range><publisher-name><![CDATA[Norton]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lindert]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Morton]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How sovereign debt has worked]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Sachs]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Developing country debt and economic performance]]></source>
<year>1989</year>
<volume>1</volume>
<page-range>39-106</page-range><publisher-name><![CDATA[University of Chicago Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Maloney]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Debt and deficits: An historical perspective]]></source>
<year>1996</year>
<publisher-name><![CDATA[Edward Elgar]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mauro]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Romeu]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Binder]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Zaman]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[A modern history of fiscal prudence and profligacy (IMF Working Paper No. 13/5)]]></source>
<year>2013</year>
<publisher-name><![CDATA[International Monetary Fund]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Montesquieu]]></surname>
</name>
</person-group>
<source><![CDATA[Del espíritu de las leyes]]></source>
<year>1993</year>
<publisher-name><![CDATA[Ediciones Altaya]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mundell]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The appropriate use of monetary and fiscal policy for internal and external stability]]></article-title>
<source><![CDATA[IMF Economic Review]]></source>
<year>1962</year>
<volume>9</volume>
<page-range>70-9</page-range></nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[North]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Weingast]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Constitutions and commitment: The evolution of institutions governing public choice in seventeenth-century Britain]]></article-title>
<source><![CDATA[The Journal of Economic History]]></source>
<year>1989</year>
<volume>49</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>803-32</page-range></nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[O'Brien]]></surname>
<given-names><![CDATA[P. K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The political economy of British taxation, 1660-1815]]></article-title>
<source><![CDATA[The Economic History Review]]></source>
<year>1988</year>
<volume>41</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-32</page-range></nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ohno]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<source><![CDATA[The history of Japanese economic development: Origins of private dynamism and policy competence]]></source>
<year>2018</year>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ormrod]]></surname>
<given-names><![CDATA[W. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Les monarchies d'Europe occidentale à la fin du Moyen Age]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Bonney]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Systèmes économiques et finances publiques]]></source>
<year>1996</year>
<page-range>71-100</page-range><publisher-name><![CDATA[Presses Universitaires de France]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B50">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ormrod]]></surname>
<given-names><![CDATA[W. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Barta]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La structure féodale et les débuts des finances publiques]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Bonney]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Systèmes économiques et finances publiques]]></source>
<year>1996</year>
<page-range>35-70</page-range><publisher-name><![CDATA[Presses Universitaires de France]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B51">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Panizza]]></surname>
<given-names><![CDATA[U.]]></given-names>
</name>
<name>
<surname><![CDATA[Sturzenegger]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Zettelmeyer]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The economics and law of sovereign debt and default]]></article-title>
<source><![CDATA[Journal of Economic Literature]]></source>
<year>2009</year>
<volume>47</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>651-98</page-range></nlm-citation>
</ref>
<ref id="B52">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pigou]]></surname>
<given-names><![CDATA[A. C.]]></given-names>
</name>
</person-group>
<source><![CDATA[A study in public finance (1928, reimp.)]]></source>
<year>1951</year>
<publisher-name><![CDATA[Macmillan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B53">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pirenne]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Historia económica y social de la Edad Media]]></source>
<year>1977</year>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B54">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pisani-Ferry]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[The euro crisis and its aftermath]]></source>
<year>2014</year>
<publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B55">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Reinhart]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Rogoff]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<source><![CDATA[This time is different: Eight centuries of financial folly]]></source>
<year>2009</year>
<publisher-name><![CDATA[Princeton University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B56">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sachs]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Developing country debt and economic performance]]></source>
<year>1989</year>
<publisher-name><![CDATA[University of Chicago Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B57">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schumpeter]]></surname>
<given-names><![CDATA[J. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Historia del análisis económico]]></source>
<year>1972</year>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B58">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Stasavage]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[States of credit: Size, power, and the development of European polities]]></source>
<year>2011</year>
<publisher-name><![CDATA[Princeton University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B59">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shehab]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Progressive taxation]]></source>
<year>1953</year>
<publisher-name><![CDATA[Clarendon Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B60">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shoup]]></surname>
<given-names><![CDATA[C. S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Ricardo on taxation]]></source>
<year>1960</year>
<publisher-name><![CDATA[Columbia University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B61">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tanzi]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<source><![CDATA[Public finance]]></source>
<year>2020</year>
<publisher-name><![CDATA[Edward Elgar]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B62">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wallwitz]]></surname>
<given-names><![CDATA[G. von]]></given-names>
</name>
</person-group>
<source><![CDATA[Ulises y la comadreja: Una simpática introducción a los mercados financieros]]></source>
<year>2011</year>
<publisher-name><![CDATA[Acantilado]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B63">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Winch]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The political economy of public finance in the 'long' eighteenth century]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Maloney]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Debt and deficits: An historical perspective]]></source>
<year>1996</year>
<page-range>103-23</page-range><publisher-name><![CDATA[Edward Elgar]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B64">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wyplosz]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Debt sustainability assessment: Mission impossible]]></article-title>
<source><![CDATA[Review of Economics and Institutions]]></source>
<year>2011</year>
<volume>2</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1-37</page-range></nlm-citation>
</ref>
<ref id="B65">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yun-Casalilla]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[O'Brien]]></surname>
<given-names><![CDATA[P. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Comín]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[The rise of fiscal states: A global history, 1500-1914]]></source>
<year>2012</year>
<publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B66">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yun-Casalilla]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[O'Brien]]></surname>
<given-names><![CDATA[P. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Comín]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[The rise of fiscal states: A global history, 1500-1914]]></source>
<year>2012</year>
<publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
