Testing for multiple bubbles: historical episodes on the sustainability of public debt in Spain, 1850-2020

PurposeThis paper aims to analyze the dynamics of the Spanish public debt-gross domestic product ratio during the period 1850-2020. Design/methodology/approachThis study uses a recent procedure to test for recurrent explosive behavior (Phillips et al., 2011;Phillips et al., 2015a, 2015b) to identify episodes of explosive public debt dynamics and also the episodes of fiscal adjustments over this long period. FindingsThe identified episodes of explosive behavior of public debt coincided with fiscal stress events, whereas fiscal adjustments and changes in economic policies stabilized public finances after periods of explosive dynamics of public debt. Originality/valueThe longer than usual span of the data should allow the authors to obtain some more robust results than in most of previous analyses of long-run sustainability.

Strategies for beach management during the COVID-19 pandemic. (Special Issue: COVID-19 and tourism.)

The aim of this paper is to study the policies developed by local authorities in Spain to provide a safe environment on beaches in order to identify the strategies behind as well as the measures applied to enforce them. Our results, based on a survey of over 200 municipalities responsible for the 646 beaches awarded an ecolabel certification, the Blue Flag, reveal that the policies revolve around three axes: beach organization, reduction of items that could be a source of risk, and reduction of some types of services.

Testing for multiple bubbles: historical episodes on the sustainability of public debt in Spain, 1850–2020

Purpose: This paper aims to analyze the dynamics of the Spanish public debt–gross domestic product ratio during the period 1850–2020. Design/methodology/approach: This study uses a recent procedure to test for recurrent explosive behavior (Phillips et al., 2011;Phillips et al., 2015a, 2015b) to identify episodes of explosive public debt dynamics and also the episodes of fiscal adjustments over this long period. Findings: The identified episodes of explosive behavior of public debt coincided with fiscal stress events, whereas fiscal adjustments and changes in economic policies stabilized public finances after periods of explosive dynamics of public debt. Originality/value: The longer than usual span of the data should allow the authors to obtain some more robust results than in most of previous analyses of long-run sustainability. © 2022, Vicente Esteve and María A. Prats.

Strategies for beach management during the COVID-19 pandemic

The aim of this paper is to study the policies developed by local authorities in Spain to provide a safe environment on beaches in order to identify the strategies behind as well as the measures applied to enforce them. Our results, based on a survey of over 200 municipalities responsible for the 646 beaches awarded an ecolabel certification, the Blue Flag, reveal that the policies revolve around three axes: beach organization, reduction of items that could be a source of risk, and reduction of some types of services.