At the end of the nineteenth century, Spain suffered from constant budget deficits. This article seeks to establish whether the Spanish debt was sustainable or not between 1850 and 1913 and how debt sustainability changed due to the various policies implemented by policymakers. This paper sheds new light on the analysis of Spanish fiscal solvency by estimating Bohn’s test (fiscal reaction function). The results are interpreted using narrative evidence and data from previous studies. The findings reveal that Spanish debt was unsustainable between 1850 and 1902 while the debt restructuring of Raimundo Fernández Villaverde made the Spanish public debt sustainable from 1902.

中文翻译：

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西班牙债务是否可持续：1850 年至 1913 年间的债务可持续性分析

十九世纪末，西班牙持续出现预算赤字。本文旨在确定 1850 年至 1913 年间西班牙债务是否可持续，以及债务可持续性如何因政策制定者实施的各种政策而发生变化。本文通过估计博恩检验（财政反应函数），为西班牙财政偿付能力的分析提供了新的思路。使用叙述性证据和先前研究的数据来解释结果。调查结果显示，西班牙债务在 1850 年至 1902 年间是不可持续的，而雷蒙多·费尔南德斯·维拉韦德 (Raimundo Fernández Villaverde) 的债务重组使西班牙公共债务从 1902 年起可持续。