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Vicente Esteve

Professor of Economics

Departamento de Estructura Económica

Facultad de Economía

Edificio Departamental Oriental (Office: 4E06)

Universidad de Valencia

Avda dels Tarongers, s/n

46022 Valencia (Spain)

Phone: +34 963 828 358; +34 963 828 349


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Professor of Economics at Universidad de Valencia. Postdoctoral Fellowship from 1992 to 1993, University of Montreal. Ph.D. in Economics in 1992, Universidad de  Valencia. M.A. in Economics in 1989, Universidad de Valencia. B.A. in Economics in 1985, Universidad de Valencia. Research Associate at the Valencian Federation of Saving Banks from 1989 to 1993. Visiting Researcher, University of Montreal, 1995. Visiting Researcher, Fundación de Estudios de Economía Aplicada (FEDEA), 1996. 


Director of the Fundación ICO-Cabildo de Tenerife Chair in International Economics and Finance, Universidad de La Laguna, from 2010 to 2011. Director of the Cabildo de Tenerife-CajaCanarias Chair in International Economics and Finance, Universidad de La Laguna, 2012, and Deputy Director of the Fundación CajaCanarias Chair in International Economics and Finance, Universidad de La Laguna, 2014-2015.

Coordinator of Scholarship Program for Teacher Training University (Grants FPU, Economics Area) from the Ministry of Science, Innovation and Universities, Government of Spain, from 2012 to 2015. External assessor of the Insight Grants Program from Social Sciences and Humanities Research Council of Canada (SSHRC), Government of Canada in 2013.

His research interests are in the areas of International Finance, Applied Macroeconometrics, Cliometrics, and Macroeconomic Aspects of Public Finance.

He has published extensively in academic journals (Journal of Macroeconomics, Economic Letters, Journal of Policy Modeling, Economic Modelling, Energy Economics, Cliometrica, North American Journal of Economics and Finance, Structural Change and Economic Dynamics, among others).

His current research focuses on stability of the New Keynesian hybrid Phillips curve, on optimal public deficit and tax-smoothing, on credit and economic growth, and on explosive behavior in the net foreign assets and external solvency.

He is a research affiliate of the INTECO UV-UJI joint research unit and Prometeo program grants for research groups of excellence of Generalitat Valenciana

Latest Scientific Article

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

(with María A. Prats)

Applied Economic Analysis, 2023, Vol. 31, No.  91, 1-18

In this paper, the dynamics of the Spanish public debt-to-GDP ratio is analyzed during the period 1850–2020. The longer than usual span of the data should allow us to obtain some more robust results than in most of previous analyses of long-run sustainability. We use recent procedures of testing for recurrent explosive behavior (Phillips et al., 2011; Phillips et al., 2015a, 2015b) to identify episodes of explosive dynamic of public debt, which can be attributed to active budget policies (unsustainables) that ran in the past. 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.


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