This paper analyzes the policies that the Castile of the seventeenth century followed toward creating and selling short-term and long-term debt paid off from the Crown's New World revenues. We use microdata to reconstruct comprehensive fiscal accounts for Spanish America during the seventeenth century. Our new time series evidence shows that the Spanish Empire maintained differential debt policies in the center and the periphery. Spanish America issued considerably less debt, more credible than coetaneous Castilian debt. However, the issuances’ size did not reflect lower debt capacity in the New World, as the Spanish Empire restrained long-term debt issuance to emergencies. We also provide complementary evidence from debt issuances and explain why differential debt policies were maintained.

本文分析了 17 世纪卡斯蒂利亚人在创造和出售短期和长期债务方面所遵循的政策，这些债务是由王室的新世界收入偿还的。我们使用微观数据重建 17 世纪西班牙美洲的综合财政账户。我们的新时间序列证据表明，西班牙帝国在中心和外围地区维持着差别的债务政策。西班牙美洲发行的债务要少得多，比同时期的卡斯蒂利亚债务更可信。然而，发行规模并未反映出新大陆较低的债务能力，因为西班牙帝国限制了紧急情况下的长期债务发行。我们还提供了债务发行的补充证据，并解释了为何维持差别化债务政策。