Tax autonomy mitigates soft budget constraint: evidence from Spanish Regions

IF 1.9 2区社会学 Q2 POLITICAL SCIENCE

Journal of Public Policy Pub Date : 2022-10-19 DOI:10.1017/S0143814X22000204

Marta Arespa, Juan González-Alegre

引用次数: 1

Abstract

Abstract Within the framework of the soft budget constraint problem, this article investigates the impact of a legislative reform that increased regional tax autonomy on the propensity of Spanish regional governments to incur a deficit. For this purpose, a dynamic panel data model is estimated, using data for the period 1984–2019. The sample shows a breakpoint in 2002, when the reform of the regional financing system came into force, providing Spanish regions with greater tax autonomy, more fiscal competency, and lower intergovernmental transfers. Results show that the budget constraint has hardened, as regions have fewer incentives to accumulate budgetary deficits with the expectation of future compensations from the central government. A comprehensive review of the evolution of other factors previously identified as determinants of soft budget constraints, and the analysis of two regions not included in this financing system, suggest no other possible explanation for these results.

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税收自治减轻软预算约束:来自西班牙地区的证据

摘要在软预算约束问题的框架内，本文研究了提高地区税收自主权的立法改革对西班牙地区政府产生赤字倾向的影响。为此，使用1984年至2019年期间的数据来估计动态面板数据模型。样本显示了2002年的一个转折点，当时区域融资体系改革开始生效，为西班牙各地区提供了更大的税收自主权、更大的财政能力和更低的政府间转移支付。结果表明，预算约束已经加强，因为各地区积累预算赤字的动机越来越少，期望未来中央政府给予补偿。对先前被确定为软预算限制决定因素的其他因素的演变进行全面审查，并对未纳入该融资系统的两个区域进行分析，表明对这些结果没有其他可能的解释。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Public Policy Multiple-

CiteScore

4.40

自引率

8.30%

发文量

期刊介绍： The Journal of Public Policy applies social science theories and concepts to significant political, economic and social issues and to the ways in which public policies are made. Its articles deal with topics of concern to public policy scholars in America, Europe, Japan and other advanced industrial nations. The journal often publishes articles that cut across disciplines, such as environmental issues, international political economy, regulatory policy and European Union processes. Its peer reviewers come from up to a dozen social science disciplines and countries across three continents, thus ensuring both analytic rigour and accuracy in reference to national and policy context.