The Role of Regional Public Enterprises in Spain: Room for a Shadow Government?

IF 0.7 4区经济学 Q3 ECONOMICS

Hacienda Publica Espanola-Review of Public Economics Pub Date : 2013-06-29 DOI:10.7866/HPE-RPE13.2.1

Roberto Fernández Llera, M. G. Valiñas

引用次数: 11

Abstract

The main objective of this paper consists of analyzing regional public sector enterprises (PSEs) in Spain. We provide a general overview of Autonomous Communities’ (ACs) financial resources in the context of the Stability and Growth Pact and Budgetary Stability Act. From 2002, such regulation imposes stringent constraints on ACs’ indebtedness. We investigate the PSEs as an alternative to traditional financing mechanisms. Descriptive and econometric analyses confirm our expectations related to this ‘shift effect’. In a dynamic context, a significant link between public debt and the creation of PSEs debt shows that ACs used public enterprises to avoid stringent financial rules.

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西班牙地方公共企业的角色:影子政府的空间?

本文的主要目的是分析西班牙的区域公共部门企业(pse)。我们在《稳定与增长公约》和《预算稳定法》的背景下概述了自治区的财政资源。从2002年起，此类监管对信托公司的负债施加了严格的限制。我们研究了pse作为传统融资机制的替代方案。描述性和计量经济学分析证实了我们对这种“转移效应”的预期。在动态背景下，公共债务与私营企业债务之间的重要联系表明，非洲国家利用公共企业来避免严格的财务规则。

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

Hacienda Publica Espanola-Review of Public Economics Economics, Econometrics and Finance-Finance

CiteScore

0.90

自引率

14.30%

发文量

期刊介绍： Hacienda Pública Española/Review of Public Economics welcomes submissions on all areas of public economics. We seek to publish original and innovative research, applied and theoretical, related to the economic analysis of Government intervention. For example, but not exclusively: Taxation, Redistribution, Health, Education, Pensions, Governance, Fiscal Policy and Fiscal Federalism. In addition to regular submissions, the journal welcomes submissions of: -Survey Reviews, containing surveys of the literature regarding issues of interest in the Public Economics field; -Policy oriented reviews, showing the current contributions of Public Economics in relation to relevant contemporary issues affecting public decision-makers in the real world (Policy Watch); -Comments of previously published articles. Contributions to this section should be limited to a maximum of 2 000 words (12 pages). If deemed adequate, the authors of the commented article will be given the opportunity to react in a Reply. Both Comment and Reply will be published together. Articles for the Survey Reviews and Policy Watch section are subject to the same double blind reviwing procedure. The adequacy of Comments submitted for publication will be evaluated by the Executive Editors.