Gemma Abio, Concepció Patxot, E. Rentería, Guadalupe Souto
{"title":"Intergenerational Transfers in Spain: The Role of Education","authors":"Gemma Abio, Concepció Patxot, E. Rentería, Guadalupe Souto","doi":"10.7866/HPE-RPE.17.4.4","DOIUrl":"https://doi.org/10.7866/HPE-RPE.17.4.4","url":null,"abstract":"This paper shows the estimates of National Transfer Accounts (NTA) for Spain in 2006 disaggregated by education level. Overall, our results indicate that, besides age population composition, education level has a big impact on the economic behavior of households and, hence, on the aggregate economy. Educated households tend to participate more and longer in the labor market, to produce more and, consequently, to consume more. As differences in consumption are lower than in labor income, they are able to contribute to the public system with higher taxes and contributions, and they depend less on public transfers over their lifecycle. Therefore, education seems to be crucial to sustain the welfare state in an ageing society.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"223 1","pages":"101-130"},"PeriodicalIF":0.7,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47927384","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Valuing Governmental Support in Road PPPs","authors":"C. Contreras, Julio Angulo","doi":"10.7866/HPE-RPE.17.4.2","DOIUrl":"https://doi.org/10.7866/HPE-RPE.17.4.2","url":null,"abstract":"Every year more transport infrastructures are built under long-term contracts with private partners. When using public-private partnerships (PPPs), the amounts invested in the construction of such infrastructures may not be counted as public debt if certain conditions are met. But in PPPs, host governments often make payments and provide financial support, through various channels, generating direct and/or contingent financial liabilities. By using an option pricing-based model, this paper offers a method to quantify those liabilities for various forms of road PPPs. In particular, we focus on valuing debt guarantees, equity guarantees, and minimum revenue guarantees. Our method takes into account that in road infrastructures, the governmental payments are typically a function of the evolution of both inflation and traffic. We use an illustrative case for showing the magnitude of the contingent debt implied in such guarantees.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"223 1","pages":"37-66"},"PeriodicalIF":0.7,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45012775","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Active Welfare State Policies and Labour Supply in Spain","authors":"Xisco Oliver, Amedeo Spadaro","doi":"10.7866/hpe-rpe.17.3.1","DOIUrl":"https://doi.org/10.7866/hpe-rpe.17.3.1","url":null,"abstract":"This paper shows the effect of tax reforms aimed at encouraging Spanish mothers to join the labour market (or not to abandon it). The simulated reforms replace the current in-work benefit (of €100 a month) with more generous scenarios. The analysis is conducted using a behavioural microsimulation model of the Spanish tax-benefit system. The results show that in-work benefits boost the female labour participation rate and labour supply of low-income households (those with higher elasticities). Indeed there is an improvement in social welfare, but we should not overlook the impact on tax revenue.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"222 1","pages":"9-41"},"PeriodicalIF":0.7,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44982312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Taxpayers’ Behavior and the Flypaper Effect","authors":"Cristian F. Sepulveda","doi":"10.7866/hpe-rpe.17.3.4","DOIUrl":"https://doi.org/10.7866/hpe-rpe.17.3.4","url":null,"abstract":"This paper provides a new explanation for the flypaper effect, a well known empirical result whereby \u0000transfers to a government increase public expenditures more than an equal amount of additional taxpayers’ \u0000income. The flypaper effect is fully explained by taxpayers’ behavioral responses to the tax rate \u0000and income. A lump-sum increase in income is shown to lead to three effects on optimal government \u0000decisions that have not yet been described in the literature. The flypaper effect arises simply because \u0000public expenditures are cheaper when financed with intergovernmental transfers.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"222 1","pages":"91-108"},"PeriodicalIF":0.7,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44476128","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Non-linear Growth-Determinants Nexus: the Role of Sovereign Debt","authors":"Po-Chin Wu, Shiao-Yen Liu, Tsai-Yuan Huang","doi":"10.7866/hpe-rpe.17.3.2","DOIUrl":"https://doi.org/10.7866/hpe-rpe.17.3.2","url":null,"abstract":"We expand the new growth model as a panel smooth transition regression specification to measure the effects of determinants on growth and the role of debt ratio in the growth-determinants nexus. In the model, we consider new determinants (FDI, export and tourism) and use a two-period lagged debt- GDP ratio as the transition variable. The effects of determinants on growth vary across countries and with time, depending on the value of the transition variable. The threshold of the debt-GDP ratio (73.019%) is a referenced index to set the ceiling of debt-GDP ratio for the fiscal stability. For countries with high debt ratios, the policies to accumulate human capital and promote tourism are more effective in boosting growth than to stimulate domestic physical investment and export. For countries with low debt ratios, the conclusion is opposite. Thus, lowering debt ratio is not always favorable for the contri-butions of individual determinants to growth.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"222 1","pages":"43-63"},"PeriodicalIF":0.7,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44077163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Bailouts and Soft Budget Constraints in Decentralized Government: A Synthesis and Survey of an Alternative View of Intergovernmental Grant Policy","authors":"Timothy J. Goodspeed","doi":"10.7866/HPE-RPE.17.2.5","DOIUrl":"https://doi.org/10.7866/HPE-RPE.17.2.5","url":null,"abstract":"This paper selectively surveys the theoretical literature to date on governmental soft budgets where governments are bailing out other governments. The traditional view of intergovernmental grants is that grants can be used by the central government to correct for positive spillover externalities or fiscal equalization. We first we explain how the set-up of the developing “soft budget constraint” view of grant policy differs from the traditional view in fundamental ways. We then use a simple workhorse model of intergovernmental soft budgets under perfect information to examine different motivations for central government bailouts and expand the usual textbook analysis of grants to illustrate the intertemporal distortions under the alternative view of grants. This type of model has been extended in various directions. We examine extensions that include capital taxation, tax competition, forms of equalizing grants, overlapping budget constraints, multiple grant instruments, and the case when public spending is an input to private production. We also briefly review certain papers that examine intergovernmental soft budgets and bailouts when public investment has uncertain returns, a feature of the original models relating to SOEs, and a closely related literature that deals with decentralized leadership and an analogy to Becker’s Rotten Kid Theorem. We conclude with some thoughts on directions for future research.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"221 1","pages":"113-134"},"PeriodicalIF":0.7,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42665854","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"On the Cultural Legacy of Political Institutions: Evidence from the Spanish Regions","authors":"D. Oñate","doi":"10.7866/HPE-RPE.17.2.3","DOIUrl":"https://doi.org/10.7866/HPE-RPE.17.2.3","url":null,"abstract":"In the last decades, numerous studies have argued that political institutions are able to leave a persistent cultural legacy. Spain today presents a geographically concentrated distribution of societal traits that are related to social and political participation. This paper examines the possible historical origin of these regional patterns and concludes a) that those regions that historically experienced more inclusive political systems exhibit currently higher levels of this culture of participation and b) that inclusive institutions are able to leave a more intense cultural legacy when they are more proximate to the bulk of the population. This thesis is robust to controlling for other possible determinants","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"221 1","pages":"47-82"},"PeriodicalIF":0.7,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44074982","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Fernanda Gutiérez-Navratil, Víctor Fernández-Blanco, Luis Orea-Sánchez, J. Prieto-Rodriguez
{"title":"Do Movie Majors Really Collude? Indirect Evidence from Release Schedules","authors":"Fernanda Gutiérez-Navratil, Víctor Fernández-Blanco, Luis Orea-Sánchez, J. Prieto-Rodriguez","doi":"10.7866/HPE-RPE.17.2.1","DOIUrl":"https://doi.org/10.7866/HPE-RPE.17.2.1","url":null,"abstract":"Major Hollywood films studios and their affiliated local distributors have a dominant market share in the main international movie markets, but their competitive behavior has come under suspicion. In 2006, the Spanish Competition Court fined these Majors for anticompetitive practices. Our aim is to evaluate the presence (or absence) of collusive behavior among Majors during the 2002-2009 period. Because the release date is a critical variable of competition, we test whether Majors are coordinating their release schedules. Our results suggest that Majors achieve a larger degree of coordination in their release schedules than other distributors.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"221 1","pages":"9-31"},"PeriodicalIF":0.7,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45292304","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Tale of the Cuts and Raises: Public Budgets for Culture in the European Countries During the Financial Crisis","authors":"A. Srakar, M. Vecco, Ákos Tóth","doi":"10.7866/HPE-RPE.17.2.4","DOIUrl":"https://doi.org/10.7866/HPE-RPE.17.2.4","url":null,"abstract":"The article examines to what extent the public financing of the cultural sector was different, compared to other economic sectors of the economy in crisis. We perform an econometric analysis on the Eurostat COFOG dataset for 29 European countries in years 1990-2014. The results show that cuts in the cultural sector were present at general, central and local levels, yet happened with different characteristics than for other sectors of the economy. Also, the dynamics of public budgets for culture during the crisis significantly differed across the analysed countries and cuts were not present on a uniform level.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"221 1","pages":"83-109"},"PeriodicalIF":0.7,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46143135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economic Downturns, Endogenous Government Policy and Welfare Caseloads","authors":"Luis Ayala Cañón, Ángela Triguero Cano","doi":"10.7866/HPE-RPE.17.1.4","DOIUrl":"https://doi.org/10.7866/HPE-RPE.17.1.4","url":null,"abstract":"Governments can soften the impact of the business cycle on welfare spending. Depending on the political costs and the extent of unemployment, they might choose between a decrease in the proportion of accepted applications, a decrease in the level of benefits, or some combination of the two. This paper is motivated by this concern, weaving together the intensive literature on the determinants of welfare caseloads and the fundamentals of public choice theory applied to the design of welfare programs. The paper is based on data from the minimum income program of Catalonia’s government (PIRMI). We use autoregressive distributed lag models to find that the generosity of the program is clearly predictive of the receipt of benefits even in contexts of high and growing unemployment rates. We also find a fairly strong correlation between unemployment growth and the proportion of rejected applications and a trade-off between the level of benefits and rejections.","PeriodicalId":48669,"journal":{"name":"Hacienda Publica Espanola-Review of Public Economics","volume":"220 1","pages":"107-136"},"PeriodicalIF":0.7,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48356052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}