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Local government debt: an application to the Spanish case

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  • David Cantarero

    ()

  • Marta Pascual

    ()

  • Roberto Fernandez

    ()

  • María A. García-Valiñas

    ()

Abstract

For the last years, Europe has been subject to fiscal austerity in order to satisfy the Maastrich criteria. In this way, Spanish municipalities have been affected by new regulations and local government structure has changed. This paper is focused on the main factors that explain local government debt. In particular, budgetary information of a group of Spanish municipalities is used (1990-2000). Econometric analysis of cross section and panel data are presented. Key words:Fiscal Federalism, Local Government, debt, decentralization.

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Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa04p282.

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Date of creation: Aug 2004
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Handle: RePEc:wiw:wiwrsa:ersa04p282

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  1. Kiewiet, D Roderick & Szakaly, Kristin, 1996. "Constitutional Limitations on Borrowing: An Analysis of State Bonded Indebtedness," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 12(1), pages 62-97, April.
  2. von Hagen,Juergen, . "A note on the empirical effectiveness of formal fiscal restraints," Discussion Paper Serie B, University of Bonn, Germany 155, University of Bonn, Germany.
  3. Robert Blewett, 1984. "Off-budget activities of local government: Comment," Public Choice, Springer, Springer, vol. 42(2), pages 205-211, January.
  4. Jaime Vallés Giménez & Pedro Pascual Arzoz & Fermín Cabasés Hita, . "Endeudamiento Local Y Restricciones Institucionales. De La Ley Reguladora De Haciendas Locales A La Estabilidad Presupuestaria," Working Papers, Instituto de Estudios Fiscales 3-03 Classification-JEL :, Instituto de Estudios Fiscales.
  5. Eichengreen, Barry & Bayoumi, Tamim, 1994. "The political economy of fiscal restrictions: Implications for Europe from the United States," European Economic Review, Elsevier, Elsevier, vol. 38(3-4), pages 783-791, April.
  6. James Bennett & Thomas Dilorenzo, 1982. "Off-budget activities of local government: The bane of the tax revolt," Public Choice, Springer, Springer, vol. 39(3), pages 333-342, January.
  7. Teresa Garcia-Milà & Timothy J. Goodspeed & Therese J. McGuire, 2001. "Fiscal decentralization policies and sub-national government debt in evolving federations," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 549, Department of Economics and Business, Universitat Pompeu Fabra, revised May 2002.
  8. Tamim Bayoumi & Barry Eichengreen, 1995. "Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization," IMF Staff Papers, Palgrave Macmillan, Palgrave Macmillan, vol. 42(1), pages 32-48, March.
  9. Michael Marlow & David Joulfaian, 1989. "The determinants of off-budget activity of state and local governments," Public Choice, Springer, Springer, vol. 63(2), pages 113-123, November.
  10. James Bennett & Thomas Dilorenzo, 1984. "Off-budget activities of local government: Reply," Public Choice, Springer, Springer, vol. 42(2), pages 213-215, January.
  11. Walter Misiolek & Harold Elder, 1988. "Tax structure and the size of government: An empirical analysis of the fiscal illusion and fiscal stress arguments," Public Choice, Springer, Springer, vol. 57(3), pages 233-245, June.
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