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El mercado financiero y el racionamiento del crédito. Estudio del caso de los gobiernos regionales en España

  • Nuria Alcalde Fradejas

    ()

    (Universidad de Zaragoza)

  • Jaime Vallés Giménez

    (Universidad de Zaragoza)

En los últimos años se ha suscitado un interesante debate sobre la forma más efectiva de restringir las políticas fiscales que suponen un comportamiento crediticio irresponsable en el seno de la Unión Económica y Monetaria. En este sentido, se ha argumentado que los mercados financieros pueden jugar un papel importante en el control de los gobiernos públicos con pautas de deuda poco austeras. Un aspecto relevante de la hipótesis de disciplina del mercado es que supone una relación no lineal entre la prima de riesgo soportada por cada gobierno subcentral y el nivel de su stock de deuda. En nuestro trabajo, y usando información para los gobiernos regionales españoles, se realiza una estimación econométrica que arroja resultados en línea con la hipótesis de disciplina del mercado. Classification-JEL : H3, G1.

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Article provided by IEF in its journal Hacienda Pública Española/Revista de Economía Pública.

Volume (Year): 160 (2002)
Issue (Month): 1 (march)
Pages: 77-102

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Handle: RePEc:hpe:journl:y:2002:v:160:i:1:p:77-102
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  1. Eichengreen, Barry & Bayoumi, Tamim, 1994. "The political economy of fiscal restrictions: Implications for Europe from the United States," European Economic Review, Elsevier, vol. 38(3-4), pages 783-791, April.
  2. Jaffee, Dwight M & Russell, Thomas, 1976. "Imperfect Information, Uncertainty, and Credit Rationing," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 651-66, November.
  3. Teresa Garcia-Milà & Timothy J. Goodspeed & Therese J. McGuire, 2001. "Fiscal decentralization policies and sub-national government debt in evolving federations," Economics Working Papers 549, Department of Economics and Business, Universitat Pompeu Fabra, revised May 2002.
  4. Tamim Bayoumi & Barry Eichengreen, 1995. "Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 32-48, March.
  5. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  6. Capeci, John, 1994. "Local fiscal policies, default risk, and municipal borrowing costs," Journal of Public Economics, Elsevier, vol. 53(1), pages 73-89, January.
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