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The Challenge of Designing Capital Equalization Transfers: An Application to Spanish Regions

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  • Ana Herrero-Alcalde
  • Jorge Martinez-Vazquez
  • Encarnacion Murillo-Garcia

Abstract

This article analyzes the main design issues of capital transfers with an equalization objective within a system of sub-national finance. Although there is a vast literature and ample policy practice with the design of recurrent equalization grants, there is a dearth in the fiscal federalism literature at both the theoretical design and actual practice levels on how to use capital transfers with an interregional equalization objective. The main aims of this article are first, at the conceptual level, to identify the singular characteristics of capital expenditures and capital financing sources that would allow quantifying capital expenditure needs and financing capacity across sub-national jurisdictions; and second, to use those measures to a capital equalization transfer formula applied at the Spanish regional level. Copyright 2012, Oxford University Press.

Suggested Citation

  • Ana Herrero-Alcalde & Jorge Martinez-Vazquez & Encarnacion Murillo-Garcia, 2012. "The Challenge of Designing Capital Equalization Transfers: An Application to Spanish Regions," Publius: The Journal of Federalism, CSF Associates Inc., vol. 42(2), pages 260-288, April.
    • Handle: RePEc:oup:publus:v:42:y:2012:i:2:p:260-288
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    File URL: http://hdl.handle.net/10.1093/publius/pjr034
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    Cited by:

    1. Roy Bahl & Richard M. Bird, 2014. "Decentralization and Infrastructure: Principles and Practice," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper1408, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    2. Vallés-Giménez, Jaime & Zárate-Marco, Anabel, 2017. "Fungibility and bandwagon effects of capital transfers in a federal context," Economics Discussion Papers 2017-46, Kiel Institute for the World Economy (IfW Kiel).
    3. Jonas Frank & Jorge Martinez-Vazquez, 2014. "Decentralization And Infrastructure: From Gaps To Solutions," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper1405, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.

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