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

• Autores: Roberto Fernández Llera , María Angeles García Valiñas
• Localización: Hacienda Pública Española / Review of Public Economics, ISSN 0210-1173, Nº 205, 2013, págs. 9-32
• Idioma: inglés
• DOI: 10.7866/hpe-rpe13.2.1
• Texto completo no disponible (Saber más ...)
• Dialnet Métricas: 4 Citas
• Resumen

  • The main objective of this paper consists of analyzing regional public sector enterprises (PSEs) inSpain. We provide a general overview of Autonomous Communities "(ACs) financial resources inthe context of the Stability and Growth Pact and Budgetary Stability Act. From 2002, such regula-tion imposes stringent constraints on ACs" indebtedness. We investigate the PSEs as an alternativeto traditional financing mechanisms. Descriptive and econometric analyses confirm our expectationsrelated to this "shift effect". In a dynamic context, a significant link between public debt and the cre-ation of PSEs debt shows that ACs used public enterprises to avoid stringent financial rules.

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