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IEB10-05_FdezLlera+GarciaValiñas.pdf (677.15 KB)

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Working paper

Publication date

2010

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cc-by-nc-nd, (c) Fernández Llera et al., 2010
Please use this identifier to cite or link to this item: https://hdl.handle.net/2445/116649

Efficiency and elusion: both sides of public enterprises in Spain

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Abstract

The main objective of this research consists on analyzing regional públic sector enterprises (PSEs) in Spain. We describe a general view on Spanish Autonomous Communities (ACs) financial resources, in the context of the Stability and Growth Pact and Budgetary Stability Act. From 2002, such regulation imposes several constraints to ACs’ indebtness. In this paper, we find out about the roll of PSEs as an alternative way to traditional debt mechanisms. Thus, according to Eurostat criteria, PSEs’ debt can be taken off the public sector’s consolidated budget. Descriptive and econometric results confirm our expectations. ACs’ have used public enterprises to avoid the stringent financial rules. Additionally, it seems that low productivity ACs are accumulating more public debt outside the scope of consolidation. The paper concludes with some recommendations and policy implications.

Subject

Política fiscal, Deute públic

Subject (English)

Fiscal policy, Public debt

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IEB (Institut d’Economia de Barcelona) – Working Papers

Citation

FERNÁNDEZ LLERA, Roberto and GARCÍA VALIÑAS, María A. Efficiency and elusion: both sides of public enterprises in Spain. IEB Working Paper 2010/05. [consulted: 9 of June of 2026]. Available at: https://hdl.handle.net/2445/116649

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